Traveltech company Exoticca has signed a €4 million loan agreement with BBVA Spark.
Exoticca digitises big-ticket tours. This is a category that, due to its high complexity (including multiple flights, hotels and activities), did not have an online storefront and until now was only sold in brick-and-mortar establishments.
It removes the middleman through a completely online offer with real-time availability, making the buying process faster and easier for the end customer and leading to more affordable prices for big-ticket trips.
"We believe Exoticca has a differential digital offer in the big-ticket category. The management team has successfully led its growth and we are confident in its management for this next stage. We are thrilled to finance Exoticca and support its expansion in Latin America," explained Verónica Ruiz, Head of BBVA Spark in Spain.
Pere Vallés, CEO of Exoticca, said:
"We are very grateful to BBVA Spark for its support, which will help us to fund our expansion in Latin America. We recently opened in the Mexico and Colombia markets with very good results. Our goal is to launch five more markets in the region by 2024."
In eight years, despite the impact of the pandemic, Exoticca's sales have moved from €2 million in its first year, 2015, to €200 million in 2023. The company has raised over €85 million in funding and expects to reach €300 million in sales by the end of 2024.
This loan agreement will facilitate the company's expansion in Latin America. The European Union and the European Investment Fund under the InvestEU Fund program support the financing.
Lead image: Luca Bravo.
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