The tour operator industry in Europe plays a vital role in shaping travel experiences for millions. Companies in this sector range from traditional travel agencies to cutting-edge online platforms, offering everything from packaged vacations to customizable adventures. With growing demand for unique experiences and sustainability initiatives, operators are increasingly focusing on tailor-made solutions and eco-friendly options. The surge in digital transformation is set to shape the future, enabling companies to enhance customer engagement and streamline operations. As travelers seek authenticity, the industry is adapting, showing resilience and the capability for innovation.


This list recognizes 16 notable investors influencing the tour operator sector in Europe, primarily comprising venture capital and private equity firms. With headquarters spanning major cities like London, Paris, and Luxembourg, these firms range in size and investment capacities. Established between 1976 and 2015, they had significant engagement in 2024, making noteworthy investments in tour operators and travel technology. Notable examples include CVC and Index Ventures. Their strategic financial support contributes to growth and innovation, propelling the industry forward in an ever-evolving travel landscape.


Top 16 Tour Operator Investors in Europe


1. Crowdcube

  • Website: crowdcube.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: crowdcube-limited

Crowdcube is a London-based crowdfunding platform founded in 2010 that enables businesses to raise capital through equity investments. It connects startups and SMEs with potential investors, facilitating the funding process. The platform emphasizes promoting diversity and inclusion within its workforce while providing investment management services to its clients. Notably, Crowdcube has been involved in several transactions relevant to the tour operator industry, including Urbs Travel, which raised $214,343 in December 2022, and SkiYodl, which raised significant amounts in both February 2021 ($1,048,591) and February 2023 ($737,714). These investments highlight Crowdcube's active role in supporting companies that operate within the travel and tourism sector.


2. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a public entity and financial institution based in Paris, Île-De-France, founded in 2015. It supports entrepreneurs and businesses in France and internationally through a range of services, including direct funding, export credit insurance, and private equity investments. Bpifrance aims to foster entrepreneurship and innovation through coaching and partnerships, helping businesses navigate growth and international expansion. Notably, Bpifrance has been involved in several significant transactions within the travel and tourism sector, including a $155 million debt raise for Voyageurs du Monde, and equity financing for Evaneos, a Parisian travel tech startup, which raised €20 million in 2022. Additionally, they participated in the investment in Marietton Development, a prominent French tour operator, alongside other investors, to support its projects in France and Europe. These activities highlight Bpifrance's commitment to the travel industry, particularly in supporting tour operators and travel-related businesses.


3. Thomas Cook

  • Website: thomascook.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1841
  • Headcount: 51-200
  • LinkedIn: thomascook-com

Thomas Cook is a corporate investor based in London, England, with a history dating back to 1841. As a travel agency, it offers a wide range of holiday packages, city breaks, and travel services, focusing on providing secure booking options and customer support. In recent years, Thomas Cook has made significant acquisitions to strengthen its position in the tour operator industry. Notable transactions include the acquisition of Travel Corporation India, which positioned Thomas Cook India as the largest tour operator in India, and the acquisition of Kuoni's Destination Management Company, enhancing its operations in the Indian market. Additionally, Thomas Cook has acquired Marlin Travel and TriWest Travel Holdings, further expanding its portfolio in the travel sector. These strategic moves highlight Thomas Cook's active involvement in the tour operator industry, making it a relevant player in this space.


4. 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. Their clientele primarily consists of entrepreneurs and startups seeking investment and guidance. Notably, HOWZAT Partners has been involved in several transactions within the travel and tourism sector, including significant investments in itravel, which raised multiple rounds of funding (Series A and B) totaling over $10 million, and Travelcircus, which received seed funding. These investments highlight HOWZAT Partners' commitment to supporting innovative companies in the travel industry, making them a relevant player in the tour operator investment landscape.


5. Portugal Ventures


Portugal Ventures is a venture capital firm based in Porto, Portugal, founded in 2012. The firm specializes in investing in startups with global ambitions, primarily located in Portugal, and provides both capital and strategic support to help these startups grow and scale their operations. Portugal Ventures focuses on innovative projects across various sectors, including technology, health, and tourism. Among their notable transactions, they have invested in 'Live Electric Tours', which raised $1,161,170 in a Seed Round in August 2018, and 'Algrave Sun Boat Trips', which raised an undisclosed amount in a Seed Round in December 2020. These investments highlight their engagement in the tour operator industry, showcasing their commitment to fostering entrepreneurship and economic development in this sector.


6. Kima Ventures

  • Website: kimaventures.com
  • Type: Venture Capital
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 2010
  • Headcount: 1-10
  • Number of deals in 2024: 50
  • LinkedIn: kima-ventures

Kima Ventures is a venture capital firm based in Paris, Île-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, backing two startups per week with financial support and mentorship. Notably, Kima Ventures has invested in the traveltech company Explora Project, which raised €1.7 million to expand its positive-impact adventure tourism initiatives. They also participated in the funding round for Impala, which raised $20 million to enhance competition in the travel sector. These transactions highlight Kima Ventures' commitment to supporting innovative companies within the travel and tourism industry, making them a significant player in this space.


