Germany’s population of fairy-tale start-ups grew by one in May, when the travel platform GetYourGuide cleaned up $484 million in capital funding. With that, the total value of the Berlin-based company likely exceeded $1 billion, earning it unicorn status.
The main investors were the Japanese firm Softbank and the Singapore state fund Temasek.
GetYourGuide supports tourism by arranging things like tours and tickets for vacationers, enabling them to skip the long lines to get into major attractions. It currently employs 500 people in the German capital but says it plans to hire an additional 300 before the end of this year.
Experts say that the successful round of funding shows that German start-ups are able to compete with American and Chinese rivals when it comes to attracting venture capital.