Travel tech start-up Away – declaring itself as the ‘Netflix of travel’ – has secured a fresh round of funding worth €16 million.
The Milan-based firm was established in 2017 with the aim of becoming the first global online tour operator to offer customised travel itineraries.
The series A funding was described as “by far the most significant fundraising operation ever carried out by an Italian start-up”.
The investment will be released over the next two to three years with expansion planned from Italy to the UK, China, US and India.
Away founder and CEO Marcello Piccardo said: “We are eager to carry on the Away project with investors whose profile is complementary to those of the founding partners, and who will be able to support the company growth not only from a financial stand point but, above all, by sharing with us their huge entrepreneurial wisdom.
“This partnership will provide the power and speed to scale fast and solidly in the achievement of our objectives.”
Company president Massimo Renda said: “The choice to invest in this project was determined by the disruptive potential of the platform, whose target market has an estimated value of more than $300 billion.”
Co-investor Emanuele Maria Anchisi added: “Away project is a fascinating challenge because of its ambition, its clear strategic vision, and a great talented and passionate team.”
Part of the Away group is Amaka, a luxury Italian boutique tour operator.