Omio raises $80M to fuel global expansion

Ground transportation platform Omio has raised $80 million that it will use to create “a globally unified transportation network on a single digital platform.”

The funding comes from new investors Lazard Asset Management and Stack Capital Group as well as existing investors NEA, Temasek and funds managed by Goldman Sachs Asset Management.

“I am incredibly grateful to announce another key milestone in Omio’s journey: this funding from a strong roster of investors, after a rough two-plus years, underlines the enormous power and potential of our business model, as well as our belief that the human need to travel is unwavering,” says Naren Shaam, founder and CEO of Omio.

“This desire to travel has evolved, and we are observing exciting fundamental shifts in the sector, such as a move towards ground transport, mobile-first bookings and an increase in non-hub travel, all of which will fuel our growth for years to come. The fresh funds will allow us to pursue our vision of a globally unified transportation network on a single digital platform.”

Omio says a surge in travel demand has boosted its booking to more than 140% above 2019 levels. 

The company says it will use the funding for its global expansion, including mergers and acquisitions. Omio also plans to grow its partnerships with companies such as Kayak, Huawei and others, and to build out its products and services. 

In its new Omio European Mobility Report, the company shares data about trends it is seeing in customer bookings. For example Omio says there has been a 25% increase in bookings made in mobile apps since January 2019 while desktop bookings have decreased by 13%. Overall 80% of Omio’s bookings are made on mobile. 

In October 2019, Omio acquired multimodal company Rome2rio. The company has partnerships with more than one thousand transportation providers and supports bookings in 21 different languages and 26 different currencies.

Since its founding in 2013 as GoEuro, Omio has raised more than $400 million.

Earlier this month, Shaam spoke with PhocusWire about the complexities of multimodal during PhocusWire Pulse: Green Light for Ground Transportation. Watch the full interview below.