Intrepid Travel has been selected by Export Finance Australia for a $30 million finance facility to help accelerate the adventure travel company’s post-pandemic growth plans.
The facility came after the federal government recognised Intrepid’s unique ability to assist the travel industry in its growth post-pandemic.
The funding will support 169 Australian-based jobs and create a further 24 new positions for Australians.
In addition, the facility will help to generate $45 million in domestic activity along with overseas export sales of $170 million, which will be brought back to the Australian economy in the next two years.
Despite the ongoing closure of international borders, the facility is set to also help Intrepid accelerate their 2025 strategy as they aim to become the world’s first purpose-led $1 billion adventure travel company.
Intrepid will focus on four core areas to position the business for growth post-pandemic: digital transformation, product innovation, market expansion and purpose initiatives.
James Thornton (pictured above), CEO of Intrepid, said: “This is a fantastic endorsement of not only Intrepid Travel, but of the strength and resilience of the Australian travel sector.
“Despite the enormous ongoing challenges, we know international tourism will bounce back strongly when borders can reopen safely. This helps us, as well as our stakeholders and partners, prepare for the future.
“This financing will help us to accelerate our strategy in four core business areas, including digital transformation and more purpose initiatives, as we aim to become the best travel company for the world.”
The funding comes after Intrepid laid bare the challenges the company faced as a result of the global COVID-19 pandemic in its 2020 annual report, including refunding more than $21 million to customers and cut its workforce by almost half over three rounds of redundancies.