A Northwest Portland startup that facilitates group travel said Tuesday it has raised an additional $15 million, reporting rapid growth as the pandemic wanes.
TrovaTrip facilitates multiday travel to international destinations. It offers tools to help hosts gauge interest in potential destinations, helps them budget and price the excursion and market the trip. Its clients include social media personalities seeking to boost revenue by arranging trips with their online followers.
TrovaTrip says 15,000 travelers have booked through its site and it had bookings of $15 million last year, despite lingering effects in the pandemic. The company said “rapid growth” has continued this year.
Founded in 2017, TrovaTrip has now raised $20 million altogether. Seattle-based Madrona Venture Group led the funding joined by prior backers including the Oregon Venture Fund, Elevate Capital and the Portland Seed Fund.
TrovaTrip employs 56, including 52 in Oregon. It said it will use Tuesday’s funding — a relatively large sum for an early-stage Portland company — to expand its program and reach more travel hosts.
Venture funding has slowed this year amid rising interest rates, a bearish stock market and cooling global economy. But Oregon startup investment held up through the first half of the year, perhaps because many deals have been in the works for months.
Forecasters expect a steeper slowdown in venture funding late this year amid continued interest rate hikes aimed at taming inflation by slowing consumer and business spending.
Correction: TrovaTrip was founded in 2017, not 2007 as this article originally indicated.
– Mike Rogoway | firstname.lastname@example.org | 503-294-7699 | Twitter: @rogoway |
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