AUSTRALIAN brothers Travis and Shawn Pittman have secured a further US$50 million investment in their online touring platform TourRadar, paving the way for further expansion.
The injection has been led by technology capital provider TCV – a backer of “growth-stage” companies like Airbnb, Expedia and Netflix – as well as existing investors Cherry Ventures, Endeit Capital, Hoxton Ventures and Speedinvest.
Under the deal TCV venture partner Erik Blachford will join the company’s supervisory board.
“The experience and knowledge in the online travel sector that Erik Blachford and TCV bring to the table is exactly what we were looking for as we embark on this exciting next chapter at TourRadar,” said ceo Travis Pittman, based in the company’s Vienna headquarters.
“This stage will well and truly bring our vision to life and we’re excited to do this with their guidance,” he said.
Founded by the Pittman brothers in 2010, TourRadar markets multi-day tours and river cruises from over 600 operators globally, with over 25,000 tours in 200 countries on its platform.
It provides operators with instant bookability and features such as tour review functionality.
The company’s new funding will be used to expand its team globally and invest in the technology platform “to provide a personalised user experience for customers in new and existing source markets”.