Startup set to expand
A FAR North startup is set to expand its team after a $5 million capital injection. Travello founders Ryan Hanly and Mark Cantoni created the social networking app for travellers in 2015 and have announced the capital raise from a consortium of private investors to support its global expansion. Travello connects travellers globally, recommends experiences and allows users to browse and book more than 50,000 activities.
A FAR North startup success story is set to expand its team after a $5 million capital injection.
Travello founders Ryan Hanly and Mark Cantoni created the social networking app for travellers in 2015 and have annlunced the capital raise from a consortium of private investors to support its global expansion. The new investment brings the total equity raised by the startup to $6.4m.
Travello connects travellers from all corners of the globe, recommends experiences and allows users to browse and book more than 50,000 activities.
The social networking app is used by more than 350,000 travellers in 180 countries.
Mr Cantoni, from Malanda on the Atherton Tablelands, said the recent funding boost came together remarkably quickly.
“We were introduced to major investors late in the piece, but we have been at this three or four years now. But the recent capital happened reasonably quickly,” he said.
“We are not eyeing a new market specifically with the funds but it will give us an opportunity to keep expanding in existing markets.
“Over the last few years, we have encountered many hurdles, whether it’s tech, or trademark, I couldn’t possibly go into each and every one.
“Even trying to get capital, it takes time away from the business, but it is part of the game if you want to go quickly.”
The former surveyor said Travello had employed a team of eight for two years and was now at 12 staff with another four set to join before the end of the year.
He said the recent capital raising should be enough to help the business start ramping up revenue over the next 12 months.
Travello’s key markets are the UK and Europe as well as America, due to the “sheer population size” but Mr Cantoni said Australia was not too far behind.
He said networking events and startup hubs had been invaluable for the pair.
“If you’ve got an idea, connect with as many people as you can in the state. Gather as much knowledge as you can. More often than not you can draw something useful off someone,” he said.
“We got into an accelerator program too which provided us with an intensive training and mentoring program.”
Travello’s success can be attributed in part to its ability to grow and sustain a connected tribe of passionate travellers which drives the core of its business.
Research shows that travellers remain plugged into social media while on vacation.
An estimated 72 per cent of people post photos on social networks while travelling and 70 per cent of travellers update their social media status while vacationing.
Shark Tank’s Steve Baxter, Queensland’s chief entrepreneur, said it was exciting to see local startups become global players.
IF YOU’VE GOT AN IDEA, CONNECT WITH AS MANY PEOPLE AS YOU CAN ... MORE OFTEN THAN NOT YOU CAN DRAW SOMETHING USEFUL OFF SOMEONE MARK CANTONI