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Financials

CORRECTED-Berlin travel platform Tourlane gets $20 mln lifeline from investors

(Corrects sum in headline to dollars from euros)

BERLIN, Nov 18 (Reuters) - Berlin premium holiday booking platform Tourlane said on Wednesday it has raised $20 million from existing investors to tide it over until long-distance travel recovers from the coronavirus pandemic.

Tourlane www.tourlane.com, one of a clutch of Berlin travel tech startups hit hard by COVID-19, raised the money by extending its Series C funding round with Sequoia Capital, Spark Capital, DN Capital and HV Capital and its founders chipping in.

Travel tech is showing tentative signs of recovery after a deep slump in the spring, with U.S. rental platform AirBnB planning to float after turning a profit in the third quarter.

Although Tourlane’s niche of once-in-a-lifetime experiences ranging from African safaris to road trips around Iceland is still in limbo, its tech team has been working full time during the pandemic even as it put sales staff on furlough.

“When the crisis hit us earlier this year, our team made an incredible effort to adjust strategy, adapt to a new reality, and get ready for the new demand when the market bounces back,” said co-CEO and co-founder Julian Weselek.

“In these unprecedented times, the commitment from our investors is a strong signal of confidence in our strategy.”

Tourlane, founded in 2016 by Weselek and fellow co-CEO Julian Stiefel, has raised a total of over $100 million from investors. (Reporting by Douglas Busvine Editing by Mark Heinrich)

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