According to The Australian Financial Review, travel experiences marketplace Travello has closed its largest funding round to date, just two years after its founders were forced to take a pay cut to survive the COVID-19 pandemic.
A bounce back in leisure travel has led Travello to increase revenue seven times above pre-COVID-19 levels, enabling it raise $10 million in fresh funding, in a round led by the Queensland Investment Corporation and with participation from Paspalis Innovation Investment Fund.
Mr Hanly said the youth travel market was now wide open in Australia and the fresh funding would let it make acquisitions to grow its scale. It also intends expand into new categories including outbound multi-day tours.
“We are currently growing at 25 per cent monthly and have recorded over 1000 per cent growth in bookings,” he said.
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