TourRadar, the world’s largest online multi-day tour travel marketplace, announced it has completed a $6 million round of Series A funding led by Cherry Ventures and Hoxton Ventures with participation from the two leading Austrian funds aws Founders Fund and Speedinvest.
Headquartered in Vienna (Austria), TourRadar has grown rapidly over the last year, tripling its booking revenues and expanding its base of more than 500 tour operators running trips to over 200 countries. It also signed partnerships with Amadeus and Rough Guides.
Daniel P. 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 digitalize 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."
The Series A investment will support the company’s continued expansion and fuel the growth of marketing and its team. TourRadar currently employs 40 self-confessed travel geeks, with plans to grow to 70 within the next year.
“We are excited to have new investors on board who have hands-on experience in scaling consumer businesses like Zalando, Groupon and Google,” said Travis Pittman, CEO and cofounder of TourRadar.
TourRadar has gathered over 50,000 traveller reviews and become a trusted authority in the touring industry. This trust is essential for travellers booking and paying US$2,000+ products online.
“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 recognized leader. Now it is time to step on the gas and scale up demand," commented Hussein Kanji, partner at Hoxton Ventures.
“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.” said Pittman.
TourRadar is Cherry Ventures’ first investment since announcing the closing of its €150m fund.