The travel and tourism industry in Benelux thrives on its rich cultural diversity and stunning landscapes. It features a variety of businesses including hotels, airlines, online travel agencies, and tour operators catering to both leisure and business travelers. Recent trends show a growing emphasis on sustainability and technological innovations, as travelers seek more personalized and eco-friendly experiences. With favorable transport links crisscrossing the region, countries like Belgium, the Netherlands, and Luxembourg are becoming ever more accessible. Increased investment in tech-driven solutions is expected to further transform the sector, promoting seamless travel services and enhancing traveler satisfaction.


The investor landscape for travel and tourism in Benelux is vibrant, featuring venture capital firms, private equity players, and corporate investors. This group ranges in size from small funds to corporate giants, with notable firms often headquartered in Amsterdam and Luxembourg. Established in the late 1990s to the 2010s, these investors have completed numerous deals recently, with notable funding activity in 2024 including 21 deals by Prosus Group and notable contributions from CVC Capital Partners. This blend of investment types reflects a strong commitment to fostering innovation within the sector.


Top 13 Travel and Tourism Investors in Benelux


1. HOWZAT Partners

  • Website: howzatpartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: howzat-media

HOWZAT Partners is a venture capital investment fund based in Luxembourg, founded in 2006. The firm specializes in investing in digital businesses and provides funding and strategic advisory services to early-stage companies. Among their notable transactions, HOWZAT Partners has invested in itravel, a travel-related platform, through multiple funding rounds, including Series A and Series B, raising significant amounts such as $7,349,276 in 2018 and $2,830,977 in 2017. Additionally, they participated in the Seed Round for Travelcircus, which raised $2,155,846 in 2016. These investments highlight HOWZAT Partners' active role in the travel and tourism sector, alongside their broader focus on digital enterprises.


2. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. In the travel and tourism sector, CVC has made notable investments, including the acquisition of Etraveli, a global flight-centric online travel agency, for €508 million in 2017, aiming to expand its international presence. They also acquired Shearings Holidays Ltd in 1996, further establishing their footprint in the travel industry. More recently, CVC participated in a funding round for HappyEasyGo, an online travel agency, indicating their ongoing commitment to the sector. Additionally, they have invested in companies like Merlin Entertainments and Moto Hospitality, which, while not exclusively travel-focused, contribute to the broader tourism experience.


3. BCD Travel

  • Website: bcdtravel.com
  • Type: Corporate
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2006
  • Headcount: 10001+
  • LinkedIn: bcd-travel

BCD Travel is a corporate travel management company based in Utrecht, Netherlands, founded in 2006. It specializes in providing comprehensive corporate travel solutions, including travel management, meeting and event planning, and travel consulting services. BCD Travel serves a diverse range of businesses and organizations, helping them optimize their travel processes and achieve cost savings while enhancing the travel experience for their employees. The company has made several strategic acquisitions to bolster its presence in the travel industry, including the acquisition of Rennies Travel in 2019, which expanded its service offerings. In 2020, BCD Travel acquired the business travel and meetings & events activities of Ventura Spa in Italy, forming BCD Travel Italy and further solidifying its global growth strategy. Other notable acquisitions include Ticket Biz in Sweden and Norway, and Air Club Travel in Poland, both aimed at strengthening its market presence in those regions. Additionally, BCD Travel participated in a seed funding round for Skylark Travel, indicating its interest in innovative travel solutions. These transactions highlight BCD Travel's active role in the travel and tourism sector, making it a significant player in the industry.


4. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. In the context of travel and tourism, EIB has made significant investments such as a $563 million funding round for FlixBus, a major player in the intercity bus transport sector, which enhances mobility for travelers. Additionally, EIB has provided funding to Autonom Services to expand its e-car fleet, contributing to sustainable transportation options. The bank has also financed infrastructure projects like the Aberdeen Harbour Board and Bilbao Port, which are vital for facilitating travel and tourism activities. These transactions highlight EIB's role in supporting the travel and tourism industry through investments in transportation and infrastructure.


5. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, focused on enhancing everyday life through technology. Founded in 2019, the firm has a diverse portfolio that spans online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Notably, Prosus has made significant investments in the travel and tourism sector, including a $330 million investment in MakeMyTrip.com, a leading online travel agency in India, and a $250 million investment in Ibibo Group, which aims to expand its reach in the Indian hospitality sector. Most recently, Prosus announced the acquisition of Despegar.com, a prominent Latin American online travel agency, for $1.7 billion, further emphasizing its strategy to enhance operations in high-growth sectors across Latin America. These transactions illustrate Prosus's commitment to fostering growth in the travel and tourism industry while partnering with local entrepreneurs to create valuable products and services.


6. Samsonite

  • Website: samsonite.com
  • Type: Corporate
  • Headquarters: Oudenaarde, Flanders, Belgium
  • Founded year: 1910
  • Headcount: 1001-5000
  • LinkedIn: samsonite

Samsonite International S.A., founded in 1910 and headquartered in Oudenaarde, Flanders, Belgium, is a prominent corporate investor in the travel and tourism sector. As the world's largest travel luggage company, Samsonite specializes in high-quality travel bags and accessories designed for both leisure and business travelers. The company has made several strategic acquisitions to enhance its market position and product offerings. Notable transactions include the acquisition of Saxoline Traveller in 2007, Hartmann in 2012 for $35 million, and Rolling Luggage in 2015 for £15.75 million, which aimed to strengthen their global multi-brand retail platform in the travel-retail market. Additionally, Samsonite acquired eBags.com in 2017 for $105 million, further expanding their online presence in the travel accessories market. Their acquisition of High Sierra Sport Company for $110 million in 2012 also reflects their strategy to penetrate the casual bag market, which is closely tied to travel. Overall, Samsonite's focus on travel-related products and their active investment strategy in this sector solidify their role as a key player in the travel and tourism industry.


7. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, that specializes in early-stage investments in innovative technology companies. They provide financial support and strategic guidance to entrepreneurs, particularly in sectors like digital health and education tech. Recently, they have also made significant strides in the travel and tourism industry, notably through their investment in Exoticca, a Barcelona-based tour operator. In July 2021, Mangrove led a $30 million Series C funding round for Exoticca, which aims to automate the booking process and enhance the overall traveler experience. This investment was followed by a $65 million Series D round in July 2024, further solidifying their commitment to the travel sector. Their operations are primarily focused on Europe and Israel, where they actively seek to empower startups and foster growth in the tech ecosystem, including those in the travel and tourism industry.


8. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. In the travel and tourism sector, Triton has made notable investments, including the acquisition of Sunweb Group, a prominent online tour operator with a turnover exceeding EUR 600 million, serving around 1 million customers annually. Additionally, Triton is set to acquire the tour operating activities of Corendon Holiday Group, which reported a turnover of EUR 515 million in 2018 and serves over 750,000 customers annually in the Netherlands and Belgium. These transactions highlight Triton's strategic interest in the travel and tourism industry.


9. Ferrovial

  • Website: ferrovial.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1952
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: ferrovial

Ferrovial is a corporate investor based in Amsterdam, Netherlands, founded in 1952. It is primarily an infrastructure and construction company that specializes in highway construction, airport management, and energy solutions. The company has a strong focus on sustainable development and innovative solutions, catering to both government entities and private organizations. Notably, Ferrovial has made significant investments in the travel and tourism sector through its acquisitions of key airports. These include Bristol Airport, the largest airport in Southwest England, and Belfast City Airport, which it acquired for €49.3 million. Additionally, Ferrovial acquired a 20% stake in the Sydney Airport concession, marking a €3.85 billion investment, the largest airport privatization in Australia. These transactions highlight Ferrovial's strategic commitment to expanding its footprint in the airport management sector, thereby enhancing its relevance in the travel and tourism industry.


10. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, Gimv has made significant investments in the travel and tourism sector, including a 46% stake acquisition in Easyvoyage, a travel website, for EUR 31.6 million in 2009, and a Series A investment in Marco Vasco, a travel agency, raising over $20 million in 2013. Additionally, Gimv acquired a majority stake in France Thermes in 2018, further emphasizing their commitment to supporting growth in the travel and tourism industry. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges, making them a valuable player in the travel and tourism investment space.


11. VentureFriends

  • Website: venturefriends.vc
  • Type: Venture Capital
  • Headquarters: Netherlands
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 8
  • LinkedIn: venturefriends

VentureFriends is a venture capital firm based in the Netherlands, founded in 2016, that specializes in early-stage investments in startups. They provide financial backing and strategic support to ambitious founders, particularly in sectors like FinTech and PropTech. Notably, VentureFriends has made significant investments in the travel and tourism sector, including Stasher, a UK-based luggage storage network, which raised $2.5 million in funding to expand globally. They also invested in Welcome Pickups, a travel transportation startup based in Athens, Greece, which has raised multiple rounds of funding, including €3.3 million in Series A funding to enhance its product offerings and expand its destination network. These transactions highlight VentureFriends' commitment to supporting innovative travel solutions, positioning them as a relevant investor in the travel and tourism industry.


12. Expon Capital

  • Website: exponcapital.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: exponcapital

Expon Capital is a venture capital firm based in Luxembourg, founded in 2015. The firm specializes in seed and scale-up funding for technology-driven startups and growth companies, with a strong emphasis on social impact and the development of the Luxembourg startup ecosystem. Expon Capital has been involved in several notable transactions in the travel and tourism sector, including multiple funding rounds for itravel, which raised significant amounts in Series A and Series B rounds from 2016 to 2018. Additionally, they invested in Nannybag, a startup that offers luggage storage solutions for travelers, raising funds in both seed and convertible note rounds. These investments highlight Expon Capital's engagement in the travel and tourism industry, alongside their broader focus on technology and social impact.


13. Prime Ventures (VC)


Prime Ventures is a venture capital firm based in Amsterdam, Netherlands, founded in 1999. The firm specializes in backing technology leaders across Europe, providing funding and strategic support to help startups and technology companies scale their operations. Notably, Prime Ventures has invested in travel tech companies such as Holidu, which raised significant funding in multiple rounds (Series C, D, and E) to enhance its platform for holiday rentals. Additionally, they led a seed round for Leavy.co, a travel app designed for millennials that allows users to rent out their spaces and earn travel credits. These transactions highlight Prime Ventures' commitment to fostering innovation within the travel and tourism industry, alongside their broader focus on technology.



Travel and Tourism Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
HOWZAT PartnersLuxembourg1-1020062
CvcLuxembourg1001-5000200516
BCD TravelUtrecht, Utrecht, Netherlands10001+20060
European Investment Bank (EIB)Luxembourg1001-5000195899
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
SamsoniteOudenaarde, Flanders, Belgium1001-500019100
Mangrove Capital PartnersLuxembourg11-5020005
Triton PartnersLuxembourg201-50019976
FerrovialAmsterdam, North Holland, Netherlands10001+19521
GimvAntwerp, Flanders, Belgium51-20019808
VentureFriendsNetherlands1-1020168
Expon CapitalLuxembourg1-1020152
Prime Ventures (VC)Amsterdam, North Holland, Netherlands11-5019990


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