B2B software-as-a-service (SaaS) firm Tour Amigo announced Wednesday it has received $2 million in funding. The new capital will be used to bolster development, fuel its North America expansion and support enterprise clientele.
The investment came during Tour Amigo’s seed funding round, which was led by Wavemaker Partners, a Singapore-based venture capital group. 500 Global also participated.
“The rapid global growth of Tour Amigo is a testament to the strength of the product offering and the team,” said Murray Decker, CEO of Tour Amigo.
Tour Amigo, which offers reservation, business and operation software for travel agencies and multi-day tour operators, plans to use the funding as it works toward releasing what it calls “affordable” and “future-proof” SaaS solutions for group operators, destination management companies and other travel players.
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The company views its aim to expand into North America as a strategic move that will bring it into “one of the world’s largest and most dynamic” markets.
Andy Hwang, general partner at Wavemaker Partners, lauded Tour Amigo's ability to streamline bookings by incorporating tour distribution, internal management and supplier coordination in one platform, cutting costs for operators.
“Outdated booking and reservation systems often lack the integration capabilities to work seamlessly with various software providers, forcing operators to juggle multiple platforms and manual methods,” said Hwang. “This leads to slow booking times, communication gaps between customers, suppliers and agents and limited customization options.”
Tour Amigo was a finalist in last year’s Global Startup Pitch event hosted by Phocuswright and WebinTravel.