TourRadar ties-up $6 million venture capital investment

TourRadar ties-up $6 million venture capital investment

Online multi-day tours marketplace TourRadar has secured $6 million in Series A funding from two venture capital firms.

The investment will support the company’s continued expansion and fuel the growth of marketing and its team.

TourRadar currently employs 40 staff and plans to grow to 70 within the next year.

Vienna-based TourRadar claims to have tripled its booking revenues in the past year and expanded its base of more than 500 tour operators running trips to over 200 countries, including G Adventures, Globus, Intrepid Travel and Trafalgar.

It also signed partnerships with Amadeus and Rough Guides.

The funding round was led by Berlin-based Cherry Ventures and Hoxton Ventures from London with participation from two leading Austrian funds.

TourRadar’s co-founder and chief executive, Travis Pittman, said: “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.”

Daniel 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 digitalise 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.”

Hussein Kanji, partner at Hoxton Ventures, said: “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 recognised leader.

“Now it is time to step on the gas and scale up demand.”

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