In a signal of continued interest in technology for tours and attractions, another booking system provider has raised capital. Steinbach, Canada-based RocketRez has raised CAD$8.4 million, or approximately US$6.6 million in Series A funding from Blueprint Equity and TIMIA Capital.
The investment in RocketRez is one of series of funding rounds for tech companies announced since the onset of the pandemic. Berlin-based bookingkit raised capital last September. Ireland-based TripAdmit raised a seed round last summer, as did U.K.-based Holibob. Redeam, in a recent company announcement, disclosed that their Series B funding round was open.
Two leading Asia-based online travel agencies, Klook and KKDay, have raised significant sums in part to drive the rollout of new reservation and ticketing systems they are offering to tour and attraction operators in the region. We explored their new tech offerings and what it means for the market in Asia here.
Checkfront, also based in Canada, announced funding last March, although the round was closed before the pandemic fully took hold later in March and April 2020.
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RocketRez stands apart from the broader tour and activity reservation system landscape in its focus on larger tour and attraction operators. The small tour operator segment – companies that generate under $100,000 a year in gross sales – has been one of the fastest-growing sectors, as tens of thousands of new entrepreneurs stepped in to capitalize on the growing demand for unique, small-group experiences. Several system providers have grown rapidly by focusing on small tour operators.
RocketRez, which claims to have doubled its annual recurring revenue amid the pandemic, says it is focused on providing cloud-based software to the upper end of the tour and attraction market, a sector long served by ticketing system companies such as Gateway, accesso and several other providers.