In only four years, Bookaway has transformed from a small-scale start-up to world leading ground transportation company. Omer Chechmer, Noam Toister and David Yitzhaki founded the travel tech start-up in 2017 and despite having suffered along with most of the travel industry during 2020, have managed to get a £46million investment to keep their entrepreneurial venture going.
As 95 percent of ground transportation in the world is offline, it can be difficult for travellers to arrange cost-effective and efficient transport abroad.
“Local transport suppliers are being left behind the rest of the travel industry,” commented CEO and founder of Bookaway Noam Toister.
Bookaway aims to fix this disconnect between global travellers and the local ground and sea transport providers.
Made ‘for travellers by travellers’, the start-up aim to modernise ground transportation across the world by connecting local transport suppliers in 14,600 cities globally.
Mr Toister said: “When COVID-19 first hit we had no idea just how much of an impact it would have and thought it would pass, but soon realised what we were facing.
“We had to overcome a revenue crisis after seeing sales plummet – there’s no way to describe seeing the business we’d worked so hard on for three years go rapidly downhill right in front of our eyes.
“But then, like with everything in life, you adjust, rethink, and find a way to come out stronger.
“In hindsight, the COVID-19 pandemic actually helped us accelerate and pushed our business ahead by three years.”
In July 2021, the Bookaway Group became the first global ground and sea transportation group, it was founded to expand the Bookaway network and provide access to even more destinations across the world.
“For Bookaway, we leveraged a crisis and went from defence to offence. Through trauma and difficulty, we had to think outside of the box about how to make the most of the situation we were in.”
Mr Toister commented on the Bookaway Group launch: “We went back to the drawing board and decided to unite with other leading transport companies globally to work together on our mission to modernise the ground transportation industry.
“We had all faced adversity together, so wanted to work as one to overcome it together. We managed to secure $35million funding from like-minded investors who share our values, and the Group launched.”
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“The Bookaway Group mission is to make bus, train or ferry travel an effortless experience. Finding, comparing and booking tickets is entirely online, and customers receive 24/7 support, helping to ease traveller anxiety,” he added.
After a turbulent 19 months, Bookaway has managed to join up with two major travel brands Getbybus and 12Go to help local transport across the world break into the global market.
Bookaway has always prided itself on having strong relationships with investors who share their values and this has been proven by the £35million investment that kept them afloat during lockdown.
“An important factor for us was working with investors who share our goals and values: to improve the travel industry not just for customers but for independent businesses worldwide who rely on tourism.
“Investors aren’t just there to provide financial support; start-ups can go to them for advice based on their own experiences of running a business and witnessing other companies go through crises.
“We can learn so much from their success and how they handle challenges. It’s not just about proving yourself, it’s also about being open and willing to learn from and listen to them,” he concluded.
Mr Toister also shared some tips for entrepreneurs trying to break into this turbulent industry about how to get these types of investor relationships.
“Transparency is key – always remain open and honest about your current status and what your future predictions are. Be rational, be transparent, and listen,” he said.
“When you go to your investor, remember that you’re in the same boat. You share the same destiny – show them your North Star and don’t stray. Being honest and straightforward is mutually beneficial.”
He added that the best way forward for budding entrepreneurs is finding a gap to fill in the market: “I founded Bookaway in 2017 from my own experience of travelling, while on my honeymoon in the Philippines.
“We lost a day of the honeymoon and had to wait two days until the next available bus ride. I spotted the potential and thought, ‘There must be a better way to do this’.”
Mr Toister continued: “Entrepreneurs need to be ready to think on their feet and make fast decisions.
“We had to act quickly to adjust our strategy in the midst of the pandemic and are now sharing skills, knowledge and reach with major brands to complement each other’s growth, thanks to the successful acquisitions.”
Mr Toister added that he is positive about the return of the travel sector, and other entrepreneurs should not be giving up on their travel start-ups just yet.
“As soon as Croatia opened its borders the number of people travelling there was similar to 2019.
“Since March 2020, we’ve already had 21 new operators in Croatia join the Bookaway platform and we’ve opened up access to more than 1,000 new transport routes across the country.
“We hope to see the industry bouncing back by mid-2022. The recovery won’t be instant, and we know there is work to be done, but we remain optimistic for the future,” he concluded.
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