Luxtripper has managed to secure £1.2 million in its latest funding round, despite travel facing its most challenging time for decades.
Raising the investment from “high-net worth individuals and former travel executives”, the company said the funds will be used to “double Luxtripper’s destination offering over the next three years, further develop its proprietary technology platform, and hire for roles across the business”.
The latest injection means that total investment in the business since its launch in 2015 will now have topped £3.1 million.
“Today marks a significant milestone for us, particularly during incredibly difficult times for our industry and the world,” said founder and chief executive Nena Chaletzos.
“Over the past few months, it’s our passionate people that have helped us to adapt to the challenges we’ve faced, and with total commitment to supporting and protecting our customers. We’re proud to be a part of the travel community and we’re looking forward to bringing in more exceptional talent as we begin this next stage of growth.”
Luxtripper now employs 55 people in the UK and also has a team of 17 in India. Chaletzos said she started the business to “revolutionise the luxury travel planning process” by combining “innovative technology with the personal, customer-centric approach of a traditional travel agent”.
Developed in-house, its technology matches customers to luxury destinations “in seconds”, and creates complex, multi-destination itineraries, supported by the bespoke service of Luxtripper’s travel team.
Sales at Luxtripper hit £7 million during its last full year of trading (April 2019-March 2020) with the company having delivered annual revenue growth of more than 100% since launch.
Chaletzos is also supported by Roger Flynn as chair of Luxtripper. He joined the business in 2018 after steering a successful period at Loveholidays from 2011 to 2018 and a sale to private equity investor Livingbridge for £180 million.
“This is a great outcome for Luxtripper, testament to our dedicated staff and robust business model,” Flynn said.
“For the travel industry, these times are the most testing we’ve ever seen, but this community, that I’ve been a part of for 25 years, is resourceful, resilient and genuinely has the customer at its heart; qualities that will ensure we meet the challenges ahead.”