International growth-focused fund invests an additional $50 million
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Vitruvian Partners increases stake in Civitatis
Vitruvian Partners has revealed it has now purchased a further stake in online marketplace for tours and activities for Spanish and Portugese speaking travellers, Civitatis,
It has now invested an additional $50 million in the company. The investment is the sale of secondary shares, as the company says it has no need for primary capital, having been profitable since inception.
Civitatis is a rare example of a company that has been cashflow positive from day one, built by its founder without any external capital.
The Company remains on track to be a future Spanish unicorn, as a curated marketplace for the large and growing tours and activities category, underpinned by a rapid digitalization tailwind.
Gutiérrez said: “Our growth and profitability have been fuelled by a combination of highly effective sales channels, well-invested technology platform, and a customer-centric approach, providing the activities and tours in our customers’ own preferred language.
"Our customers appreciate our expertly curated catalogues of activities across the world, as well as the easy booking and, of course, the outstanding experience that they have with us.
"With the support of Vitruvian, we are continuing to expand our offerings and meet the demands of our rapidly growing customer base.”
Sophie Bower-Straziota of Vitruvian Partners, said: “Under Alberto’s strong leadership Civitatis has grown at an exceptional rate, 50% each year, whilst maintaining continuous and strong profitability.
"The market potential is large and growing, with c.750 million Spanish and Portuguese speakers worldwide.
"We were delighted to have the opportunity to increase our shareholding and provide additional support for the company to continue its impressive expansion.”
The firm will continue to be led by its founder and CEO, Alberto Gutiérrez.
Over the coming years Civitatis will have a particular focus on Mexico, Brazil, and Argentina, where it has already held the top position in sales for years.
