Byron Bay-based online travel company TripADeal has announced details of a new partnership with investor BGH Capital in what it says is a venture designed to ‘take advantage of a number of growth opportunities.’
TripADeal announced the details last week that it had partnered with Melbourne based investor BGH Capital (BGH) to assist it to ‘take advantage of a number of growth opportunities, as travellers increasingly turn to online travel as the industry gears up for a strong return post-COVID and border lockdowns.’
In a media release, the Byron Bay owned and operated online travel company said they are confident about the future for Australian tourism having identified several exciting growth opportunities that it believes will ‘assist it to emerge from the pandemic stronger and more responsive to the changing travel needs of its customers and business partners.’
Co-founding CEO’s Norm Black and Richard Johnston said the investment is great news for TripADeal customers:
“Over the past two years, several firms have knocked on our door eager to invest in TripADeal. BGH approached us late last year, well before COVID, and we knew they were the ideal fit. Working with them through COVID has only reinforced the common culture and respect we have always looked for but never found in the past.
“BGH has significant experience in tourism and their partners share our vision for growth as the travel industry takes off post-COVID-19. We believe BGH will help take TripADeal to the next level.” He said.
While TripADeal says their revenue had been growing by over 40% per annum prior to COVID-19, as an online business, they say they haven’t been weighed down by expensive brick-and-mortar stores, allowing them to pivot their resources to support their customers and travellers stranded across the world through the pandemic.
“While the travel industry was the first industry affected, we strongly believe it will be one of the first industries back. TripADeal is now ready to hit the go button as soon as international travel resumes.”
Norm Black, Co-founding CEO TripADeal
BGH Founding Partner Ben Gray said TripADeal’s superior online business model allows enormous growth opportunities while avoiding the cost structures of more traditional bricks-and-mortar operations:
“We have always been attracted to TripADeal’s position as an online travel agent. The disruption posed by COVID-19 will ensure they continue to benefit from strong industry tailwinds and the bricks-and-mortar shift to online.
“The company has a very scalable business model that is supported by a well-developed technology platform. It has grown extremely fast over the last 5-years, winning multiple industry awards. We are excited to partner with Rich and Norm on TripADeal’s next wave of growth.”
TripADeal currently has an agreement in place that allows Travellers Choice agents to exclusively sell TripADeal packages.
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