TourRadar, #1 Online Travel Agency for Multi-Day Tours, Announces US$50M Series C Funding Round Led by TCV
Funding Enables TourRadar’s Global Expansion in $55 Billion Touring Industry
- TourRadar is the leading global online travel agency (OTA) focused on multi-day tours
- Investment marks the largest tech funding in Austria in 2018
- New Series C investment will strengthen TourRadar’s technology platform and enable further global expansion
- Erik Blachford, ex-CEO of Expedia and TCV Venture Partner, will join TourRadar’s supervisory board
June 26, 2018, Vienna, Austria; Toronto, Canada and Brisbane, Australia:
TourRadar, the largest OTA in the multi-day touring market, announced today a US$50m Series C, led by TCV with participation from existing investors Cherry Ventures, Endeit Capital, Hoxton Ventures and Speedinvest. TCV is one of the largest providers of capital to growth-stage private and public companies in the technology industry and has backed industry-leading companies including Airbnb, Expedia, HomeAway, Netflix, SiteMinder, Spotify, Vice, and Zillow.
In connection with the funding, Erik Blachford, a venture partner at TCV, has joined TourRadar’s supervisory board. Blachford was previously President and CEO of IAC Travel, managing all of IAC’s travel assets including Expedia, Hotels.com, and Hotwire.
TourRadar intends to use the funding to expand its team globally and will be investing in the technology platform to provide a personalized user experience for customers in new and existing source markets across the globe.
TourRadar markets multi-day tour and river cruising experiences provided by more than 600 operators across Europe, Asia, the Americas, Australia and New Zealand. In addition to serving large, well-known operators such as G Adventures, Contiki, and Collette, TourRadar also works closely with hundreds of speciality operators that otherwise rely on local agents and word of mouth. TourRadar supports operator partners in various ways, including offering instant bookability and tour review functionality, participating in large campaigns such as World Touring Day, and being a part of their industry awards program.
Founded in 2010, TourRadar has grown rapidly by providing consumers with easy access to the fast-growing multi-day tour category, with a total addressable market value estimated at $55 billion. Travellers of all ages are increasingly seeking authentic, off-the-beaten-path experiences when they travel, and TourRadar offers more than 25,000 tours in 200 countries on its platform. Customers can search by categories, geographies, prices and providers; compare tour particulars, and book the tours of their choice. Providers get access to TourRadar’s marketing and booking platform, which also facilitates communication between consumers and operators after booking.
TourRadar was founded by brothers Travis and Shawn Pittman, both native Australians. Travis, an engineer, is TourRadar’s Vienna-based CEO. Shawn, the company’s CFO, came from a successful career in investing. Both are avid travellers with many countries on their travel résumés, and a vision of connecting people to life-enriching travel experiences through multi-day touring.
"The experience and knowledge in the online travel sector that Erik Blachford and TCV bring to the table is exactly what we were looking for as we embark on this exciting next chapter at TourRadar,” said Travis Pittman, CEO and co-founder at TourRadar. “This stage will well and truly bring our vision to life and we’re excited to do this with their guidance.”
“Multi-day tours are the last frontier in online travel,” said Erik Blachford, a venture partner at TCV and former CEO at Expedia. “TourRadar has staked a claim, and I am looking forward to helping Travis and the team realize their vision.”
“We are thrilled to partner with Travis and the TourRadar team,” said John Doran, general partner at TCV. “We have been continually impressed with their unrivalled passion for travel and their vision to inspire the global travel community with the most convenient way to access the broadest choice of authentic multi-day tours across the world. We are delighted that Erik Blachford will join the board and look forward to supporting the entire team as they continue to build their business.”
Since inception in 1995, TCV has invested over $10 billion in more than 240 technology leaders. Over the past six years, TCV has invested more than $900 million into leading technology companies headquartered in Europe. TourRadar is TCV’s first portfolio company in Austria.
For more information about TourRadar or to request an interview, please contact:
+1 (416) 660-4659
+1 415 690 6689
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Based in Vienna (Austria) with service centers in Brisbane and Toronto, TourRadar is the world's largest online travel agency for multi-day tours. TourRadar works with some of the biggest names including Intrepid Travel, Topdeck Travel, Trafalgar, Uniworld and over 600 more local touring suppliers, to offer more than 25,000 tours in over 200 countries. For more information please visit https://www.tourradar.com.
In 2017, TourRadar was named one of the top three startups in Austria by Trend Magazine. With their Series C investment, TourRadar is looking for talent to join their team across the globe. For more information on open opportunities, please visit https://www.tourradar.com/careers.
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $10 billion in leading technology companies and has helped guide CEOs through more than 115 IPOs and strategic acquisitions. TCV's investments include Airbnb, Altiris, AxiomSL, Dollar Shave Club, EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, OSIsoft, Rent the Runway, Sitecore, Splunk, Spotify, Varsity Tutors, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com.
The leaders behind TourRadar
Travis Pittman Co-Founder and CEO of TourRadar is an Australian who has lived in Vienna for the past 10 years. His engineering background and love for travel and technology have led him to build a category-leading online
travel agency where travellers can easily compare and book multi-day tours to over 200 countries. He leads a team of 130 people globally, with the headquarters of the company being in Vienna. To date, the company has raised US$68m in funding from investors in Europe and the US.
Shawn is based in Australia. His background has mostly been in the finance industry and was an Investment Analyst from 2001 to 2006 for a Venture Capital company based in London with investments in the UK, Europe and USA. He travelled frequently to New York, Boston, San Francisco, Moscow and Edinburgh to meet with other Venture Capital Funds. He believes everyone should travel more to appreciate different cultures and learn more about themselves.
Technology Crossover Ventures
Founded in 1995, TCV is a leading provider of capital to growth-stage private and public companies in the technology industry.
Find out more: https://www.tcv.com/
Endeit Capital fuels the internationalisation and innovation of internet scale-ups with both growth capital and entrepreneurial support. It invests in pan-European "Connected Consumer" firms in the realms of digital media/marketing, adtech, ecommerce, and enterprise services, actively supporting them to become leading international players in their respective industries.
Find out more: www.endeit.com
Cherry Ventures is a Berlin-based Venture Capital fund, founded by a team of entrepreneurs with substantial experience in building fast-scaling internet businesses. The founding partners of the fund gained entrepreneurial experience by founding and scaling internet businesses such as Zalando, CityDeal/Groupon and Quandoo, and they continue to back the most ambitious European founders at the seed stage, supporting them with a strong follow-on strategy as well as operational experience.
Find out more: www.cherry.vc
Hoxton is a London-based early-stage venture capital firm investing in European startups that can scale into global winners. The fund focuses on companies that either disrupt existing industries or invent new ones. Its portfolio companies have grown rapidly, reaching a combined market capitalization of over $3.7 billion.
Find out more: www.hoxton.vc
Founded in 2011, Speedinvest is a pan-European venture capital fund that invests in European seed stage technology start-ups in fintech/insurtech, core technologies, marketplaces and e-commerce solutions.
In addition to financial investments, Speedinvest actively deploys its network and know-how to support its portfolio of companies.
Find out more: www.speedinvest.com