After enduring two zero-revenue years during the pandemic, ITG secured an initial investment from Blandford Capital LLP in mid-2022 as its main destination – Japan – began to reopen to the world before going on to achieve B Corp certification last year.
ITG said it had achieved "significant growth" since then, with 2023 revenue running to around £50 million and 2024 departure revenue so far reaching around £65 million – a third more than last year, with 2024 poised to be the operator’s best yet. After slashing headcount during the pandemic, the business now has more than 250 employees.
Co-founders Alastair Donnelly and Simon King will remain in place along with the rest of their senior leadership team following the latest investment from specialist investor Piper and the Cool Japan Fund, as will chair Ian Simkins, a former Audley Travel chief executive.
"We have seen incredible growth over the past few years, and we’re thrilled to partner with Piper, with their deep brand expertise, and Japanese sovereign wealth fund Cool Japan for this exciting next phase of growth," said Donnelly, who reiterated his pledge to stand by agents after trade rebounded to represent around a third of ITG’s business mix, rising to 40% by this April. Its trade partner satisfaction net-promoter score currently stands at 90.
"Most important of all, we will continue to provide an incredible service and amazing experiences for our customers, both direct and our trade partners," Donnelly continued. "We are eager to work together to achieve even greater success into the future."
Donnelly said the brand’s "rapid rebuild" had allowed it to bring onboard investors that share the group’s values and commitment to travel being a force for good for its customers, suppliers and the communities in which it operates.
He added the investment would allow ITG to continue to strengthen its commitment to community-based tourism throughout its growing portfolio of destinations, which now includes South Korea and Thailand, and to continue making its brands more and more sustainable.
’Deeper connections’
Piper partner Dan Stern, who led on the deal, said: "We’re looking forward to backing the Inside Travel Group team as they embark on this next stage of growth. Over the years, we’ve seen first-hand how they’ve scaled across three continents and built a strong culture—even through the challenges of Covid.
“Our consumer insight work shows the market size for Asia-focused travel is large and growing quickly, while travellers are more than ever seeking out trusted destination specialist travel brands who can deliver exceptional customer service."
Masaki Takayanagi, executive officer and managing director at Cool Japan Fund, added: “We are excited to partner with Inside Travel Group, supporting their mission to share Japanese culture globally through immersive travel experiences. Utilising our extensive network and expertise around Japan and globally, together, we aim to foster deeper connections between travellers and Japan."
