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TourRadar secures $50m series C funding
Multi-day tours specialist online travel agency TourRadar has secured $50 million series C funding.
The round was led by Technology Crossover Venture (TCV) and will be used to strengthen TourRadar’s technology platform and enable further global expansion.
Erik Blachford, a TCV venture partner who previously managed Expedia and Hotels.com as IAC Travel chief executive, is joining TourRadar’s supervisory board.
The Vienna-based firm markets multi-day tour and river cruise options provided by more than 600 operators across Europe, Asia, the Americas, Australia and New Zealand.
In addition to serving large operators such as G Adventures, Contiki and Collette, TourRadar also works with hundreds of specialist operators that otherwise rely on local agents and word of mouth.
The funding round came as the company revealed that 25 to 34 year olds – followed by those aged 18-24 – have booked the most tours in the UK this year, confounding the myth that touring is favoured by an older demographic.
TourRadar, founded by brothers Travis and Shawn Pittman in 2010, offers more than 25,000 tours in 200 countries on its platform.
Travis is the Austria-based chief executive and Shawn the company’s chief financial officer.
Blachford said: “Multi-day tours are the last frontier in online travel. TourRadar has staked a claim, and I am looking forward to helping Travis and the team realise their vision.”
Travis Pittman said: “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.
“This stage will well and truly bring our vision to life and we’re excited to do this with their guidance.”
TCV general partner John Doran added: “We are thrilled to partner with Travis and the TourRadar team.
“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.”
TCV has invested more than $900 million into leading technology companies in Europe over the past six years.