7. HV Capital

  • Website: hvcapital.com
  • Type: Venture Capital
  • Headquarters: Flensburg, Schleswig-Holstein, Germany
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: hvventures

HV Capital is a venture capital firm based in Flensburg, Schleswig-Holstein, Germany, founded in 2000. The firm specializes in investing in digital companies and supporting entrepreneurs from seed stage to exit, managing over €2.8 billion in assets. HV Capital has been actively involved in the travel sector, particularly through its investments in Tourlane, a Berlin-based travel startup. The firm participated in several funding rounds for Tourlane, including a Series A round of $8.5 million in March 2018, a Series B round of $24 million in December 2018, a Series C round of $47 million in May 2019, and an additional $20 million in an extension to the Series C round in November 2020. Most recently, HV Capital led a Series D round for Tourlane, raising $26.3 million in November 2024. This consistent investment in Tourlane highlights HV Capital's commitment to the tour operator industry and its potential for future growth.


8. Index Ventures

  • Website: indexventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1996
  • Headcount: 51-200
  • Number of deals in 2024: 67
  • LinkedIn: index-ventures

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare, but has also made notable investments in the travel industry. Among their significant transactions are investments in Secret Escapes, a luxury travel deals marketplace, where they participated in multiple funding rounds (Series B, C, and D) to support the company's international expansion and growth. Additionally, they have invested in onefinestay, a company that offers unique accommodations, further demonstrating their engagement in the travel and tourism sector. Index Ventures focuses on building long-term partnerships with entrepreneurs, providing both capital and strategic support to help them navigate the challenges of growing their businesses.


9. 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, based in Luxembourg, 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. Noteworthy transactions in the tour operator context include the acquisition of Shearings Holidays Ltd in 1996, which marked their entry into the travel sector, and a significant investment of £250 million in Away Resorts in 2021, securing a majority stake in the UK holiday park operator. Additionally, their acquisition of Etraveli in 2017 for €508 million highlights their commitment to expanding their portfolio in the travel industry, aiming to enhance Etraveli's position as a leading online travel agency in Europe.


10. Tui

  • Website: tuigroup.com
  • Type: Corporate
  • Headquarters: Hanover, Lower Saxony, Germany
  • Founded year: 1923
  • Headcount: 10001+
  • LinkedIn: tuigroup

TUI Group, founded in 1923 and based in Hanover, Lower Saxony, Germany, is a leading integrated tourism company that provides a comprehensive range of travel services, including hotels, cruises, and activities. With a workforce of over 10,000 employees, TUI serves millions of customers worldwide, ensuring a seamless travel experience through its diverse offerings and strong brand presence in the tourism industry. Notably, TUI has made several strategic acquisitions to bolster its position in the tour operator market. In 2014, TUI acquired the local travel company Le Passage, enhancing its operational footprint in Germany. In 2018, TUI Group acquired Destination Services for $135 million, further expanding its service offerings. The same year, TUI also acquired Musement, an Italian digital company specializing in tours and attractions, which allowed Musement to operate as an independent business unit within TUI Destination Experiences, gaining access to TUI's extensive customer base. Additionally, TUI AG's acquisition of Hapag-Lloyd Cruises and its integration into TUI Cruises, a joint venture with Royal Caribbean Cruises, for an enterprise value of €1.2 billion, underscores TUI's commitment to expanding its cruise and tour operations. These transactions highlight TUI's active role in the tour operator industry and its strategy to enhance its service portfolio.


11. Ldc

  • Website: ldc.co.uk
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 51-200
  • Number of deals in 2024: 15
  • LinkedIn: ldc

Lloyds Development Capital (Holdings) Limited, commonly known as LDC, is a private equity firm based in London, England, founded in 1981. As part of Lloyds Banking Group, LDC specializes in providing growth capital and strategic support to mid-market businesses across various sectors. They focus on fostering long-term partnerships to drive business success through investment and advisory services. Notably, LDC has made significant investments in the travel and tourism sector, including the acquisition of Neilson Holidays in August 2018, which is a well-known tour operator. Additionally, they invested in Blue Bay Travel, a UK-based online travel agent, providing £6.5 million in equity funding to support its growth and expansion plans. LDC also acquired a stake in Iglu Cruise, further demonstrating their commitment to the tour operator industry. These transactions highlight LDC's active role in supporting and growing businesses within the travel sector, making them a notable player in the tour operator investment landscape.


