Podcast Summary: The Twenty Minute VC (20VC) Episode with Johannes Reich, GetYourGuide

Release Date: June 23, 2025

Hosts:

• Harry Stebbings – Host of The Twenty Minute VC (20VC)
• Johannes Reich – Co-founder and CEO of GetYourGuide

1. Introduction

In this compelling episode of The Twenty Minute VC (20VC), Harry Stebbings delves into the remarkable journey of Johannes Reich, the co-founder and CEO of GetYourGuide. From humble beginnings with merely five bookings in the first two years to scaling up to 35,000 bookings per day and reaching a $2 billion valuation, Johannes shares invaluable insights into startup funding, venture capital dynamics, and the unique challenges faced by European founders.

2. The Early Struggle: European VC Landscape

[04:11] Johannes Reich: Johannes begins by highlighting the stark differences between the European and US venture capital ecosystems. He emphasizes that while Europe invests approximately $7 billion annually in VC, the US surpasses this with over $200 billion. This disparity makes it considerably harder for European startups to raise substantial funds and scale effectively.

Key Insight: The limited VC funding in Europe necessitates a more strategic and selective approach to fundraising, often requiring startups to pivot and adapt more rapidly than their US counterparts.

3. First VC Funding and Series A

After facing numerous rejections, Johannes recounts how he secured his first seed investment from Brent Hoberman of The Made.com. This pivotal moment occurred serendipitously when Johannes approached Brent right after a startup conference.

Notable Quote: [25:08] Johannes Reich: "This is what we're doing. We're creating the experiences marketplace. This is the next biggest thing in travel."

Securing this $1 million seed round at a $5-6 million pre-money valuation was a game-changer, providing the necessary capital to transition from a struggling startup to a growth-focused company.

4. Mistakes and Lessons Learned

Reflecting on the Series A round led by Spark Capital, Johannes admits that raising a large round early led to excessive dilution and a sense of celebrity status. This shift caused the company to lose focus, as they began to heed too much advice from VCs, leading to strategic missteps.

Notable Quote: [29:09] Johannes Reich: "I would have not raised as big of a Series A. Looking back, I think it was too much dilution."

Key Lesson: Founders must maintain strategic autonomy and avoid over-reliance on investor guidance, especially in the early stages, to preserve the company's vision and operational focus.

5. Surviving the COVID-19 Crisis

The onset of the COVID-19 pandemic in February 2020 thrust GetYourGuide into an unprecedented crisis, with revenues plummeting to zero. Johannes describes the experience as a "car crash on the highway at 100 miles an hour."

Crisis Management Strategies:

• Short-Term Measures: Encouraged employees to reduce salaries in exchange for shares, preserving the workforce by securing over 30% salary reductions.
• Strategic Reorientation: Refocused on core segments like attraction tickets and guided tours in key European cities, ensuring sustainable growth post-crisis.

Notable Quote: [50:10] Johannes Reich: "We told our team, we would love for you to reduce your salary, but we'll give you shares as compensation."

This approach not only mitigated layoffs but also fostered a resilient and committed team, positioning GetYourGuide for a robust post-pandemic rebound.

6. Growth and Profitability

Post-crisis, GetYourGuide experienced explosive growth, surpassing 2019 revenue levels by doubling them in 2022. Johannes credits the disciplined focus on core offerings and strategic hiring as critical factors in this resurgence.

Series B Funding: Led by Spark Capital and Highland Europe, the $25 million Series B round validated the company's refined strategy and operational resilience.

Notable Quote: [37:44] Johannes Reich: "We refocused the company really on our core segments... Growth was coming back."

7. Fundraising Advice and VC Importance

Johannes underscores the significance of securing investments from reputable VCs like Sequoia Capital, Index, or Spark Capital. Such endorsements not only provide capital but also enhance a company's credibility, making subsequent fundraising rounds more accessible.

Notable Quote: [54:41] Johannes Reich: "If you have a Sequoia Capital or an Index or a Spark Capital on your cap table, the reality is that your next round will be so much easier."

