TourRadar, the new face of touring, secures $10M in further funding
While 90% of tours are still booked offline, online marketplace TourRadar receives funding from Endeit Capital to accelerate global expansion
TourRadar, the leading multi-day tour marketplace, has closed its Series B round securing $10 million USD from new lead investor Endeit Capital and existing investors Cherry Ventures and Hoxton Ventures. Launched in 2010, TourRadar pioneered the transformation to digitize the touring industry, allowing travellers to compare and book multi-day tours online for the first time.
"Our focus on technology and customer experience has really made us stand out in the industry," said Travis Pittman, CEO & co-founder at TourRadar. "Endeit Capital's expertise in scaling consumer brands will propel TourRadar to new heights and we're beyond excited for the journey ahead. With this investment, we're one step closer to our vision of connecting people to life-enriching travel experiences."
TourRadar is offering a genuine, innovative solution for the next generation of travellers and tour suppliers
With this Series B investment, TourRadar will double its headcount, mainly in its tech and product department across all offices in Vienna, Brisbane and Toronto. "This unique convergence of travel, technology and growth trajectory allows us to find and recruit world-class talent," said Pittman.
On top of scaling the team, TourRadar is planning to increase their performance marketing channels along with building up their brand awareness through video and content partnerships. These pieces of content will highlight the unique experiences that you can have while on a multi-day group tour.
Martijn Hamann, Partner at Endeit Capital, said: "To date, travellers can't easily find & book multi-day tours online. TourRadar is offering a genuine, innovative solution for the next generation of travellers and tour suppliers in an efficient, trusted and user-friendly platform. Its proprietary booking and marketing technology in the large $50 billion touring market is ready to further scale online. We are delighted to be supporting the founders and their excellent team, bringing our experience of building international brands in marketing technology and e-commerce companies."
TourRadar was the first online marketplace for the touring industry and is committed to offering travellers the easiest, most trustworthy way of booking multi-day tours at the click of a button. Pittman also says that the next steps in technological innovation will "provide travellers with an improved user experience across all devices via inspirational, highly personalized travel content."
"TourRadar shines in our portfolio," said Hussein Kanji, founding partner of Hoxton Ventures. "There is a large market opportunity to help tour operators offer their unique experiences and bring them customers across the world. We're excited to help Travis and his team build a leading company in a market that has waited too long to go online."
"TourRadar is operating in an extremely fragmented supply market with a very low technology standard,” said Daniel Glasner, founding partner at Cherry Ventures. “Not only has TourRadar acquired the best suppliers across the globe in the most attractive destinations, its unique technology allows TourRadar to connect its suppliers' inventory to its marketplace and provide TourRadar’s customers with the convenience of real-time booking."
For more information about TourRadar or to request an interview, please contact the press team via phone or email below.
Who we are
TourRadar is the world's largest and most-trusted online marketplace for multi-day tours. Working with some of the biggest names including: G Adventures, Topdeck Travel, Trafalgar, Uniworld and over 500 more local touring suppliers. With more than 35,000 tours in over 160 countries, TourRadar helps millions of travellers each year find, compare and book the tour of their dreams. Based in Vienna (Austria) with offices in Brisbane and Toronto, TourRadar has a vision of connecting people to life-enriching travel experiences. TourRadar has proved the business concept and technology behind it with multiple funding rounds, including their most recent Series C at $50 million. Since then, TourRadar continues to prove their platform is transforming the touring world and shaking up an industry that was initially falling behind in terms of technological advances.View Media Library
The leaders behind TourRadar
Travis PittmanCo-founder & CEO
Travis first entered the travel industry when he co-founded the first social travel network, bugbitten.com, in the early 2000s while living in London. Having the opportunity to explore the world and connect with like-minded travellers, he was inspired to create what is today known as TourRadar, the world's largest online marketplace for multi-day tours. Travis currently lives in Vienna, Austria, home to the TourRadar headquarters.
Shawn PittmanCo-founder & CFO
Shawn, CFO & co-founder of TourRadar, was initially inspired by a tour in Europe which brought him to London where he worked in the venture capital industry. It was there, he also co-founded bugbitten.com, one of the first online social networks dedicated to travel. He now lives in Brisbane, Australia and is a firm believer that travel contributes heavily to personal development and growth along with one's understanding of the world.
The investors behind TourRadar
Martijn HamannPartner, Endeit Capital
Prior to Martijn joining Endeit Capital as Partner in 2006, he worked for 10 years at Endemol Group, one of the world's largest independent providers of multi-screen content. Martijn was heading M&A/Corp Development and became member of the Executive Director team in 2005, responsible for Business Development & International Operations. He holds a Bachelor in Economics and an MBA from the Erasmus University in Rotterdam.
Daniel GlasnerFounding Partner, Cherry Ventures
Daniel is a Founding Partner at Cherry Ventures. After several years with McKinsey, Daniel co-founded CityDeal and led the company as CEO until the acquisition through Groupon (NYSE:GRPN) in 2010. He then became Managing Director of Groupon International until six months after the IPO. After Groupon, Daniel started several companies. Most notably Daniel is founder of Quandoo, a SaaS company for restaurants that was sold to Recruit Holdings in March 2015. Daniel holds a PhD in law from Vienna School of Law and an MBA from INSEAD.
Michael SchusterFounder & Partner, Speedinvest
Michael has built and grown Enterprise Software and Media Startups, starting the first commercial bloghoster in Europe and having worked on the next generation of online banking. As founder and partner of Speedinvest, he helps startups such as Flaviar (Subscription eCommerce), Bitmovin (Enterprise Software) and TourRadar (Travel eCommerce) to grow.
Hussein KanjiFounding Partner, Hoxton Ventures
Prior to founding Hoxton Ventures, Hussein was an associate at Accel Partners, where he focused on consumer internet, financial technology and software investments. He helped invest in OpenGamma, Playfish (acquired by EA) and Dapper (acquired by Yahoo). Hussein joined Accel from Microsoft Corporation where he was a platform planner, product manager and senior manager. Hussein holds an MBA from London Business School, and did his undergraduate studies in Symbolic Systems at Stanford University.
The investors behind TourRadar
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