Turneo, a leading travel tech startup focused on experiential hospitality and PhocusWire Hot 25 Travel Startup for 2024, has closed a $2 million seed investment led by Bessemer Venture Partners, with contribution from Underline Ventures.
Founded in 2022, Turneo enables hotels to offer guests the ability to browse and book in-destination activities and transfers on a hotel's website or app, and it gives the hotels a single platform to manage in-house and partner activities.
With the investment, Turneo will expand to new markets, further develop its product and establish more partnerships with hoteliers. The company also intends to further develop its artificial intelligence capabilities to offer personalized travel experiences through hotels.
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“We are thrilled to have the support of such incredible investors as Bessemer Venture Partners and Underline Ventures,” said Matija Marijan, co-founder and CEO of Turneo. “This funding validates the huge opportunity as well as our vision, and it enables us to scale our operations, enhance our technology and form critical partnerships so that we can empower more hotels to deliver amazing activities to their guests.”
"Historically, rooms were the main revenue driver for hotels. However, traveler preferences have changed dramatically over the last few years, and only selling rooms isn’t enough," said Aditya Nidmarti, investor at Bessemer Venture Partners and newly appointed board director at Turneo. "Turneo is playing right into this market shift by building a platform for hotels to seamlessly create, manage and monetize rich experiences for guests - whether it is spa treatments or in-destination tours."
Based on the company’s data from the 2024 Europe summer season, guests who booked activities gave hotels on average 8% higher ratings on review sites. In addition, recent years have seen growth in the experiences and hotel activities market which is projected to reach $463 billion by 2030.