The tour operator industry in the US is a dynamic sector that connects travelers with tailored experiences across a variety of destinations. Companies, ranging from large corporations to smaller startups, offer services like customized travel packages, adventure tours, and cultural experiences, catering to the growing demand for unique itineraries. With a swift pivot towards eco-tourism and tech-driven solutions, the industry is witnessing significant shifts. Customers increasingly value sustainable practices, driving operators to innovate their offerings. By harnessing technology, tour operators enhance customer interactions, making travel plans more engaging and customizable than ever before.


In examining the list of top tour operator investors, you'll find a mix of corporate giants, venture capitalists, and private equity firms. Operating predominantly from key locations such as New York and California, these investors vary in size, ranging from small firms with a handful of employees to large organizations with over 10,000 staff members. Founded between the 1980s to the 2015 era, these investors made deals in 2024, consisting of numerous investments that showcase their commitment to the travel sector. Overall, this group reflects a strategic focus on the burgeoning travel industry.


Top 12 Tour Operator Investors in the US


1. Government of Canada

  • Website: canada.ca
  • Type: Corporate
  • Headquarters: Canada, Kentucky, United States (USA)
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 137
  • LinkedIn: government-of-canada

The Government of Canada is a public entity that provides a wide range of services and information to Canadian citizens and residents, addressing various needs including employment, immigration, health care, and taxation. Founded in 1999, it operates through multiple departments and agencies to ensure access to essential services and support for individuals and businesses across the country. In 2023, the Government of Canada has been involved in several transactions relevant to the tour operator industry, providing grants to various companies such as Club Voyages, Kayaking Tours, CVS Tours, and Adrena LINE Adventure Zipline Tours. These grants, which range from $48,294 to $524,966, reflect the government's commitment to fostering growth and sustainability in the tourism sector, particularly for tour operators. This involvement highlights the government's role as an investor in the tourism industry, supporting initiatives that enhance the travel experience in Canada.


2. 500 Global

  • Website: 500.co
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 98
  • LinkedIn: 500-startups

500 Global is a venture capital firm and startup accelerator based in San Francisco, California, founded in 2010. The firm specializes in investing in early-stage technology companies, providing funding, mentorship, and resources to help founders scale their businesses. Notably, 500 Global has participated in several funding rounds for Headout, a traveltech startup that facilitates domestic short-haul travel experiences. Their investments in Headout include a Seed Round in 2015, Series A rounds in 2019 and 2020, and a Series B round in 2021 and 2022, totaling over $45 million. This involvement highlights 500 Global's interest in the travel and tour operator sector, making them a relevant player in this industry.


3. Plug and Play Tech Center


Plug and Play Tech Center is an innovation hub and venture capital firm based in Sunnyvale, California, founded in 2006. They specialize in connecting startups with corporations to foster growth and innovation, offering various programs including accelerator initiatives and investment opportunities. In 2024 alone, they made 253 investments, showcasing their active role in the venture capital landscape. Notably, they have invested in several companies relevant to the travel and tourism industry, such as 10Adventures, which focuses on adventure travel, and Travelstride, a platform for travelers to find and book trips. Additionally, they have supported Viavii, a travel platform that connects travelers with local experiences, and Essentialist, which curates personalized travel experiences. These transactions highlight Plug and Play's commitment to enhancing the travel sector through technology and innovation.


4. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It specializes in providing funding and mentorship to early-stage technology companies, having successfully launched over 4,000 startups. Among its diverse portfolio, Y Combinator has made notable investments in companies like Wanderlog, which focuses on travel planning, indicating its interest in the travel and tourism sector. In addition to Wanderlog, Y Combinator has invested in other startups such as AirX, Flagr, and Tab, showcasing its broad investment strategy across various industries. The firm's structured program offers resources like the Startup School and co-founder matching services, making it a key player in the technology startup ecosystem.


5. Accel

  • Website: accel.com
  • Type: Venture Capital
  • Headquarters: Palo Alto, California, United States (USA)
  • Founded year: 1983
  • Headcount: 51-200
  • Number of deals in 2024: 101
  • LinkedIn: accel-vc

Accel is a venture capital firm founded in 1983, based in Palo Alto, California, with additional offices in San Francisco, London, India, and China. The firm specializes in investing in startups and early-stage companies, primarily in the technology sector. Notably, Accel has participated in funding rounds for companies in the travel industry, such as HolidayMe, a Dubai-based online travel agency that raised $16 million in a Series C funding round, and Traveazy, which raised $16 million in Series C and $7 million in Series A funding. These transactions highlight Accel's engagement in the tour operator context, showcasing their interest in supporting companies that facilitate travel and tourism services.


6. Tcv

  • Website: tcv.com
  • Type: Venture Capital
  • Headquarters: Menlo Park, California, United States (USA)
  • Founded year: 1995
  • Headcount: 51-200
  • Number of deals in 2024: 10
  • LinkedIn: technology-crossover-ventures

TCM, Inc. (Technology Crossover Ventures) is a venture capital firm based in Menlo Park, California, founded in 1995. Tcv specializes in growth equity investments in technology companies, partnering with mission-driven teams to provide capital and strategic guidance to help businesses scale and achieve market leadership. Notably, Tcv has invested in TourRadar, a platform for booking multi-day tours, raising $50 million in a Series C round in June 2018, and previously in an undisclosed venture round in August 2016. Additionally, Tcv has invested in Klook, a travel service platform, participating in multiple funding rounds, including a $225 million Series D in April 2019 and a $200 million Series D in August 2018. These investments highlight Tcv's engagement in the travel and tour operator industry, showcasing their interest in technology-driven solutions within this sector.


