Funding will be used to fuel growth and develop its technology
Group adventure tour operator WeRoad closes €18M in Series B
Group adventure platform WeRoad has announced it has closed an €18 million Series B round led by H14, an Italian family office.
H14, along with a consortium of investors also participating in the round, established a dedicated investment vehicle named Annapurna for the purpose of the fundraise.
The round brings the total amount raised by the company to date, to €36 million.
In the last year alone, the company has expanded to France and Germany, building on its success in Italy, Spain, and the UK.
The funding will be used to fuel WeRoad’s growth and develop its technology in order to further enhance scalability.
The strategic goal is to solidify its foothold in the five current markets of operations and expand its presence across Europe, before setting its sights on global expansion.
WeRoad is on track for European leadership in millennial group adventure travel by 2025. It has 150 full-time employees, in addition to its large travel coordinator community.
It is already planning for growth beyond its current markets, with pan-European expansion as the primary focus, followed by the US and other English-speaking countries.
Andrea D’Amico, CEO of WeRoad, said: “This round doubles our total investment to date and is a strong endorsement by both existing and new investors of the WeRoad success story.
"In just five years, and despite a global pandemic, we’ve managed to capture the group adventure travel market.
"And over the past 12 months, we've not only doubled our turnover but also significantly enhanced our future growth potential by increasing our community of travel coordinators in Europe from 1,200 to 2,500, paving the way for an exciting future.”
The scaleup is supporting its growth with a strong drive to "maintain quality and further foster its community", with weekly events for WeRoaders, as well as training sessions, leisure activities, entertainment and a range of events for its travel coordinators.
A key feature of WeRoad is WeRoadX, a curated marketplace where WeRoad travel coordinators can create new, self-designed custom itineraries that add to WeRoad’s offerings.
WeRoadX, which is a key part of the scaleup’s growth strategy, was launched in Italy in 2023 and saw the creation of over 200 new itineraries to 50 new destinations.
The Italian scaleup, headquartered in Milan, will leverage some of the new funding to expand this model to all of its European markets.
It's also planning to create a comprehensive marketplace for travel producers, travel coordinators, and service suppliers, including DMCs.
This expansion extends into off-travel activities, offering WeRoaders a variety of events, meetups, and experiences, all managed and booked through a dedicated app.
Riccardo Porcelli, head of digital investments of H14, said “We have observed how the travel sector has become increasingly resilient and non-discretionary, especially among millennials.
"We've been tracking WeRoad for a while and are extremely impressed with the community and platform they've built in just a short time."
He added: "We're very excited to join their story and look forward to supporting the team in their next phase of growth”