Invia Group (in Poland operating under the brand of is a leader on the e-travel market in the CEE region (Poland, Czech Republic, Slovakia and Hungary), offering travel packages, flights and hotels and cooperating with over 350 tour operators.

Inwestor: MCI.TechVentures managed by MCI

Industry: online travel

Year of investment: 2008

Year of exit: 2016



Invia Group is a leader in e-travel on the CEE market, operating in the Czech Republic, Poland, Slovakia and Hungary. The company works with 350 tour operators.
Invia Group was established in the Czech Republic in 2002 by the founding team that included Michal Drozd, who remained in charge until MCI’s exit and beyond.

The main value added by the Fund was its support in opening new markets in CEE and executing successful acquisition strategies that created significant synergies for the group.

In June 2009 the company acquired and, which gave it a 60% market share of the e-travel market in the Czech Republic and Slovakia. In 2011, Invia Group acquired Travelplanet, the leader of the Polish e-travel market, significantly strengthening its position on the Polish market.

MCI sold Invia Group to Rockway Capital in 2016.

Details of the exit:

  • EUR 76 million – Invia’s valuation at exit
  • 11x return on primary investment of MCI fund, 3.5x return on the secondary investment
  • IRR – 46%
  • EV/EBITDA ratio of 11.7x at exit vs. European benchmark in OTA (on-line travel agency) segment of 10.3x (Nov. 2015)


Wykres EN

Main objectives of funding

  • Investment in a sector with high growth potential
  • Opportunities for organic growth and market consolidation 
  • Strong international presence and leading position in the region
  • Alignment with MCI’s digital strategy

Achievements of the company

  • Leader in the CEE region (#1 in the Czech Republic, #1 in Poland, #1 in Slovakia, #2 in Hungary)
  • Dynamic growth of revenues – 25%  (CAGR 2012–2015)
  • 38% EBITDA growth (CAGR 2012–2015)
  • 350,000 travel packages sold; 60,000 hotels offered; 350 tour operators in the network (in 2016)
  • Gross booking value exceeding EUR 250 million in 2015

revenues growth
CAGR 2012-2015

EBITDA growth
CAGR 2012-2015


Value added by PE/VC fund

  • Add-on investments (TravelOne, Travelata) – excellence in M&A support, including post-merger integration
  • Operational improvement – sharing know-how on the digital economy