After a decade of bootstrapping and fueling growth with only revenue from previous years, ToursByLocals has landed its first major round of investor funding.
The Vancouver, Canada-based company has raised $33 million for its Series A round.
Tritium Partners is leading the investment and is receiving a minority equity stake in the company.
ToursByLocals connects travelers with handpicked local guides that offer half-, full- or multi-day customized, private excursions.
It currently has 4,130 professional guides in more than 160 countries offering approximately 15,000 different tours.
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Since launching in October 2008, ToursByLocals says it has grown its annual sales revenue to about $50 million.
Says Paul Melhus, co-founder and CEO of ToursByLocals: “We’ve focused on creating truly memorable private tour experiences for travelers, while helping local tour guides offer customizable tours in over 1,000 destinations globally.”
Funds from the round will be used for enhancements in user experience, technology, marketing and recruiting more talent.
Melhus says that the company is “excited to partner with Tritium.”
“In addition to growth capital, we value the strategic advice offered by both the Tritium team and its network of experienced marketplace executives, as we continue to scale up our operations as a leading online travel marketplace.”
Brett Shobe, a partner at Tritium, says that the reason for the investment in ToursByLocals is because the company “stood out as the premier private tour marketplace with the highest-quality tours and local guides in the industry.
“We’re thrilled to partner with the ToursByLocals team and look forward to leveraging our capital and resources to support and accelerate their exciting growth trajectory.”