TourRadar, the online travel agency (OTA) that targets the multi-day touring market, has raised $50 million in Series C funding. The Vienna, Austria-headquartered company, which also has offices in Brisbane and Toronto, was founded in 2009.
Consisting mostly of primary funding, the round is led by the Silicon Valley growth VC firm TCV, with participation from existing investors Cherry Ventures, Endeit Capital, Hoxton Ventures, and Speedinvest. TCV has previously backed Expedia and Airbnb, and has a decent track record in the travel space.
Erik Blachford, a venture partner at TCV and already an angel investor in TourRadar, has joined the company’s supervisory board. Blachford was previously President and CEO of IAC Travel, managing all of IAC’s travel assets including Expedia and Hotels.com.
More than 600 operators, such as G Adventures, Contiki, Collette, Intrepid Travel, Topdeck Travel, Trafalgar, and Uniworld, sell more than 25,000 tours via TourRadar. The company intends to hire employees and invest in its technology.
Last year in October, the company had secured $10 million in Series B, which it had used to double its headcount, mainly in its tech and product department across all offices in Vienna, Brisbane and Toronto.
TourRadar was one of the first online marketplace for the touring industry and aims to offer travellers the easiest way of booking multi-day tours at the click of a button. The company believes the addressable market for multiday tours is about $55 billion worldwide.