Milan, Italy-based fast-growing traveltech scaleup, WeRoad closed its Series B funding at EUR 18 million. The company announced the investment on November 27, 2023. H14, an Italian family office, led the financing for the company. Meanwhile, a consortium of investors is also participating in the round. They further established a dedicated investment vehicle named Annapurna for the purpose of the fundraiser. The latest proceeds bring the total amount raised by the company to EUR 36 million.
Purpose of financing for WeRoad
With the latest financing, WeRoad seeks to accelerate the company’s growth. It also has plans to develop its technology in order to further enhance scalability. The strategic goal is to further bolster its foothold in the five current markets of operations. In addition, the company plans to fund the expansion of its presence across Europe before setting its sights on global expansion.
Meanwhile, the company intends to create a comprehensive marketplace for travel producers, travel coordinators, as well as service suppliers. It also includes Destination Management Companies (DMCs). The expansion extends into ‘off-travel’ activities, offering WeRoaders a variety of events, meetups, and experiences, all managed and booked through a dedicated app.
What the company’s official has to add
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, despite a global pandemic, we’ve captured 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.”
What the investors have to comment
Riccardo Porcelli, Head of Digital Investments at H14, further added, “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 quickly. We’re very excited to join their story and look forward to supporting the team in their next phase of growth.”
About the company
Founders Erika De Santi, Fabio Bin and Paolo De Nadai launched the company in 2017. The company boasts a headcount of 150 full-time team members, in addition to its large travel coordinator community.
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