WeRoad, a fast-growing traveltech scaleup, has closed an €18 million Series B round led by H14, an Italian family office. H14, along with a consortium of investors also participating in the round, established a dedicated investment vehicle named Annapurna for the purpose of the fundraiser. The round brings the total amount raised by the company to €36 million.
WeRoad is one of Europe’s fastest-growing group adventure travel platforms, with exceptionally high levels of brand loyalty. Over the past year, it has expanded to France and Germany, building on its success in Italy, Spain, and the UK.
The funding will be used to fuel WeRoad’s growth and develop its technology in order to further enhance scalability. The strategic goal is to solidify its foothold in the five current markets of operations and expand its presence across Europe, before setting its sights on global expansion. The global adventure travel market is valued at around $750 billion annually and is expected to continue growing at a double-digit pace
WeRoad is reinventing group adventure travel for millennial travellers. Most “WeRoaders” are millennials looking for a new way of travelling, in which the local experience blends together with the opportunity to meet new people and make new friends. Its itineraries see people from similar age groups travel together led by travel coordinators – they’re not conventional tour guides but fellow travellers passionate about travel and eager to discover faraway lands. It is a coveted post for which WeRoad receives over 4,000 applications yearly.
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, despite a global pandemic, we’ve captured 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.”
Founded in 2017, WeRoad will leverage some of the new funding to expand this model to all of its European markets. In addition, WeRoad is planning to create a comprehensive marketplace for travel producers, travel coordinators, and service suppliers, including Destination Management Companies (DMCs). This expansion extends into ‘off-travel’ activities, offering WeRoaders a variety of events, meetups, and experiences, all managed and booked through a dedicated app.
WeRoad is on track for European leadership in millennial group adventure travel by 2025. The scaleup, headquartered in Milan, has 150 full-time team members, in addition to its large travel coordinator community. It is already planning for growth beyond its current markets, with pan-European expansion as the primary focus, followed by the US and other English-speaking countries.
Riccardo Porcelli, Head of Digital Investments at H14, added: “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 quickly. We’re very excited to join their story and look forward to supporting the team in their next phase of growth”
