Inside Travel Group is targeting an “exciting next phase of growth” after confirming a £20 million investment in the business.
Piper, a B Corporation and specialist investor in consumer brands, and Cook Japan Fund, Japan’s sovereign wealth fund focused on promoting Japanese culture globally, have partnered with the tour operator to make the investment.
The funding will support founders Simon King and Alastair Donnelly alongside their senior leadership team, which will continue be chaired by Ian Simkins, previously chief executive of Audley Travel.
The company has grown significantly since 2022, when Japan was among the destinations to reopen post-Covid. The same year it received an initial investment from Blandford Capital LLP.
Co-founder Alastair Donnelly, who founded the company alongside Simon King in 2000, said: “We have seen incredible growth over the past few years, and we’re thrilled to partner with Piper, with their deep brand expertise, and Japanese sovereign wealth fund Cool Japan for this exciting next phase of growth.
“Most important of all, we will continue to provide an incredible service and amazing experiences for our customers, both direct and our trade partners. We are eager to work together to achieve even greater success into the future.”
The company achieved B Corp certification in May 2023. The operator has also rebuilt staff numbers under a ‘better and stronger’ policy; it now has more than 250 employees. It has a client satisfaction Net Promoter Score (NPS) of 85 and a trade partner satisfaction NPS of 90.
This year has been Inside Travel Group’s most successful year to date, with departure revenue reaching £65 million, 33% higher than 2023, also a strong year.
Donnelly added: “Having rapidly rebuilt the business post-Covid, bringing on board investors who share our values and commitment to ‘travel as a force for good’ will benefit our customers, suppliers, and the local communities we work with across our destinations.
“Working together with our new partners we will be expanding our destination offering in Asia as well as increasing our commitment to community-based tourism across our portfolio and striving to continue improving the overall sustainability of our business.”
InsideJapan said it continued to be involved in pioneering community-based tourism experiences, while InsideAsia brand has expanded post-pandemic, adding several new destinations including South Korea and Thailand.
The expansion has helped deliver a three-fold increase in revenue.
Dan Stern, Piper’s partner, who led the deal, said: “We’re looking forward to backing the Inside Travel Group team as they embark on this next stage of growth. Over the years, we’ve seen firsthand how they’ve scaled across three continents and built a strong culture – even through the challenges of Covid.”
“Our consumer insight work shows that the market size for Asia-focused travel is large and growing quickly, while travellers are more than ever seeking out trusted destination specialist travel brands who can deliver exceptional customer service”.
Masaki Takayanagi, executive officer and managing director at Cool Japan Fund, said: “We are excited to partner with Inside Travel Group, supporting their mission to share Japanese culture globally through immersive travel experiences. Utilising our extensive network and expertise around Japan and globally, together we aim to foster deeper connections between travellers and Japan.”
Pictured: Inside Travel Group co-founders Simon King and Alastair Donnelly
This post was originally published on here
