Austrian TourRadar secures $500K
The Austrian startup TourRadar announced a $500K funding. The group tour booking service took part in a TV challenge and got the investment by convincing the jury. Among the investors is the Austrian business angel fund Speedinvest.
Founded in 2010 by the Australian (no, we didn’t get it wrong) brothers Travis and Shawn Pittman, the online group-tour platform TourRadar has got their head office in Vienna. Travis, their CEO, took part in TV pitching challenge “2 Minutes, 2 Million” and succeeded in securing investors. TourRadar receives a 500.000 dollars funding and next to Austrian Speedinvest also the business angel fund AC & Friends is part of the round.
The online platform is a social marketplace for multi-day group tour travelling and allows its users to compare prices, search and book tours directly. Moreover, the service has a social component that allows travellers to get in touch and communicate with each other. While there are a handful of online travel agencies already, their concept of tour travelling is considered uncharted territory. „It is an interesting global market that is still undersupplied. Maybe the last part of online travel that hasn’t been digitalised,” Speedinvest’s Michael Schuster explained.
This is TourRadar’s second funding, having received the first one as a strategic Angel round in 2013. The Australian Pittman brothers aim to make group tour organisation as easy as possible and claim to be billing over 150.000 dollars gross revenue per month. Currently, TourRadar offers 20.000 tours in 222 countries worldwide.