The World Travel & Tourism Council (WTTC), in collaboration with VFS Global, revealed that the Latin American (LATAM) Travel & Tourism sector could add nearly US$260BN to the region’s economy and create nearly eight million new jobs over the next 10 years.
Vitruvian Boosts Civitatis with $50M for Latin America Growth
26.06.2024 - 09:31 / skift.com / Latin America / Jesse ChaseLubitz
Vitruvian Partners, an international investment firm, made an additional $50 million venture investment in Civitatis, a curated marketplace for tours and activities mainly serving travelers from Spain and Latin America.
In 2022, Vitruvian Partners invested about $109 million in Civitatis. In the latest action, Vitruvian bought secondary shares essentially from other shareholders.
“The company has no need for primary capital, having been profitable since inception,” said Alberto Gutiérrez, CEO and Founder of Civitatis.
The company, which saw a 31% increase in travelers between 2022 and 2023, capitalized on a huge untapped market by targeting Spanish speakers, which Civitatis said would be used to grow across Spain and Latin America. Its success in the niche is once again attracting private equity support, allowing it to expand its market.
“Civitatis has a very strong balance sheet position to continue investing in its international expansion,” said Gutiérrez. The company will focus on Mexico, Brazil, and Argentina, he added, as well as invest in new talent and technology.
The company’s main goal with these funds is to “cement” its leadership in Latin America. “Additional investment will help us to reach our goals faster, but also, to make them even bigger,” Gutiérrez said.
Civitatis’ offerings grew from 29,000 in 2019 to 87,000 in 2023. In the same time period, it nearly doubled its Spanish-speaking suppliers to over 6,000.
The company claims to have traction in destinations like Japan, New York, Rome, Paris, and Madrid.
Last year, Gutiérrez told Skift that the company has found success because it is helping customers streamline decision-making. The company tries to offer tailored experiences by sourcing Spanish-speaking guides in different locations.
Civitatis is capitalizing on its leading position in selling Spanish-speaking tours and activities as it pushes into new markets thanks to private equity support.
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