“There are no competitors – Toorz will be first to market.”

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CTech’s Startup Boarding Pass, a new series highlighting businesses at the start of their startup journey, features Toorz, a tourism and group travel company that helps online travel agents digitize for large groups .

“According to U.S. Department of Commerce statistics, the total U.S. tourism market in 2019 was approximately $430 billion, of which approximately $200 billion was “outbound” tourism and $230 billion from ‘inbound’ tourism,” explained founder and chairman David Frank. “There are no known statistics for group tourism, but the educated estimate is around 20% outbound and 50% inbound. incoming – i.e. a total of approx. $155 billion. These figures do not include the large number of domestic group trips made by US citizens to the United States.

Toorz founders David Frank (left) and Dr Mike Griffiths. Photo: PR

According to Frank, the company will use its knowledge of the travel industry and IT to optimize the product for the market. The product already exists and there is also a proof of concept.

“There are no competitors. We will be the first on the market,” he promises.

Company ID

Last name: Torz, Inc.

Sector: TOURISM AND TRAVEL GROUP

Product/service description: Toorz inc is an innovative USA GROUP tourism marketing company combining proprietary technology with the human element to address a market failure in the digitization of GROUP tourism. For example, OTAs – online travel agencies such as Expedia, Bookings Holdings, etc. – do not manage groups of more than nine people. Toorz has identified five specific GROUP tourism sub-sectors that are broadly open to innovation and have a detailed business plan including proof of concept.

Biographies of the founders:

Dr. Mike Griffiths – CEO and CTO; Ph.D. Computer science;

David Frank – Founder and Chairman – decades of experience in international group tourism marketing

Year of foundation: 2016

Last stage of investment: Plant

Total investment to date: $1,800,000

Investors (leaders and all):

David Frank; Transglobal Travel Ltd.

Current number of employees: 3 full time, 3 part time

Open positions: COO; Administrative Officer

Website:

www.Toorz.com


Interview:


How did the idea come about?

I have extensive experience marketing group travel from the US to Israel for many years. While every other aspect of tourism in the United States has been successfully digitized, Group Tourism has not. OTAs (online travel agencies) like Expedia, Bookings, Orbitz, etc. have succeeded enormously in the digitization of the tourist product but do not manage groups. This is a market failure that we have identified and are able to correct.

What is the product need?

Simplify and rationalize as much as possible the marketing of the different forms of the group travel product. A “one-stop shop” organized instead of or in addition to the tour operators of the Legacy group.

How is the market changing?

By online efficiency combined with personal “human” service to potential group travel organizers.

What is the size of the market for the product and who are its main customers?

According to statistics from the US Department of Commerce, the total tourism market in the US in 2019 was approx. 430 billion dollars, of which approx. $200 billion was “outbound” tourism and $230 billion was “inbound” tourism. There are no known statistics for group tourism but the educated estimate is around 20% outbound and 50% inbound – i.e. a total of approx. $155 billion. These figures do not include the large number of domestic group trips made by US citizens to the United States.

The main customers in this market are airlines, hotels, coach operators, tour guides on one side – and affinity travel groups, event and convention organizers, incentive travel organizers and the millions of people wishing to travel in groups on the other. side.

Does the product already exist? If not, at what stage is it and when is it expected to hit the market?

The product already exists – there is also a proof of concept. The soft launch was delayed by COVID-19 but will take place in April or May this year 2022.

Who are the main competitors in this sector and how big are they?

There are no competitors. We will be the first on the market.

What is the added value that the founders bring to the company and the product? (Knowledge, experience, industry relations…)

The added value of the founder is his knowledge and experience in marketing group travel in the United States; the CEO/CTO is an experienced Ph.D. in IT, and the CMO has years of experience in tourism marketing in the United States.

What will the money from the round be used for? (R&D, Personnel, Marketing, offices…)

The first $500,000 will be used to set up the infrastructure for the soft launch – primarily for marketing, back-office and refining the technology. No salary or other remuneration will be paid to the three people mentioned above in the previous answer).

Is there anything else you want us to know?

Now is exactly the right time to invest in international tourism. There is huge pent up demand due to COVID-19. By June 2022, most of the world’s tourist destinations will be open to visitors. The company’s investment was launched until COVID froze tourism, including tourism investments. We plan to do a soft launch by April 2022, but we need a small initial investment of $500,000 (Series A), followed immediately by a Series B of $10 million when A succeeds. Toorz Inc’s financial projection after 4 years is $1 billion in revenue with an EBITDA (earnings before interest, taxes, depreciation and amortization) of $100 million.

In the Section “Startup boarding pass”
, CTech will cover the (relatively) small investments made in companies at the start of their existence – and the entrepreneurs and startups who have not yet had the opportunity to reveal their stories to the world. Please use the linked form
and complete it as directed. This form
is aimed at startups raising between $500,000 and $3 million from venture capital funds, angel investors, or official grants from Israeli and foreign institutions. If so, someone from CTech will contact you with follow-up questions.

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