Today holiday booking and planning company TravelLocal announced it has raised €9.7 million in a Series B funding round.
TravelLocal is a world-to-world B2C platform focusing on tailor-made private itineraries for mid-to-high-end clients, primarily in the long-haul and mid-haul segments.
Bookings typically range from $2,000 to over $100k for higher-end, family and private group trips.
The global package holidays market, of which tailor-made travel is a sub-sector, has seen strong global growth over recent decades of over 10% annually, which is forecast to continue, as consumers move away from more ""mass-produced"" travel brands.
TravelLocal's platform connects customers directly with handpicked, trusted local travel experts based on their destination. It enables bookings with over 500 local travel experts worldwide, who create personalised itineraries directly with and for the client.
This helps travellers plan sustainable holidays in local communities, which means more client spend remains in the destination's local economy.
The company has helped over 70,000 customers create their perfect trip since launching in 2016.
This Series B funding round follows the highly successful merger in July 2021 of TravelLocal (UK) and Trip.me (Germany), both now fully integrated under the TravelLocal brand. TravelLocal has offices in Bristol and Berlin.
Tom Stapleton, CEO, shared:
""TravelLocal has performed very strongly again after the pandemic as people travel extensively - and increasingly with a strong desire to do so in a more sustainable, meaningful way, supporting local people and economies.
Our unique business model enables everyone to do just that. This funding round reflects the excellent growth opportunity we now have, and the first-class team we have built to tackle it.""
The funding round is led by Puma Private Equity, which includes numerous investors, including Active Partners, Gresham House Ventures, Active Partners, and Gresham House Ventures.
According to Mark Lyons, Investment Director, Puma Private Equity:
""Although incomes are being squeezed in the current environment, travel continues to be a priority expenditure for many and baby boomers are spending $120 billion annually on leisure travel.
We believe there is huge scope for TravelLocal to grow and continue transforming the tailor-made holiday industry.
We are really encouraged by the strength of the management team and the resilience of the business post its merger in 2021, which has significantly increased its global reach. This investment will enable the team to do more to engage with their target audience, in particular their expanding base of US clients.""
The new funding, which brings the company's funding to €12.10 million, will help accelerate the company's international growth, including investment in its managed marketplace platform and further brand marketing.
Lead image: TravelLocal team. Photo: Uncredited.