Travel technology company Travello has raised more than $6.5 million in an oversubscribed Series A funding round powered by an Australian travel and business A-list.
Investors in the round include Flight Centre co-founder Jim Goldburg, former Tourism Australia chief Andrew McEvoy and ex-Velocity boss Phil Gunter.
Travello said it will use the funds to fuel further growth and capture “pent-up Millennial demand for travel experiences”, as the world recovers from the COVID-19 pandemic.
With more than 1.2 million users across 180 countries, Travello is one of the world’s largest travel communities, and is aggressively expanding the online travel agent (OTA) side of the business by capturing market share in the growing experiences vertical.
McEvoy said the opportunity was clear for the company.
“The pent-up demand for travel is palpable and the pandemic has seen the end of some iconic travel companies previously in the youth and adventure space,” he said.
“This opens the way for Travello to be a major player.”
Gunter said the company had the fundamentals to scale quickly and globally.
“With a large and engaged community, an effective activities booking engine to deliver value to members and the business, and an innovative rewards program to fuel the whole system, Travello have the trifecta,” he said.
“They also have a proven ability to deliver, growing membership and the business strongly through 2020 when leisure travel practically stopped. The future is certainly bright for Travello.”
Travello co-founder and CEO Ryan Hanly welcomed the oversubscribed round.
“We are really excited to capture Millennials’ desire to see and experience the world and we are already seeing huge demand from the youth market,” he said.
“We are beyond thrilled to have secured the backing of such a prominent, knowledgeable and experienced group of investors in this round.
“Travello is uniquely positioned in the market – our ecosystem and media assets are a powerful combination.
“We are reaching over 80 million people across our channels each month, and this funding will allow us to expand aggressively and capture the travel resurgence over the next 18 months.
“Experiences is the fastest-growing vertical in travel, and we’re excited to be at the forefront of this sector in Australia and New Zealand.
“But, the opportunity is much larger than that. We have no intentions of just being a large Australian business – we are aiming global and looking to be Australia’s next global travel company.
“Whether it’s bungee jumping in Queenstown, rafting the rapids in the Rockies or kitesurfing in South-East Asia, Travello is ready to connect adventure-starved travellers with unforgettable experiences and get the world moving again.”