Booking site Loco2 raises £300,000 investment
Envestors-led funding will provide further growth boost for European rail booker
UK travel start-up Loco2 has announced the closure of a £300,000 round of funding, led by £185,000 of capital from private investor network Envestors.
The site, which was launched in May 2012, allows users to search and book train journeys across Europe without having to visit several websites, in a similar model to flight ticket booking sites such as Skyscanner.
Founded in order to address a gap in the travel market, Loco2 is the first English-language site to offer a service for booking train tickets across the European continent.
The company claims that prices for a train journey can vary 400% between sites without the service.
Envestors’ backing will be used to facilitate further development and expansion of the site, which has enjoyed steady revenue growth since launch.
Loco2 recently entered into contracts with French state rail operator SNCF and German rail booker Deutsche Bahn in order to add a price comparison aspect to the site.
Last month the firm also announced the launch of a new Guardian Trains booking tool, delivered in conjunction with the UK newspaper. Scott Haughton, director of Envestors, commented on the investment: “Booking flights is simple, with sites aggregating prices from airlines across countries.
“But there is no equivalent one-stop shop option for European rail travel. This is the gap that Loco2 is only now beginning to fill.”