The tour operator industry in Benelux is a vibrant sector contributing significantly to the region's economy. It includes a mix of traditional travel agencies, online booking platforms, and specialists in niche markets like eco-tourism and adventure travel. Companies here offer trips ranging from packaged vacations to personalized travel experiences. With heightened digitalization and changing consumer preferences, the industry is moving towards automation and innovative travel solutions, such as mobile booking apps and AI-driven travel planning tools. Interestingly, sustainability has become a key focus, with many operators adopting eco-friendly practices to keep pace with market demand.

This article explores a range of investors in the tour operator industry across Benelux, from private equity firms like CVC Capital Partners to venture capital outfits such as HOWZAT Partners. These investors vary in size, from small teams to corporations with thousands of employees. Headquartered mainly in Luxembourg and Amsterdam, they have invested in numerous companies since their inception. In 2024, they collectively engaged in dozens of deals, showcasing their active role in shaping the future of travel. Founded between 1991 and 2019, their strategies reflect varied investment philosophies aimed at fostering industry growth.

Top 17 Tour Operator 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. 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 from 2016 to 2018. Additionally, they participated in the Seed Round for Travelcircus, which raised approximately $2.16 million in 2016. These investments highlight HOWZAT Partners' active role in supporting companies that operate in the tour operator industry, showcasing their commitment to this sector.

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 private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant investments in the travel and tourism sector, including the acquisition of Shearings Holidays Ltd in 1996, which marked their entry into the tour operator market. In 2017, they acquired Etraveli, a global flight-centric online travel agency, for €508 million, aiming to expand its international presence. More recently, in 2021, CVC invested £250 million in Away Resorts, a UK holiday park operator, securing a majority stake in the business. These transactions highlight CVC's commitment to the travel and tourism industry, making them a key player in the sector.

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 founded in 2006, headquartered in Utrecht, Netherlands, with over 10,000 employees. The company specializes in corporate travel solutions, offering services such as travel management, meeting and event planning, and travel consulting. BCD Travel serves a diverse range of businesses and organizations, helping them optimize their travel processes and achieve cost savings while enhancing employee travel experiences. Notably, BCD Travel has made several strategic acquisitions in the travel sector, including Rennies Travel in 2019, which expanded their footprint in the travel management space. They also acquired Ticket Biz, a corporate travel management company in Sweden and Norway, to strengthen their Nordic presence. Additionally, BCD Travel took a majority stake in Hitachi Travel Bureau, a leading travel agency in Japan, and acquired Air Club Travel in Poland, further solidifying their position in various markets. These transactions highlight BCD Travel's active role in the tour operator context, as they integrate and expand their services across different regions and travel sectors.

4. 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 operates across various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Notably, Prosus has made significant investments in the travel industry, including a $1.7 billion acquisition of Despegar.com, a leading online travel agency in Latin America, which is expected to close in Q2 2025. This acquisition is part of Prosus's strategy to enhance its operations in high-growth sectors. Additionally, they have previously invested in MakeMyTrip.com, raising $330 million in post-IPO equity, and supported Ibibo Group in expanding its reach in the Indian hospitality sector. These transactions highlight Prosus's commitment to fostering growth in the travel and tour operator space, making them a relevant player in this industry.

5. Triton Partners

• Website: triton-partners.com
• Type: Private Equity
• Headquarters: Luxembourg
• Founded year: 1997
• Headcount: 201-500
• Number of deals in 2024: 6
• LinkedIn: triton-partners

Triton Partners is a private equity investment firm founded in 1997, based in Luxembourg. 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. Notably, Triton has made significant strides in the tour operator industry, having acquired Sunweb Group, a leading European online tour operator with a turnover exceeding EUR 600 million and 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 and active role in the tour operator sector.

6. Mangrove Capital Partners

• Website: mangrove.vc
• Type: Venture Capital
• Headquarters: Luxembourg
• Founded year: 2000
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn: 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. Notably, they have invested in Exoticca, a Barcelona-based tour operator, participating in a $30M Series C funding round in July 2021 and a $65M Series D funding round in July 2024. This involvement in Exoticca highlights their interest in the travel and tourism sector, alongside their broader focus on empowering startups and fostering growth in the tech ecosystem across Europe and Israel.

7. PPF Group

• Website: ppfgroup.nl
• Type: Private Equity
• Headquarters: Amsterdam, North Holland, Netherlands
• Founded year: 1991
• Headcount: 501-1000
• Number of deals in 2024: 1
• LinkedIn:

PPF Group is a diversified private equity firm based in Amsterdam, Netherlands, founded in 1991. The company operates across multiple sectors, including telecommunications, media, financial services, and biotechnology. Notably, PPF Group has made significant investments in the travel and tourism sector, particularly through its involvement with Culture Trip, a London-based travel site that has raised substantial funding in multiple rounds (Series A, B, and C) totaling over $100 million. This platform aims to monetize its audience by offering travel services and experiences. Additionally, PPF Group has invested in Flash Pack, a company specializing in boutique trips for solo travelers, further showcasing its commitment to the travel industry. These transactions highlight PPF Group's strategy of leveraging its diverse portfolio to deliver value in the travel sector.

8. 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, particularly in the travel sector, including multiple investments in itravel, which raised over $10 million across Series A and Series B funding rounds from 2016 to 2018. This involvement highlights Expon Capital's interest in the tour operator industry, as itravel is a key player in the travel market. Additionally, Expon Capital has invested in Nannybag, a service that provides luggage storage solutions, further showcasing their engagement in travel-related services.

