Suma Capital, through its growth capital fund Suma Capital Growth Fund I, has taken a 32% stake in GrandVoyage to support its ambitious growth plan with the aim of tripling the size of the company over the next four years.
Founded in December 2012 by Arvin Abarca, GrandVoyage is a digital tour operator and online travel agency pioneer and leader in Spain in the commercialization of long-distance and long-duration holiday packages (more than a week). The firm has transported more than 12,000 travelers to 15 different destinations spread over 3 continents.
Through its web platform (www.grandvoyage.com), GrandVoyage offers its clients expert advice assisted by experts from each destination, who design and personalize the routes to the traveler’s priorities. In addition, the platform allows you to choose between different categories of hotels and types of ground services (i.e. tours, guided tours, gastronomy, sports activities). All this offering an average discount of between 20% and 30% on the price offered by traditional travel agencies.
The company expects to close 2018 with a turnover of more than 8 million euros, 30% more than the previous year. The average growth since 2013 has been over 70% per year. The growth plan will involve a joint investment of 4 million euros, and will include the offer of new destinations, the opening of new emitting countries and technological developments.
The project will continue to be led by its founder, Arvin Abarca, who will remain the majority shareholder. For its part, Suma Capital will join the Board of Directors.
As stated by Arvin Abarca, founder, majority shareholder and CEO of GrandVoyage: “Despite having strong growth and a positive balance since the first year, we believe that the association with Suma Capital allows us to take a leap to the next level, generating greater growth and consolidating the necessary structure to maximize the opportunity “.
For his part, David Arroyo, partner of Suma Capital, said: “At GrandVoyage, Arvin and his team have perfectly identified the potential that technology provides in the contracting of long distance travel, allowing its customers to travel at a better price and with better advice than that offered by traditional travel agencies. We think that this model creates a disruption in the sector and that will rapidly grow in the coming years “.