Group travel startup TrovaTrip books $5m

TrovaTrip, a group travel startup, has raised $5 million in funding. PSL Ventures led the round with participation from other investors that included Elevate Capital and Oregon Venture Fund.

PRESS RELEASE

Portland, Oregon, August 17, 2021 – TrovaTrip, a technology platform for trip planning and management that enables topic experts, influencers, and small businesses to host group trips with their audience around the globe, announces today the close of a $5 million venture capital funding round. The financing was led by PSL Ventures, with participation from Elevate Capital and Oregon Venture Fund. The round also included investment from Barney Harford, former CEO of Orbitz Worldwide and former COO of Uber, and Eric Breon, Founder of Vacasa.

Ben Gilbert, Co-founder and Managing Director of PSL Ventures, said, “The TrovaTrip team is clearly onto something incredible. This is a consumer-based travel company that not only survived the pandemic but grew tremendously, offered new ways for creators to monetize, and are now helping people safely return to travel. We are excited to lead this investment in TrovaTrip, as the company sits at the intersection of the rapidly-growing creator economy and the re-emerging consumer travel industry.”

Founded in 2017, the company has designed and built a technology platform that elevates the group trip hosting process by removing all of the headaches involved in planning, sales, and pre-trip management. Once onboarded, Hosts can pick an itinerary offered by a certified tour operator and leverage the platform to personalize their trip, pick pricing, sell spots, and manage bookings. Each trip comes with an expert guide provided by the tour operator to ensure a seamless experience in-destination.

“Travel has the power to bring the world closer together. After such a challenging year, we all are in need of community, culture, and a well-earned vacation.” said Nick Poggi, TrovaTrip CEO and Co-founder. Poggi continued, “With TrovaTrip, you can follow your passion around the globe – learn from your favorite photographer in Iceland, play disc golf in Cambodia with a professional athlete, or hike with your hero in Patagonia. Our platform enables these experts — “Hosts” — to easily plan, sell and host trips around the globe with their audiences. The additional funding will allow us to invest in our team, our customers, and our platform as we continue to build more incredible experiences for travelers and more robust tools for Hosts.

With a commitment to inclusivity and making travel accessible to all, the company’s mission is to enhance lives through meaningful connections, learning, and exploration on unforgettable trips. The company offers a wide set of experiences in 40 different countries. Over 200 Hosts work with TrovaTrip to offer trips to their audiences, with over 350 trips planned for the remainder of 2021 and 2022.

In March of 2020, bookings fell 75% in the early days of the pandemic, forcing the company to identify a sustainable path forward. “With every problem comes an opportunity. We took the time to connect with our customers, listen, and identify ways to support them and their businesses through the pandemic. We used those learnings to refine our product and platform to prepare for the eventual return to travel.” Poggi said.

The strategy worked as bookings nearly tripled in 2020 despite the many headwinds that it faced. It was apparent consumers desperately wanted to plan their return to travel, and the company is encouraged to see a safe return to travel in many of the markets in which it operates. And while the company continues to be cautious about the various health guidelines and is working closely with its operators to ensure such measures are being met.

The company and its investors believe the future is very bright for travel and for the community and culture it engenders.

In addition to securing this funding, TrovaTrip has brought on a seasoned board of directors and advisors, which include some of the industry’s top experts in technology, influencer marketing, and travel spaces.

As the world begins to reawaken, TrovaTrip welcomes everyone to find their next trip. For more information, visit: https://trovatrip.com/

About TrovaTrip
Headquartered in Portland, Oregon, TrovaTrip is changing the way people travel. It provides a technology platform for trip planning and management that enables topic experts, influencers, and small businesses to host group trips with their audience around the globe. Founded by leadership committed to inclusivity and making travel accessible to all. Through the company’s mission, it is enhancing lives through meaningful connections, learning and exploration.

About PSL Ventures
PSL Ventures is a Seattle-based venture capital fund that invests in early-stage technology companies, primarily based in the Pacific Northwest. PSL Ventures is a part of Pioneer Square Labs, which also operates a startup studio to create and launch new companies with local founders. For more information, visit www.psl.com.