14W and Mangrove have led the round with the participation of existing investors
Exoticca, the next-generation tour operator specialized in multi-day package tours, has announced that it has closed a round of $30 million led by 14W and Mangrove Capital Partners with the participation of Aldea Ventures and existing investors such as Milano Investment Partners SGR, K Fund, Bonsai Partners, Kibo Ventures and Sabadell Venture Capital. This Series C round brings the total capital raised by the company to date to $53 million.
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Exoticca builds its own package tours to over 50 destinations around the world through a team of destination experts who carefully design the itineraries and select each component of the package, always seeking to optimize both the traveler’s experience and the price of the packages. The combination of manually-curated products with an intensive use of technology allows Exoticca to offer never-seen-before prices without compromising on the quality of the trips.
Despite Covid, Exoticca has managed to continue growing its sales thanks to measures such as a free cancellation policy, super-discounted prices and an extended travel window. Exoticca’s sales are currently 50% higher than before Covid (300% in the United States) and the company generates a positive EBITDA.
The new financing will be used to accelerate growth as the travel market continues to recover. The company has launched an ambitious plan to invest in technology and product with the objective of further automating the booking process and enhancing the travelers’ experience. Exoticca is also open to growing through acquisitions.
“We are very happy to partner with 14W and Mangrove because of their experience in building global category leaders in the technology space,” says Pere Vallès, Exoticca’s CEO. “Travel is back and we believe that this is the right time to invest in order to build a category leader in the multi-day package tour space.”
“We have all been dreaming of faraway adventures during the pandemic and we see a huge opportunity for Exoticca as those dreams are turned into reality,” comments Mark Tluszcz, CEO at Mangrove Capital Partners. “Exoticca has an awesome team and is leading the digital transformation of the market for multi-day package tours to long-haul destinations.”
“We are thrilled to partner with the team at Exoticca as they expand their offering to a growing audience which demands a more seamless travel experience,” said Alex Zubillaga, Founder of 14W. “We view Exoticca to be the next-generation platform for automated group travel, with a global reach.”
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