Exoticca, a platform for multi-day tours, has received €25 million in funding to further its artificial intelligence-powered technology that connects the elements of a trip.
The €25 million comes in the form of a venture debt facility from BBVA Spark, and adds to the company’s recent €60 million Series D round, which was led by Quadrille Capital.
The latest funding will be used to develop the AI algorithms that are part of Exoticca’s proprietary AI platform. The algorithms will help to connect and sync trip components and services, add personalization to recommendations, improve pricing strategies and automate itinerary creation.
Exoticca was founded with a goal to revolutionize multiple day and multiple location trips through digitalization, said Pere Vallès, CEO of Exoticca.
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"Thanks to our technology, we can connect all services of a complex trip to offer a seamless online booking and travel experience, enabling travelers to access unique experiences at more competitive prices," he said. "This additional venture debt from BBVA Spark gives us even more flexibility to keep innovating in our business model and expand our international presence, particularly in key markets like North America, where we already generate more than 75% of our business."
Miguel Ángel Alcalá, head of BBVA Spark in Spain, said it was excited to support Exoticca with the new agreement on top of the €4 million it contributed previously.
“Exoticca is a clear example of a technology company that has successfully scaled and internationalized by digitizing the type of travel experience that until relatively recently was only available in physical stores,” he said.
Vallès said at Phocuswright Europe last year that he aimed to grow to €300 million in sales from €200 million in 2023.
The company also raised €20 million in 2022, €30 million in 2021 and €5 million in 2020.