In a significant development in the traveltech landscape, WeRoad, a rapidly expanding traveltech scaleup, has successfully closed an €18 million Series B funding round. The leading investor in this round is H14, an Italian family office, which, along with a consortium of investors, has established a dedicated investment vehicle named Annapurna for this fundraising endeavor. With this round, WeRoad has now amassed a total funding of €36 million, cementing its position as a formidable player in the industry.
Expanding Across Borders
Over the past year, WeRoad has executed a strategic expansion plan, encompassing France and Germany, in addition to its established presence in Italy, Spain, and the UK. This geographical expansion underscores the company’s unwavering commitment to delivering distinctive and immersive group adventure travel experiences across Europe.
Funding to Propel Growth and Scalability
The newly acquired capital infusion will play a pivotal role in propelling WeRoad’s growth trajectory and elevating its technological infrastructure for enhanced scalability. The company’s strategic mission is to solidify its market presence in its existing operational territories and subsequently extend its reach across the European continent. The global adventure travel market, boasting an estimated annual value of approximately $750 billion, continues to exhibit robust double-digit growth.
Pioneering Group Adventure Travel
WeRoad is at the forefront of redefining the landscape of group adventure travel, particularly catering to millennial travelers who seek authentic and enriching experiences. The WeRoad community, often referred to as “WeRoaders,” predominantly comprises millennials attracted by the platform’s unique blend of local immersion and the opportunity to forge meaningful connections and friendships while exploring. Instead of traditional tour guides, these journeys are led by travel coordinators who share the same passion for travel. The role of a WeRoad travel coordinator is highly coveted, with the company receiving over 4,000 applications annually.
Vision from the CEO
Andrea D’Amico, CEO of WeRoad, expressed his enthusiasm regarding the funding round, stating, “This round effectively doubles our total investment to date and stands as a resounding endorsement from both existing and new investors of WeRoad’s remarkable success story. In just five years, even amid the challenges of a global pandemic, we have managed to capture a significant share of the group adventure travel market.”
Expanding Innovative Models
Having been founded in 2017, WeRoad has earmarked a portion of the newly acquired funds to extend its successful model to encompass all European markets. Additionally, the company envisions the creation of a comprehensive marketplace that bridges travel producers, travel coordinators, and service providers, including Destination Management Companies (DMCs). This ambitious expansion also encompasses a foray into “off-travel” activities, presenting WeRoaders with a diverse array of events, meetups, and experiences, all conveniently managed and booked through a dedicated app.
Charting a Path to European Leadership
WeRoad remains firmly on course to achieve European leadership in millennial group adventure travel by 2025. With its headquarters located in Milan, the scaleup boasts a team of 150 full-time employees, complemented by a sizable community of travel coordinators. The company is already contemplating growth beyond its current operational domains, with a primary focus on pan-European expansion, followed by strategic forays into the US and other English-speaking regions.
Perspective from H14
Riccardo Porcelli, Head of Digital Investments at H14, underscored the travel sector’s resilience and its increasing importance, especially among millennials. H14 has been diligently tracking WeRoad’s rapid growth trajectory and its remarkable community-building endeavors. The Italian family office is now poised to actively participate in WeRoad’s journey and provide substantial support as the company embarks on its next phase of expansion.
TL;DR – Key Takeaways
- WeRoad secures €18 million in Series B funding, led by H14, bringing total funding to €36 million.
- Expanding into France and Germany complements its success in Italy, Spain, and the UK.
- Funds will drive growth and enhance technology for greater scalability.
- Strategic objective: Establish European leadership in millennial group adventure travel by 2025.
- WeRoad reimagines group adventure travel, attracting millennials seeking authentic experiences.
- Travel coordinators, fellow travelers rather than traditional guides, lead journeys.
- The company plans to expand its innovative model to all European markets.
- WeRoad envisions creating a comprehensive marketplace connecting producers, coordinators, and service providers.
- Expansion extends to “off-travel” activities through a dedicated app.
- The scaleup has a strong presence in Milan and eyes pan-European and global growth.
- H14 recognizes the travel sector’s resilience and joins WeRoad to support its expansion journey.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.