Group adventure travel specialist WeRoad has doubled its funding with the addition of €18 million in a Series B round.
The investment was led by Italian family office H14 with a number of private investors also participating.
Italy-based WeRoad, which has now raised €36 million in total, said the funding will go towards technology development and further expansion.
“The strategic goal is to solidify its foothold in its five current markets and expand its presence across Europe, before setting its sights on global expansion,” the company said in a release.
WeRoad has a presence 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 by both existing and new investors of the WeRoad success story. In just five years, and despite a global pandemic, we’ve managed to capture the group adventure travel market. And over the past 12 months, we’ve not only doubled our turnover but also significantly enhanced our future growth potential by increasing our community of travel coordinators in Europe from 1,200 to 2,500, paving the way for an exciting future.”
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Earlier this year, WeRoad unveiled WeRoadX in Italy, a curated marketplace helping travel coordinators on the platform to design new itineraries. The marketplace has since seen the creation of 200 new itineraries across 50 destinations.
The plan is to divert some of the new funding to expand the concept to WeRoad’s other markets. In addition, 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, especially among millennials. We’ve been tracking WeRoad for a while and are extremely impressed with the community and platform they’ve built in just a short time. We’re very excited to join their story and look forward to supporting the team in their next phase of growth.”