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Autumn In Rome

The tours and experiences market is projected to be worth $183 billion this year, and today a startup that has made inroads into the space through bootstrapping is announcing its first outside investment.

ToursByLocals — which sources local guides in some 162 countries, then helps tourists search and book them for either individual or small group tours and experiences in the place they are visiting — is today announcing 33 million Canadian dollars (US$25 million) in funding, from a single investor, Tritium Partners, money that it plans to use to hire more talent, build out its proprietary booking, payment and review publishing technology and expand its business development team.

This is the first outside funding for the Vancouver, Canada -based startup, which for the past 10 years has bootstrapped its business, building it up to 1.45 million customers and some US$45 million in revenues. It has around 100 employees today.

Source: TechCrunch

Date: January 16th, 2020

Link: https://techcrunch.com/2020/01/13/toursbylocals-snaps-up-its-first-funding-33m-to-link-sightseers-with-guides-globally/

Discussion

  1. What do you think ToursByLocals will use its CDN33 million for?
  2. ToursByLocals as 100 employees. What are the major groupings of work for these 100 people?

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