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$4.5m funding round for Tripfuser complete


Following RACV-led funding round, former iSelect and Compare the Market CEO Matt McCann locked in as CEO

Tripfuser Pty Ltd, the global tailored-travel marketplace, has announced that it has completed a $4.5m funding round to power the growth of its global tailored-travel marketplace. The oversubscribed round was led by the Royal Automobile Club of Victoria Inc.

 

As part of the funding round, former iSelect and Compare the Market, chief executive officer, Matt McCann has been locked in as Tripfuser CEO.

 

“We are delighted to close the investment round and thank both our new and existing shareholders for their support. RACV’s strategic investment provides the strongest endorsement for the Tripfuser tailored-travel marketplace and provides a platform for a long-term partnership,” Matt said.

 

Matt McCann

 

“The disruption created by COVID19 will create significant opportunities for travel players to deliver new experiences to meet shifting traveller expectations. Being able to tailor travel experiences, using a global network of local experts, will be a key capability in a post COVID19 world.”

 

“Tripfuser is positioned to deliver the unique, safe and authentic tailored travel experiences that travellers and travel agents will require to deliver as travel demand returns.”

 

Craig Peachey, RACV’s Executive General Manager – Leisure led the investment in Tripfuser and has now joined Tripfuser’s Board of Directors. He said:

 

“RACV’s investment in Tripfuser reflects its ongoing commitment to further expand and enhance its range of travel and holiday related products and services for its 2.2m members. RACV operates a significant travel and tourism business with investments in 10 Club and Resort properties nationally, as well as a number of partnership and joint venture arrangements with other major domestic and international industry participants.

 

“We are always seeking to add new content and products to grow the offering further, and we are excited to be able to bring Tripfuser’s tailored-travel services to RACV’s members.”

 

Matt Dalling, Chairman of Tripfuser and travel industry veteran was instrumental in bringing McCann in as CEO.

 

“Having a strong balance sheet to weather the COVID19 storm is a testament to our refreshed management team led by new CEO, Matt McCann, and RACV’s vision for travel. We look forward to a long and fruitful partnership with RACV and welcome Craig to our board of directors.”

 

McCann, who had been acting as CEO, has overseen a step-change in the business over the past 9 months.

  • Tripfuser’s marketplace of hand selected travel experts has grown to 230+ from over 60 countries

  • Tripfuser has signed more than 2,400 travel agents from Australia, New Zealand and Canada to access the Tripfuser tailored-travel marketplace

  • Tripfuser’s tailored-travel gallery now has 1,400 fully customisable and digitally interactive travel itineraries – including a range of unique domestic travel options

  • Tripfuser’s proprietary marketplace technology platform now includes an industry-leading “drag and drop” interactive trip planning suite

  • Tripfuser’s marketplace is supported by a “round the clock” travel concierge support service for travellers and travel agents and every trip is supported on the ground by the local expert who designed the trip

 

Management Changes

As a result of changes to the Management team, two of the four founders, Matt Beard and Len Cordiner have agreed to step back from their executive roles. Matt Beard will remain on the Board as a non-executive director.

 

Other Tripfuser co-founders, Tuan Nguyen and Andre Franchini, remain a key part of the executive team and are joined by new Chief Operations Officer, Chloe Walker, who was previously Head of Sales and Operations at iSelect.

 

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Published: 23 May 2020


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