A tour operator dubbed ‘the Lonely Planet for the twenty first Century’ is to discover a sale after elevating greater than £130m from buyers since launching 12 years in the past.
Sky News understands that Culture Trip, whose app has been downloaded greater than three million instances, is working with advisers on a evaluation of its strategic choices, together with new funding or an outright sale.
Lazarus Consulting, a mergers and acquisitions advisory boutique, is dealing with the method.
Sources mentioned numerous events had already expressed curiosity in shopping for a minority or management of the corporate.
Culture Trip was arrange in 2011 and grew quickly, tapping into millennials’ zeal for ‘genuine’ abroad journey experiences.
The firm describes itself as “purpose-led”, and operates small tour teams to far-flung locations all over the world.
Its appointment of Lazarus follows a administration buyout final month which noticed its earlier non-public fairness backers, Czech Republic-based PPF Group, exiting the enterprise.
The firm initially centered on producing revenues from promoting, however within the face of competitors from know-how behemoths Meta Platforms and Google, it switched to promoting lodge bookings.
That in flip took Culture Trip into competitors with the likes of Expedia and Booking.com, so it elected to shift its emphasis to promoting curated journeys centered on the millennial demographic.
Ana Jakimovska, chief govt of Culture Trip, mentioned: “Our mission is to connect people through responsible travel to help with loneliness and the climate crisis.
“Since our pivot final 12 months, we have achieved unimaginable progress.
“Our unique curated trips deeply resonate with our engaged community of millennials and we are excited about what the future holds for us.”
Culture Trip has raised cash on a number of events, together with an $80m Series B spherical in April 2018.
The firm then introduced an additional, unquantified spherical of funding in August 2020.
Like the broader journey sector, Culture Trip’s operations had been badly hit by the pandemic.
Its digital platforms now boast 9 million month-to-month distinctive customers, and the corporate has seen income progress up to now 12 months of 78%.
Content Source: information.sky.com