MUSEMENT RAISES $10M SERIES B ROUND TO CONTINUE GLOBAL EXPANSION AND TECHNOLOGY DEVELOPMENT OF FAST-GROWING TRAVEL COMPANION
London,15th November 2016
Round led by prominent family fund Micheli Associati and includes funding from P101 and 360 Capital Partners
Musement, the award-winning destination discovery service, has today announced the completion of a $10M Series B financing round led by Micheli Associati, the successful family fund that has led multiple companies to Billion dollar IPOs worldwide and includes investments from two of Europe’s most notable VCs; P101 and 360 Capital Partners.
First launched in 2013, the fast growing startup has quickly expanded its product offering and has connected thousands of tours, sporting and musical events, galleries, museums, attractions and insider activities in more than 450 cities across 55 countries worldwide.
The new funding round will in part be used to continue the pace of its technology developments. Notable world-first milestones achieved by the company include the development of a widely praised end-to-end in-destination ticketing service that allows travellers to receive a push notification when close to a top attraction then book a ticket, skip the line at the venue and obtain direct, immediate access to their chosen attraction in situ. The technology pioneered by Musement performs real time checks on whether a venue has same day tickets, if there is current availability and if the venue accepts e-tickets allowing travellers to maximise their time at a destination and effectively eliminating one of the tour and activity sector's biggest growth hurdles to date.
Another world first for Musement in 2016 was the launch of the first travel chatbot to assist travellers with their activity requests, an area that will be swiftly accelerated by the company post funding to include the integration of its human concierges and travel agents working with Musement on platform to answer specific customer needs.
Thanks to the company’s lauded end-to-end platforms developed specifically for travel agents, hotels, airlines and venues, Musement has also inked deals with some of the world’s largest travel industry organisations in the past 12 months, including Travelport, 15below and Trekksoft. The company will be further expanding their B2B2C distribution partnerships following the funding both on and offline.
The company will also continue to expand as a destination for customers to find anything that’s of interest to them wherever they are, across a wide range of activity verticals, without limiting the offering simply to guided tours – a key differentiator to the core business of Musement’s main competitors.
The recent round of funding will additionally be used to support the company’s fast operational growth, including the establishment of additional offices in key territories to complement its HQ in Milan where its international team, comprised of people coming from 13 different European, American and Asian countries, has grown from 10 to 70 in the last 2 years, as well as its recently opened Spanish office in Barcelona.
Matteo Renzulli from Micheli Associati said, “We’re delighted to assist Musement on a new adventure to expand its hugely popular service even further. Our decision to invest was initially fostered by the track record of the management team and by their unique vision in a competitive yet booming sector. It was then confirmed by their execution - not many startups around the world consistently over-deliver on their business plan, operationally and financially, and Musement has been doing just this.”
Andrea Di Camillo, Managing Partner of P101 said, “The tours and activities sector is booming. Globally it’s worth over $160 Billion (WIB) and Musement’s offering has responded to travellers needs globally for a slick app that makes you feel like a local wherever you are. Congratulations to the team!”
Alessandro Petazzi, Co Founder & CEO of Musement said, “We are delighted to be sharing our next steps with investors who have nurtured incredible businesses worldwide. Our vision for Musement is to build a totally new experience that responds to a genuine consumer need for all in-destination activities to be in one place, not just to create another distribution platform for guided tours. Whether travellers want a food, wine or wellness experience, access to nightlife destinations or a specialist guided tour, Musement provides a single port of call for all their needs. Our goal is also to make a seamless booking experience across all verticals, helping consumers to discover things that are relevant to them whether at home or travelling. Until now, this integrated experience has never been achieved and our new funding round will assist us in executing this vision even further."
Musement is the digital travel companion and personal concierge service for travel activities and ticketing around the world, now available in 450 cities across 55 countries. Founded in 2013 by Alessandro Petazzi, Fabio Zecchini, Claudio Bellinzona and Paolo Giulini, the service was created with the aim of helping travellers discover and book things to do wherever they go, giving them access to a world of in-destination experiences and turning each user into a local wherever they go. Musement is available in 7 languages including English, Italian, French, Spanish, German, Portuguese and Russian on www.musement.com, iOS and Android.
About Micheli Associati
Micheli Associati is a holding company owned by an established Italian family of entrepreneurs. Micheli Associati undertakes a wide range of investment activities including early stage and venture capital investments.
P101 is a Milan-based venture capital firm specializing in investments in the digital industry. We aim at providing new entrepreneurs with funds, mentorship, and resources to accelerate their companies’ development and international expansion. Investments are mainly focused on Italian companies that show significant growth potential and have a scalable business model. We are supported by a network of accelerators such as H-Farm, Nana Bianca and Boox, and by institutional investors Fondo Italiano d’Investimento and Azimut. The firm was launched by Andrea Di Camillo, who has over 15 years of experience as a venture capital investor and is among the founders of Banzai and Vitaminic. P101 takes its name from the first PC produced on a large scale: Programma 101 created by Olivetti in the 1960’s was an example of Italian innovation which left a mark on the history of modern digital technology.
About 360 Capital Partners
360 Capital Partners is an investment firm focused on multi-stage venture capital, backing companies from seed to growth stage in the digital and robotics sector. The firm currently manages 4 funds for a total of 300M€ under management, and invests in France, in Italy and across Europe from its offices in Paris, Milan, London and Berlin. 360 Capital Partners has been operating for about to two decades, baked over 80 companies and contributed to notable success stories such as MutuiOnline, Yoox, Leetchi and Withings.