7. Goldman Sachs

  • Website: goldmansachs.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 59
  • LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm based in New York, founded in 1998. It offers a wide range of services including investment banking, asset management, and wealth management, catering to a diverse clientele that includes corporations, financial institutions, and individuals. In the context of the tour operator industry, Goldman Sachs has made notable investments such as in Klook, where they participated in a Series D funding round raising $200 million in August 2018, and a Series C round raising $60 million in October 2017. Additionally, they invested in Yatra, which raised over $42 million in Post-IPO equity in September 2023. These transactions highlight Goldman Sachs' commitment to supporting companies that enhance travel experiences and services, further solidifying their role as an investor in the tour operator sector.


8. FJ Labs

  • Website: fjlabs.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 169
  • LinkedIn: fj-labs

FJ Labs is a venture capital firm based in New York, specializing in marketplace and network effect businesses. Founded in 2015, the firm has made over 1,000 investments, with a focus on startups across various sectors, including e-commerce and logistics. Notably, FJ Labs has been involved in multiple funding rounds for Headout, a traveltech startup that has raised significant capital to expand its services in the travel industry. Headout's funding rounds include a Seed Round in 2015, Series A rounds in 2019 and 2020, and Series B rounds in 2021 and 2022, showcasing FJ Labs' ongoing support for innovative solutions in the travel sector. This involvement highlights FJ Labs' interest in the tour operator space, making them a relevant investor in this category.


9. Expedia Group LATAM


Expedia Group LATAM, based in Bellevue, Washington, is a corporate investor and a leading online travel platform founded in 1996. The company specializes in providing comprehensive travel solutions, including hotel bookings, flight reservations, car rentals, and vacation rentals, catering to both individual travelers and businesses. Notable transactions include the acquisition of Classic Vacation Group in 2002, which allowed them to expand their offerings in vacation packages. In 2015, they acquired Travelocity and Orbitz Worldwide for $280 million and $1.34 billion, respectively, further consolidating their position in the online travel agency market. Additionally, their investment in Despegar, a key player in the Latin American travel market, highlights their strategic focus on enhancing their tour operator capabilities. These transactions illustrate Expedia Group LATAM's commitment to growing its influence in the travel and tour operator industry.


10. Tripadvisor

  • Website: tripadvisor.com
  • Type: Corporate
  • Headquarters: Needham, Massachusetts, United States (USA)
  • Founded year: 2004
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: tripadvisor

Tripadvisor is a travel platform founded in 2004, based in Needham, Massachusetts, that offers a wide range of services including hotel bookings, restaurant reservations, and travel experiences. The company leverages user-generated reviews to enhance the travel planning process, making it a comprehensive resource for travelers. Notably, Tripadvisor has made strategic investments and acquisitions to strengthen its position in the travel industry. One of the most significant transactions was the acquisition of Viator in 2014 for approximately $200 million, which marked a major step in expanding its offerings in the tours and activities market. Additionally, Tripadvisor has invested in EatWith to support its global growth, and acquired SinglePlatform to enhance its restaurant services. These transactions highlight Tripadvisor's active role in the travel and tour operator sectors, making it a notable investor in this space.


11. KSL Capital Partners


KSL Capital Partners is a private equity investment firm based in Denver, Colorado, founded in 2005. The firm specializes in the travel and leisure industry, focusing on equity, credit, and tactical investment strategies to support businesses in hospitality, recreation, and real estate. KSL has a global presence and partners with companies to enhance their growth and operational performance, providing strategic capital and expertise. Notable transactions include the acquisition of Tierra Hotels, a luxury hotel chain in Chile, and Outrigger Hotels and Resorts, which showcases their commitment to the hospitality sector. Additionally, KSL's acquisition of Sunce Hotels in Croatia, which includes multiple holiday hotels, further emphasizes their focus on enhancing travel experiences. Their recent investment in Sereno Hotels aims to accelerate growth and develop exclusive small hotels in unique locations, reinforcing their active role in the travel and leisure market.


12. The Carlyle Group

  • Website: carlyle.com
  • Type: Private Equity
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1987
  • Headcount: 1001-5000
  • Number of deals in 2024: 25
  • LinkedIn: the-carlyle-group

The Carlyle Group Inc. is a prominent investment management firm founded in 1987, specializing in private equity, real assets, and private credit. With a global presence and a focus on delivering tailored investment solutions to institutional investors, Carlyle has established itself as a leader in alternative asset classes. Notably, Carlyle has made significant strides in the tour operator industry, highlighted by its acquisition of a 63.6% controlling stake in CVC Brasil Operadora e Agência de Viagens S.A., the largest travel operator in Latin America, in 2010. This strategic move underscores Carlyle's commitment to the travel sector. Additionally, Carlyle has invested in Viator, a platform for booking tours and activities, through multiple funding rounds between 2005 and 2008, further showcasing its active role in the tour operator market. These transactions reflect Carlyle's expertise and interest in driving growth within the travel and tourism industry.



Tour Operator Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
Government of CanadaCanada, Kentucky, United States (USA)10001+1999137
500 GlobalSan Francisco, California, United States (USA)201-500201098
Plug and Play Tech CenterSunnyvale, California, United States (USA)501-10002006253
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
AccelPalo Alto, California, United States (USA)51-2001983101
TcvMenlo Park, California, United States (USA)51-200199510
Goldman SachsNew York, New York, United States (USA)10001+199859
FJ LabsNew York, New York, United States (USA)11-502015169
Expedia Group LATAMBellevue, Washington, United States (USA)10001+19960
TripadvisorNeedham, Massachusetts, United States (USA)1001-500020041
KSL Capital PartnersDenver, Colorado, United States (USA)51-20020050
The Carlyle GroupWashington, D.C., District Of Columbia, United States (USA)1001-5000198725


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