Travel tech player Tripfuser has completed a $4.5 million funding round to power the growth of its global marketplace.
The oversubscribed round was led by the Royal Automobile Club of Victoria (RACV).
As part of the funding round, former iSelect and Compare the Market boss Matt McCann (pictured above) has been locked in as CEO of Tripfuser, after acting in the role over the last nine months.
“We are delighted to close the investment round and thank both our new and existing shareholders for their support,” McCann said.
“RACV’s strategic investment provides the strongest endorsement for the Tripfuser tailored travel marketplace and provides a platform for a long-term partnership.
“Tripfuser is positioned to deliver the unique, safe and authentic tailored travel experiences that travellers and travel agents will require to deliver as travel demand returns.”
As a result of the funding round, Craig Peachey, RACV’s executive general manager for its leisure division, has now joined Tripfuser’s board of directors.
“RACV’s investment in Tripfuser reflects its ongoing commitment to further expand and enhance its range of travel and holiday-related products and services for its 2.2 million members,” he said.
“We are always seeking to add new content and products to grow the offering further, and we are excited to be able to bring Tripfuser’s tailored-travel services to RACV’s members.”
As a result of changes to Tripfuser’s management team, two of its four founders, Matt Beard and Len Cordiner, have agreed to step back from their executive roles. Beard will remain on the board as a non-executive director.
Other Tripfuser co-founders Tuan Nguyen and Andre Franchini remain part of its executive team and are joined by new chief operations officer, Chloe Walker, who was previously head of sales and operations at iSelect.
Tripfuser has a marketplace of more than 230 travel experts from over 60 countries, and has signed up more than 2,400 travel agents from Australia, New Zealand and Canada.
The company’s platform offers around 1,400 fully customisable and digitally interactive travel itineraries, including a range of unique domestic travel options.