He advises founders to engage in competitive fundraising processes and prioritize the quality and longevity of General Partners (GPs) over mere fund branding.

8. Talent Acquisition in Europe

One of the most pressing challenges Johannes highlights is the difficulty in attracting top-tier talent within Europe compared to Silicon Valley. Despite GetYourGuide having 90% non-German employees in Berlin, the scarcity of seasoned professionals with experience in scaling multinational businesses remains a hurdle.

Notable Quote: [08:50] Johannes Reich: "If I want to hire the next chief product officer at GetYourGuide, it's almost impossible to do that in Europe."

To combat this, Johannes proposes substantial incentives for global talent, such as significant tax benefits and streamlined visa processes, to make Europe a more attractive destination for skilled professionals.

9. Angel Investing and Mentorship

Beyond leading GetYourGuide, Johannes actively engages in angel investing, having backed 30-40 startups. This involvement not only supports emerging entrepreneurs but also broadens his perspective on diverse business models and leadership styles.

Notable Quote: [62:25] Johannes Reich: "I was just literally with some pocket cash and some advisory shares in the seed round of Travel Perk, which was a big success."

10. Leadership and Culture

Johannes reflects on his evolution as a CEO, emphasizing the importance of humility and recognizing personal deficiencies. He distinguishes between the dynamic operational needs of early-stage startups and the structured demands of scaling companies.

Notable Quote: [70:58] Johannes Reich: "I've become a lot more humble. I know my deficiencies and the things that I get wrong a lot more."

He advocates for building a company culture tailored to the specific market and customer base, ensuring that the organizational DNA aligns with the value proposition and operational goals.

11. AI and Future Plans

Looking ahead, Johannes discusses the transformative impact of Artificial Intelligence (AI) on GetYourGuide, particularly on the supply side. AI has streamlined operations, from product uploads to pricing and availability management, enhancing efficiency and scalability.

Notable Quote: [69:34] Johannes Reich: "The supply side is completely transformed... It’s pure magic."

Plans to expand into shows and events are also on the horizon, aiming to capture a broader segment of the travel market by offering tickets to popular attractions and experiences.

12. Personal Growth and Sustainability

Balancing the intense demands of running a tech company with personal well-being is a recurring theme for Johannes. He emphasizes the necessity of sustainable work practices to maintain long-term energy and passion for both parenting and leadership roles.

Notable Quote: [71:50] Johannes Reich: "Find your balance. Balance is the most important thing when you're a parent and you're growing a tech company."

13. Final Insights and Quick-Fire Questions

In the concluding segments, Johannes shares his aspirations and reflections:

• Board Membership: Would choose Jeff Bezos for his rigor and customer-centric mindset.
• Engineering Team Growth: Plans to increase engineers but with a focus on productivity gains rather than sheer numbers.
• Legacy: Aspires to be remembered for creating more human connections and contributing to the future of Europe.

Notable Quote: [72:40] Johannes Reich: "If Johannes had a massive impact on creating more human connection, that is across GetYourGuide and the product we sell, but then also the topic of Europe and recreating the future of Europe."

Conclusion

This episode offers a profound exploration of the entrepreneurial journey in Europe, highlighting the unique challenges and opportunities within the continental VC landscape. Johannes Reich's candid reflections on fundraising, strategic pivots, crisis management, and leadership provide invaluable lessons for current and aspiring founders. His commitment to fostering human connections and nurturing Europe's startup ecosystem underscores the enduring impact of visionary leadership in shaping the future of global commerce.

Notable Quotes Summary:

• [29:09] "I would have not raised as big of a Series A. Looking back, I think it was too much dilution."
• [07:14] "We spent 50 billion a year in VC in Europe. The US is north of 200 billion. Why do we have that gap?"
• [54:41] "If you have a Sequoia Capital or an Index or a Spark Capital on your cap table, the reality is that your next round will be so much easier."
• [70:58] "I've become a lot more humble. I know my deficiencies and the things that I get wrong a lot more."
• [72:40] "If Johannes had a massive impact on creating more human connection, that is across GetYourGuide and the product we sell, but then also the topic of Europe and recreating the future of Europe."