TourRadar, #1 Online Travel Agency for Multi-Day Tours, Announces US$50M Series C Funding Round Led by TCV

3 minutes read June 2018

Funding Enables TourRadar’s Global Expansion in $55 Billion Touring Industry
● TourRadar is the leading global online travel agency (OTA) focused on multi-day tours
● Investment marks the largest tech funding in Austria in 2018
● New Series C investment will strengthen TourRadar’s technology platform and enable
further global expansion
● Erik Blachford, ex-CEO of Expedia and TCV Venture Partner, will join TourRadar’s
supervisory board

June 26, 2018, Vienna, Austria; Toronto, Canada and Brisbane, Australia: TourRadar, the
largest OTA in the multi-day touring market, announced today a US$50m Series C, led by TCV
with participation from existing investors Cherry Ventures, Endeit Capital, Hoxton Ventures and
Speedinvest. TCV is one of the largest providers of capital to growth-stage private and public
companies in the technology industry and has backed industry-leading companies including
Airbnb, Expedia, HomeAway, Netflix, SiteMinder, Spotify, Vice, and Zillow.

In connection with the funding, Erik Blachford, a venture partner at TCV, has joined
TourRadar’s supervisory board. Blachford was previously President and CEO of IAC Travel,
managing all of IAC’s travel assets including Expedia, Hotels.com, and Hotwire.
TourRadar intends to use the funding to expand its team globally and will be investing in the
technology platform to provide a personalized user experience for customers in new and existing
source markets across the globe.

TourRadar markets multi-day tour and river cruising experiences provided by more than 600
operators across Europe, Asia, the Americas, Australia and New Zealand. In addition to serving
large, well-known operators such as G Adventures, Contiki, and Collette, TourRadar also works
closely with hundreds of specialty operators that otherwise rely on local agents and word of
mouth. TourRadar supports operator partners in various ways, including offering instant
bookability and tour review functionality, participating in large campaigns such as World
Touring Day, and being a part of the Guide of the Year and Tour of the Year awards.

Founded in 2010, TourRadar has grown rapidly by providing consumers with easy access to the
fast-growing multi-day tour category, with a total addressable market value estimated at $55
billion. Travelers of all ages are increasingly seeking authentic, off-the-beaten-path experiences
when they travel, and TourRadar offers more than 25,000 tours in 200 countries on its platform.
Customers can search by categories, geographies, prices and providers; compare tour particulars,
and book the tours of their choice. Providers get access to TourRadar’s marketing and booking
platform, which also facilitates communication between consumers and operators after booking.
TourRadar was founded by brothers Travis and Shawn Pittman, both native Australians. Travis,
an engineer, is TourRadar’s Vienna-based CEO. Shawn, the company’s CFO, came from a
successful career in investing. Both are avid travelers with many countries on their travel résumés, and a vision of connecting people to life-enriching travel experiences through multi-day
touring.

“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 Travis Pittman, CEO and co-founder at TourRadar. “This stage will well and
truly bring our vision to life and we’re excited to do this with their guidance.”
“Multi-day tours are the last frontier in online travel,” said Erik Blachford, a venture partner at
TCV and former CEO at Expedia. “TourRadar has staked a claim, and I am looking forward to
helping Travis and the team realize their vision.”

“We are thrilled to partner with Travis and the TourRadar team,” said John Doran, general
partner at TCV. “We have been continually impressed with their unrivalled passion for travel
and their vision to inspire the global travel community with the most convenient way to access
the broadest choice of authentic multi-day tours across the world. We are delighted that Erik
Blachford will join the board and look forward to supporting the entire team as they continue to
build their business.”

Since inception in 1995, TCV has invested over $10 billion in more than 240 technology leaders.
Over the past six years, TCV has invested more than $900 million into leading technology
companies headquartered in Europe. TourRadar is TCV’s first portfolio company in Austria.

Wendy Horlings
Office Manager

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