TOURRADAR PICKS UP $6 MILLION TO FURTHER ACCELERATE EXPLOSIVE GROWTH
- Series A investment led by Cherry Ventures (Berlin) and Hoxton Ventures (London)
- The travel marketplace continues to lead the $55 billion multi-day tour industry’s online transformation
VIENNA, AUSTRIA – May 19, 2016 – TourRadar, the world’s largest online multi-day tour travel marketplace, announced it has completed a $6 million round of Series A funding led by Cherry Ventures and Hoxton Ventures with participation from the two leading Austrian funds aws Founders Fund and Speedinvest.
Headquartered in Vienna (Austria), TourRadar has grown rapidly over the last year, tripling its booking revenues and expanding its base of more than 500 tour operators running trips to over 200 countries. It also signed partnerships with Amadeus and Rough Guides.
Daniel P. Glasner, Founding Partner of Cherry Ventures said: “We are very excited that we can join and support Travis and his team on their journey to conquer and digitalize one of the last remaining verticals in the consumer travel space. The combination of the team’s deep knowledge and long experience in the travel industry and their passion to dramatically change and ease the way consumers book multi-day tours globally has impressed us.”
The Series A investment will support the company’s continued expansion and fuel the growth of marketing and its team. TourRadar currently employs 40 self-confessed travel geeks, with plans to grow to 70 within the next year.
“We are excited to have new investors on board who have hands-on experience in scaling consumer businesses like Zalando, Groupon and Google,” said Travis Pittman, CEO and co-founder of TourRadar.
TourRadar has gathered over 50,000 traveller reviews and become a trusted authority in the touring industry. This trust is essential for travellers booking and paying US$2,000+ products online.
“TourRadar has built the largest collection of tours in the industry. Marketplace businesses win by building great supply. We are amazed that from its office in Vienna, the team has been able to cover the world so effectively and become a recognized leader. Now it is time to step on the gas and scale up demand,” commented Hussein Kanji, partner at Hoxton Ventures.
“Our team has built the best technology platform this industry has ever seen and with this investment our operator’s products will be exposed to millions of travellers through our own consumer marketing efforts and distribution partners like GDSs, OTAs, Metasearch platforms and Content Publishers via our simple bookable API.” said Pittman.
TourRadar is Cherry Ventures’ first investment since announcing the closing of its €150m fund.
If you are interested in learning more, please contact Katie Stanwyck by email at firstname.lastname@example.org or by phone at +1 416-660-4659.
TourRadar is the world’s most trusted online marketplace for multi-day tours. TourRadar works with some of the biggest names in the industry, including: G Adventures, Globus, Intrepid Travel, Trafalgar and over 500 more. With its headquarters in Vienna (Austria) and regional support centres in Brisbane and Toronto, TourRadar has a vision of bringing like-minded travellers together for journeys of a lifetime. They connect travellers to more than 20,000 tours in over 200 countries. TourRadar has seen success across all travel styles from youth to adventure and most recently substantial growth in the luxury market. With such variety TourRadar always houses the perfect choice for any traveller. Seventy percent of travellers who book are female and the most popular destinations for TourRadar’s key source markets (Australia and US) are France, Italy and Spain.
About Cherry Ventures:
Cherry Ventures is a Berlin-based Venture Capital fund, founded by entrepreneurs for entrepreneurs. The fund is managed by Filip Dames, Daniel P. Glasner and Christian Meermann and provides seed and early-stage investment for the best ideas and teams across Europe. Cherry Ventures offers portfolio companies a platform with funding and know-how as well as access to a network of the most successful start-up entrepreneurs in Europe. Since its launch in 2012, the Cherry Ventures I fund has successfully invested in more than 20 companies and generated more than EUR 2bn in shareholder value. Auto1 Group, Flixbus, Lesara, Quandoo, Watchmaster and Amorelie are part of the Cherry Venture portfolio, among others.
About Hoxton Ventures:
Hoxton is a London-based early stage venture capital firm that invests in European startups able to scale into global winners. It focuses on companies that either disrupt existing industries or invent entirely new ones. For more information, please visit www.hoxton.vc