Group adventure travel specialist WeRoad has doubled its funding with the addition of 18 million euros in a Series B funding round.
The investment was led by Italian family office H14, with participation also from a number of private investors.
Italian company WeRoad, which has now raised €36 million in total, said the funding would be aimed at technology development and further expansion.
“The strategic objective is to consolidate its position in its five current markets and expand its presence across Europe, before targeting global expansion,” the company said in a statement.
WeRoad is present in France, Germany, Italy, Spain and the United Kingdom.
Andrea D’Amico, CEO of WeRoad, said: “This round doubles our total investment to date and is a strong endorsement from existing and new investors of WeRoad’s success. In just five years, and despite a global pandemic, we have managed to conquer the group adventure travel market. And over the past 12 months, we have not only doubled our revenue, but also significantly improved our future growth potential by increasing our community of travel coordinators in Europe from 1,200 to 2,500, leading the way to an exciting future.
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Earlier this year, WeRoad unveiled WeRoadX in Italy, a curated marketplace that helps travel coordinators on the platform design new itineraries. Since then, the market has seen the creation of 200 new routes across 50 destinations.
The plan is to divert some of the new funding to expand the concept to other WeRoad markets. Additionally, the company wants to create a marketplace for travel coordinators, suppliers and destination management companies.
Riccardo Porcelli, head of digital investments at H14, said: “We have observed how the travel sector has become increasingly resilient and non-discretionary, particularly among millennials. We’ve been following WeRoad for a while and are extremely impressed with the community and platform they’ve built in a short time. We are very excited to join their story and look forward to supporting the team in its next phase of growth.