Bookaway Group bags USD 35 Mn to digitize ground transportation sector

Israel-based Bookaway Group has reportedly raised USD 35 million in a Series C funding that was spearheaded by Red Dot Capital Partners, along with added investments from Menorah and Tel Aviv listed insurance giant, Tenere Capital.

The latest round also saw participation from the existing investors including Entrée Capital Aleph, and Corner Venture, taking the total capital raised to USD 80 million so far. The fresh funds will be deployed in accelerating Bookaway’s aim to digitalize the ground transportation industry which is worth USD 157 billion.

The firm is eliminating one of the last remaining challenges in travel technology, by simplifying the travel needs of the individuals to browse, book, shop and pay for ground transportation as it is for either flights or hotels.

It is to be noted here that with over 7,000 providers listed in total, Bookaway is an established platform for customers to discover and book ground transportation as well as journeys from a long-haul arrival point to another destination or simply a hotel.

Noam Toister, the founder and CEO of Bookaway, mentioned that ground transportation still has a lot of room for growth, owing to how offline and fragmented it becomes while traveling to rural or exotic regions.

Toister also pointed out that Uber and some other similar companies are not considered competitors for now, even though Uber has lately entered the market, potentially posing a threat or even a partner as well.

It is also worth mentioning here that Bookaway was originally founded to offer services in Asia as bookaway.com but ended up buying equally troubled businesses for a short period when the booking collapsed. The company first acquired GetByBus and 12Go in the Balkans and the Asia Pacific, followed by Argentina-based Plataforma 10.

The company has managed to bring thousands of small & independent businesses together that allow tourists to plan their trips ahead of time, with ferries, buses, trains, alternative private transportation, and more.

Source Credit:

https://www.privateequitywire.co.uk/2022/05/10/314417/bookaway-group-raises-35m-series-c-round-led-red-dot-capital-partners