Texas private equity house Tritium Partners has picked online private tours marketplace ToursByLocals as its latest investment.
The company said it would use the $33m investment to accelerate its growth, focusing on enhancements in user experience, technology, marketing and hiring more top-tier talent.
Tritium is already an investor in RVshare, and its founders previously led investments in vacation rental giant HomeAway and other leading online marketplaces, including RetailMeNot and CreditCards.com.
ToursByLocals has more than 4,100 tour guides in over 160 countries, offering tour experiences in places ranging from Rome, Barcelona and Paris to Windhoek, Namibia and Ulaan Baatar.
Tritium co-founder and managing partner Phil Siegel said, “ToursByLocals represents the seventh online marketplace investment and fourth travel marketplace in which I’ve been involved.
“We understand what it takes to be a market disruptor, and we believe ToursByLocals has the potential to transform the private tour industry in the same way HomeAway changed the market for vacation rentals.”
Tritium Partners secured a hefty jump in its assets under management last January through a rapid $465m final close of its sophomore private equity fund.
The firm took just eight months to strike the hard cap for Tritium II, which it initially hoped would raise $375m.
Tritium II is 50 per cent bigger than its $309m debut fund, which also struck its hard cap through a final close in 2015.
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