Investment will enable the travel tech start-up to further expand its global footprint and enable more hotels to offer incredible in-destination activities to their guests.
Travel tech start-up focused on experiential hospitality Turneo has announced it has successfully closed €2 million of seed investment in a round led by Bessemer Venture Partners, with participation from Underline Ventures.
The investment will accelerate Turneo’s mission to “revolutionise hospitality by enabling the world’s leading hotels to offer incredible in-destination activities to their guests.”
In addition to growing the team, the funding will enable expansion into new markets and “significant” product enhancements.
With this new capital, the start-up wants to expand its product offerings, grow its global user base, and establish strategic partnerships with global hoteliers.
The company, will also invest in further developing its AI-driven platform to offer even more personalised and efficient travel experiences through hotels.
“Travellers plan and book activities before arriving at their destination”, said Fran Kauzlaric, co-founder of Turneo.
“With Turneo, hotels can finally showcase their destinations and manage the activity offering to their guests. This means happier guests, with additional revenue and less operational hassle for hotels”.
Data the firm has found from the 2024 Europe summer season is strong as guests who booked activities gave hotels on average 8% higher ratings on review sites, and over two-thirds of guests who booked activities at hotels using the platform did so online.
Recent years have seen significant growth in the experiences and hotel activities market which is projected to reach $463bn by 2030. Turneo predicts $172bn will flow through hotels.
“We are thrilled to have the support of such incredible investors as Bessemer Venture Partners and Underline Ventures,” said Matija Marijan, CEO and co-founder of Turneo.
“This funding validates the huge opportunity as well as our vision, and it enables us to scale our operations, enhance our technology, and form critical partnerships so that we can empower more hotels to deliver amazing activities to their guests.”
“Historically, rooms were the main revenue driver for hotels. However, traveller preferences have changed dramatically over the last few years, and only selling rooms isn’t enough,” said Aditya Nidmarti, investor of Bessemer Venture Partners and newly appointed board director of Turneo.
“Turneo is playing right into this market shift by building a platform for hotels to seamlessly create, manage and monetise rich experiences for guests – whether it is spa treatments or in-destination tours.”
“Turneo is uniquely positioned to transform how people experience travel and how hotels elevate destinations they operate in,” said Alex Ferrara, partner of Bessemer Venture Partners, who previously led Shopify’s Series A round in 2010.
“The company’s focus on destination management and the role hospitality companies have in it is exactly what the industry needs. We see Turneo’s potential to revolutionise in-destination experiences.”
The VC fund, known for its role in Shopify’s growth, sees Turneo as the “next major disruptor” in the hospitality tech space.
