The international growth-focused fund invests an additional USD 50m to continue supporting Civitatis as it cements its position as the premier brand for tours and activities for customers across Spain and Latin America.
LONDON--BUSINESS WIRE--
Vitruvian Partners has purchased a further ownership stake in Civitatis, the leading curated online marketplace for guided tours and activities for Spanish and Portuguese speaking consumers, investing an additional USD 50m. Civitatis continues to be led by the founder and CEO Alberto Gutiérrez, who established the company in 2008.
Civitatis is a rare example of a company that has been cashflow positive from day one, built by its founder without any external capital. The Company remains on track to be a future Spanish unicorn, as a curated marketplace for the large and growing tours and activities category, underpinned by a rapid digitalization tailwind. Founder and CEO Alberto Gutiérrez said, "Our growth and profitability have been fuelled by a combination of highly effective sales channels, well-invested technology platform, and a customer-centric approach, providing the activities and tours in our customers' own preferred language. Our customers appreciate our expertly curated catalogues of activities across the world, as well as the easy booking and, of course, the outstanding experience that they have with us. With the support of Vitruvian, we are continuing to expand our offerings and meet the demands of our rapidly growing customer base."
The company, headquartered in Madrid, offers 90,000 activities across 160 countries, with over 10 million customers in 2023. Vitruvian Partner, Sophie Bower-Straziota, said, "Under Alberto's strong leadership Civitatis has grown at an exceptional rate, 50% each year, whilst maintaining continuous and strong profitability. The market potential is large and growing, with c.750 million Spanish and Portuguese speakers worldwide. We were delighted to have the opportunity to increase our shareholding and provide additional support for the company to continue its impressive expansion."
Over the coming years Civitatis will continue to cement its position as the premier brand for tours and activities for customers across Spain and Latin America, with a particular focus on Mexico, Brazil, and Argentina, where it has already held the top position in sales for years. The investment is the sale of secondary shares, as the company has no need for primary capital, having been profitable since inception.
About Civitatis
Civitatis is the leading curated marketplace for tours and activities in Spanish with more than 90,000 activities in 4,000 destinations across 160 countries.
About Vitruvian
Vitruvian Partners is an international growth-focused investor with offices across London, Madrid, Miami, Stockholm, Munich, Luxembourg, San Francisco, Singapore, Mumbai and Shanghai. Vitruvian focuses on dynamic situations characterized by rapid growth and change across asset-light industries. Vitruvian has c.$20bn of active funds. The funds have backed many global leaders within areas of travel and experiences technology, including Skyscanner, Fever, Sykes, Travel Counsellors, OAG and Jac Travel; as well as other technology leaders such as Just Eat, Wise, Darktrace, CRF Health, Snow Software and Bitdefender.
