Headout has tapped existing investors to add an additional $30 million to the Series B investment round it originally secured in September 2021.
The additional funds were again led by Glade Brook Capital, with participation from existing backers Nexus Venture Partners, FJ Labs and 500 Startups, among others.
The tours and activities platform's initial Series B investment was to the tune of $12 million. The total raised by the 2014-founded company stands at $60 million.
At the time, Headout said it wanted to expand to 300 new cities from its current 30 locations. It now plans to expand to 500 cities over the course of the next two years, with $1 billion in annual sales.
It claims to be the first "high-growth startup in the experience ecosystem" to have become EBITDA profitable (since July 2021), on the back of 800% since the beginning of last year.
The company is "actively pursuing acquisitions in travel, entertainment and AR to build the future faster," it says.
Varun Khona, co-founder and CEO of Headout, says: "The world is an incredibly boring place without travel and real-life experiences. COVID has only made us more relentless on our mission to inspire people to experience the world out there and the current wave only strengthens our resolve.
"With all of the previous raise still in our bank and our consistently profitable economics, we have all the firepower we need to focus on aggressive expansion worldwide and longer-term investments to aid broader recovery of all things IRL experiences."
* Check this interview with Khona, recorded for the How I Got Here podcast in September 2020.
How I Got Here, episode 43 - Varun Khona of Headout