Activities Tech Provider Peek Raises $23 Million

Peek, a software vendor for tour operators, has raised a $23 million Series B funding round, the company said on Tuesday. Cathay Innovation, the venture capital fund founded by private equity firm Cathay Capital, led the round in Peek. The investment is meant to help Peek expand to Europe and China — a task Cathay Innovation has past practice at accomplishing with other business-to-business startups. The San Francisco-based startup sells operational and connectivity software to tours and activities providers, having shifted away from its early attempt to retail tours directly to consumers. Peek, founded five years ago, has now raised a total of $40 million. Well-known investors include Eric Schmidt, formerly of Google, and Jack Dorsey, co-founder of Twitter. In this round, Paul English, the Kayak co-founder, joined as an investor. Peek's funding comes during a year when enterprise software segment for activity providers has become a popular segment. Booking Holdings acquired FareHarbor and TripAdvisor acquired Bokun. Peek said that its more than offering of 10,000 real-time activities in the U.S. made it the largest provider of activities in the country. Before its acquisition, FareHarbor jousted with Peek about claims. FareHarbor did not respond to requests for comment. Two industry experts outside the companies said that Peek's claim seemed plausible. Peek said it is processing "hundreds of millions of dollars a year" in sales for tour opera