Milan-based WeRoad secures €18 million in series B round funding led by H14, an Italian family office. For the purpose of the fundraiser, H14 and a group of investors who were additionally part of the round created a special investment vehicle called Annapurna.
WeRoad has exceptionally high brand loyalty and is one of Europe’s fastest-growing group adventure travel platforms. Based on its success in Italy, Spain, and the UK, it has expanded to France and Germany inside the past year.
The funds will be utilised to advance WeRoad’s technological advancements and expansion in order to further enhance scalability. Prior to focusing on worldwide growth, the strategic objective is to strengthen its position in the five present markets of business and expand its visibility throughout Europe.
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For tourists in their millennial years, WeRoad redefines group adventure travel. The majority of “WeRoaders” are millennials searching for a novel form of travel where an opportunity to meet new people and form new friendships coexists with the local experience.
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.”
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”.
WeRoad, which was established in 2017, intends to apply some of the fresh capital to broaden this strategy throughout all of its European markets. Furthermore, WeRoad intends to create a comprehensive marketplace for travel planners, producers, and service providers, including destination management companies (DMCs).
This growth includes “off-travel” activities as well, giving WeRoaders access to a range of meetups, events, and experiences that can all be planned and reserved using an exclusive app.