SilverRail Technologies, the company behind the global rail ticketing platform SilverCore, has raised $15 million in Series B funding.
The investment accelerates SilverRail’s vision of making passenger rail travel as easy to book as airline tickets.
This news follows a highly successful year in which SilverRail added several new rail carriers to its platform, including Renfe in Spain and ViaRail in Canada.
SilverRail also partnered with global travel sellers ebookers, GetThere, Egencia, KDS and several others to offer multi-country rail into their core booking platforms.
Canaan Partners led the Series B funding as the first investment in their new $600m fund IX. SilverRail’s current investors Sutter Hill, Accel Partners, GrandBanks Capital and Brook Ventures also strongly supported the round.
The funding enables SilverRail to accelerate the addition of rail carriers and the development of cross-border and inter-carrier journey planning. SilverRail’s goal is to have all of Europe’s major rail carriers integrated into the SilverCore platform in the next two years.
“The $300bn rail market is the single fastest growing sector of travel today,” said Aaron Gowell, CEO and co-founder of SilverRail Technologies.
“Passenger rail will increasingly dominate regional travel, driven by the perfect storm of four factors: 200 mph trains replacing regional air travel; rail markets deregulating and creating competition; a 90% cleaner environmental footprint than air travel; and, $200bn a year investment in infrastructure – 2x the investment in the commercial air industry.”