TrovaTrip is a Portland-based startup that offers group travel. It raised $15 million through a Series A round of funding led by Seattle’s Madrona Venture Group.
The company claimed that it experienced a 10X increase in bookings last year, despite the ongoing pandemic. While travel companies suffered a lot from the pandemic, some are now recovering amid uncertain economic conditions and the lingering effects COVID-19. In its latest earnings report, Expedia Group highlighted high travel demand.
TrovaTrip was founded in 2017 and helps travelers find travel group hosts. TrovaTrip hosts are content creators who use TrovaTrip as a way to earn revenue from their social media followers. They can set their own prices and use audience research tools to gather market data to help them create itineraries. TrovaTrip partners up with tour operators that charge a flat rate and provide local guides to each group.
The company has served more than 15,000 customers who have booked trips through it. There are more than 500 itineraries in 49 countries.
TrovaTrip earns money by charging a 10% service charge and a credit card transaction fees to travelers.
Nick Poggi, a University of Oregon graduate, and Lauren Schneider founded the company. In June 2021, it hired Brandon Denham as its CTO. He was a former engineer leader at Extole Systems and Veeva Systems.
According to the U.S., group room night bookings fell 18% in August as compared to similar times in 2019. The overall U.S. travel spending was at 2019 levels according to the Travel Association.
PSL Ventures and Oregon Venture Fund are also backers of the Series A round. Investors include Eric Breon (founder and former CEO at Vacasa) and Barney Harford (ex-CEO of Orbitz).
Scott Jacobson, Madrona’s managing director, has joined the board. The total amount of funding is currently $20 million.