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. The company specializes in infrastructure and construction, providing services in highway construction, airport management, and energy solutions. With a workforce of over 10,000 employees, Ferrovial focuses on sustainable development and innovative solutions across various sectors. Notably, Ferrovial has made significant investments in the airport sector, acquiring Bristol Airport, Sydney Airport, and Belfast City Airport. These acquisitions not only enhance their portfolio in airport management but also position them as a key player in the transportation infrastructure that supports tourism and travel. Their involvement in these airports indicates a strategic interest in the travel industry, making them relevant to the tour operator sector.

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, they have invested in the travel sector, acquiring a 46% stake in Easyvoyage, a travel website, for EUR 31.6 million in 2009. This investment highlights their engagement in the tour operator industry. Additionally, they have been involved in other transactions, such as the Series A funding for Marco Vasco, which also operates in the travel space. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges, further emphasizing their role as a supportive investor in various industries, including travel.

11. Inkef

• Website: inkef.com
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, Netherlands
• Founded year: 2010
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: inkef-netherlands-manager

Inkef is a venture capital firm based in Amsterdam, Netherlands, founded in 2010. The firm specializes in early-stage investments primarily in the healthcare and technology sectors, supporting mission-driven entrepreneurs with funding and strategic guidance to scale their businesses. Notably, Inkef has also ventured into the travel industry, having invested in Withlocals, a global marketplace for personalized travel experiences, which raised $4.1M in Series A funding in 2017 and $9.04M in Series B funding in 2019. Additionally, they invested in Polarsteps, a travel startup that raised €3M in Series A funding in 2019. These transactions highlight Inkef's engagement in the tour operator context, showcasing their interest in innovative travel solutions and experiences.

12. Airbridge Equity Partners

• Website: airbridge.nl
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, Netherlands
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: airbridge-equity-partners

Airbridge Equity Partners is a venture capital investment firm based in Amsterdam, specializing in providing funding to scalable technology companies across Europe. Founded in 2017, the firm focuses on supporting entrepreneurs by offering not only financial investment but also active involvement to accelerate business growth. Among their notable transactions, Airbridge Equity Partners invested in Travelcircus, a company that raised funds to enhance its travel offerings, and Campercontact, a Dutch-based motorhome information provider that secured €2M for European expansion. These investments highlight their engagement in the travel and tourism sector, particularly in areas that can complement or enhance tour operator services.

13. 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. They specialize in early-stage investments in startups, providing financial backing and strategic support to ambitious founders. While their primary focus has been on sectors like FinTech and PropTech, they have also invested in the travel industry, notably in Welcome Pickups, a global travel transportation startup based in Athens, Greece. VentureFriends participated in multiple funding rounds for Welcome Pickups, including a €3.3 million Series A round in 2019 and earlier seed rounds totaling over $2 million. This involvement highlights their interest in enhancing travel experiences and supporting innovative solutions within the tourism sector.

14. Prime Ventures (VC)

• Website: primeventures.com
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, Netherlands
• Founded year: 1999
• Headcount: 11-50
• LinkedIn: 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-related 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 investments highlight Prime Ventures' focus on innovation in the travel tech sector, showcasing their commitment to supporting growth in the tour operator industry.

15. Axivate Capital

• Website: axivate.com
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, Netherlands
• Founded year: 2012
• Headcount: 1-10
• LinkedIn: axivate-capital

Axivate Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2012. The firm focuses on providing investment and consulting services to both innovative startups and established companies with growth potential across various sectors, including digital media, e-commerce, leisure, telecom, travel, and horeca. Notably, Axivate Capital has invested in Corendon Airlines, a company that operates in the travel and tourism sector, indicating their engagement with the tour operator industry. Additionally, they have participated in funding rounds for GET-E and Opiness, although these companies are less directly related to tour operations. Axivate Capital emphasizes collaboration with entrepreneurs to optimize operations and achieve market leadership, showcasing their commitment to fostering growth in the businesses they invest in.

16. Market One Capital

• Website: moc.vc
• Type: Venture Capital
• Headquarters: Luxembourg
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn: m1c

Market One Capital is a venture capital firm based in Luxembourg, founded in 2017. The firm specializes in investing in innovative startups across various sectors, including FinTech, HealthTech, and AgriTech. It provides financial backing and strategic support to help these businesses grow and succeed in their respective markets. Notably, Market One Capital has made significant investments in the travel sector, including Welcome Pickups, a startup that raised €5.3 million and €3.3 million in funding rounds to enhance its geographical reach and product offerings in travel transportation. Additionally, they invested in Arise Travel, which raised $1.3 million in a seed round. These transactions highlight Market One Capital's engagement in the travel industry, making it a relevant player in the tour operator investment landscape.

17. Volve Capital

• Website: volve.capital
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, Netherlands
• Founded year: 2022
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: volve-capital

Volve Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2022. The firm specializes in investing in digital-first companies that are disrupting their respective industries, with a strong emphasis on technology and startups addressing social and environmental challenges. Volve Capital provides not only capital but also operational support to help ambitious founding teams scale effectively. They primarily operate in the NeLux, DACH, and Nordics regions. In 2023, Volve Capital led a funding round for Stippl, a traveltech startup, which raised €400K to support its international growth and development of new tools. This investment highlights Volve's engagement in the travel sector, making them a relevant player in the tour operator investment landscape. Additionally, they participated in other pre-seed rounds, including Conservio and Stippl, further demonstrating their active role in supporting early-stage companies.

Tour Operator Insights: Key Investors in Benelux

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