12. ECI Partners

  • Website: ecipartners.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1976
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: eci-partners-llp

ECI Partners is a private equity firm based in London, England, founded in 1976. Specializing in mid-market investments, ECI focuses on partnering with growth businesses to provide capital and strategic support. Their investment strategy emphasizes collaboration with management teams to drive sustainable success and navigate market challenges. Notably, ECI has made significant investments in the tour operator sector, including the acquisition of Amber Travel, a leading rail tour business valued at over £50 million, and the acquisition of Kirker, a luxury travel company. Additionally, they acquired TAG, a travel management company, further solidifying their presence in the travel industry. These transactions highlight ECI's commitment to the tour operator market, making them a relevant investor in this category.


13. Vitruvian Partners


Vitruvian Partners is a London-based private equity firm founded in 2006, specializing in private equity and growth capital investments. The firm focuses on supporting ambitious entrepreneurs and management teams to achieve their growth objectives through financial investment and operational expertise. Vitruvian operates across various sectors, with a notable emphasis on companies with high growth potential. In the travel and tourism sector, they have made significant investments, including over $109M in Civitatis, a Spanish online travel agency (OTA) focused on Spain and Latin America, and the acquisition of Great Rail Journeys for $265.9M. Additionally, they acquired Travel Counsellors, further solidifying their presence in the tour operator industry. These transactions highlight Vitruvian's commitment to investing in and growing companies within the travel sector.


14. Accor

  • Website: group.accor.com
  • Type: Corporate
  • Headquarters: Issy-Les-Moulineaux, Île-De-France, France
  • Founded year: 1967
  • Headcount: 10001+
  • LinkedIn: accor

Accor is a leading hospitality group founded in 1967, headquartered in Issy-Les-Moulineaux, Île-De-France, France. With a workforce of over 10,000 employees, Accor operates a diverse portfolio of hotel brands and services, catering to both leisure and business travelers. The company has made strategic acquisitions to expand its market presence and enhance its service offerings. Notable transactions include the acquisition of a 50% stake in Mantis Collection, which comprises 28 hotels in South Africa, aimed at strengthening Accor's footprint in the African market. Additionally, the acquisition of Onefinestay, often referred to as the 'Airbnb of luxury', for €148 million, positions Accor as a leader in the luxury private property rental market, combining hotel services with unique accommodations. These investments reflect Accor's commitment to providing tailored travel experiences and innovative solutions in the hospitality industry, making them a relevant player in the tour operator context.


15. Permira

  • Website: permira.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1985
  • Headcount: 501-1000
  • Number of deals in 2024: 8
  • LinkedIn: permira

Permira is a London-based private equity investment firm founded in 1985, specializing in private equity and credit solutions. The firm partners with management teams and entrepreneurs to drive growth and create long-term value across various sectors, including technology, consumer, healthcare, and services. Notably, Permira has made significant investments in the travel and tourism industry, including the acquisition of Saga in 2007, a company that provides travel and leisure services primarily for the over-50s market. Additionally, they have been involved in debt financing for Love Holidays in 2018 and Away Resorts in 2017, both of which are relevant to the tour operator context. Their investment in FlixBus, a transportation service, also highlights their engagement in the broader travel sector, further demonstrating their capability and interest in the tour operator industry.


16. Active Partners

  • Website: active.partners
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2004
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: activepartners

Active Partners is a London-based venture capital firm founded in 2004, specializing in partnering with visionary founders to build iconic consumer brands. They provide investment management and business support services to help these brands grow and redefine their categories. Their focus is on mission-driven companies that inspire and delight consumers, primarily in the consumer goods sector. Notably, Active Partners has been involved in several relevant transactions in the travel and tourism industry, including a Series B funding round for TravelLocal, a global travel marketplace, where they led an £8.3 million investment in September 2023. They also participated in earlier funding rounds for TravelLocal, raising $10.5 million in May 2019 and $3.5 million in August 2021. Additionally, they invested in Context Travel, which raised $5 million in a Series B round in September 2017. These transactions highlight Active Partners' engagement in the tour operator sector, making them a relevant investor in this category.



Tour Operator Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
CrowdcubeLondon, England, United Kingdom (UK)51-20020103
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Thomas CookLondon, England, United Kingdom (UK)51-20018410
HOWZAT PartnersLuxembourg1-1020062
Portugal VenturesPorto, Porto, Portugal11-5020126
Kima VenturesParis, Île-De-France, France1-10201050
HV CapitalFlensburg, Schleswig-Holstein, Germany11-50200028
Index VenturesLondon, England, United Kingdom (UK)51-200199667
CvcLuxembourg1001-5000200516
TuiHanover, Lower Saxony, Germany10001+19230
LdcLondon, England, United Kingdom (UK)51-200198115
ECI PartnersLondon, England, United Kingdom (UK)11-5019766
Vitruvian PartnersLondon, England, United Kingdom (UK)51-20020065
AccorIssy-Les-Moulineaux, Île-De-France, France10001+19670
PermiraLondon, England, United Kingdom (UK)501-100019858
Active PartnersLondon, England, United Kingdom (UK)11-50200410


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