Why We Invested in HolaCamp

Why Did We Invest?

Campsites are a fundamental part of the European travel ecosystem. They benefit from strong demand, resilient cash flows, and attractive margins—yet despite this, the sector has remained largely fragmented and operationally underdeveloped, particularly in Spain and Portugal. HolaCamp is changing that.

A Large, Fragmented Market Hidden in Plain Sight

Southern Europe is one of the most attractive camping regions globally, driven by climate, domestic tourism, and international demand. Spain alone hosts thousands of campsites, the vast majority of which are independently owned and locally operated.

While these businesses often enjoy strong locations and loyal customers, many struggle to evolve alongside changing guest expectations. Digital booking, dynamic pricing, modern accommodation formats, and professional revenue management are still the exception rather than the rule.

This fragmentation has created a market where quality assets exist—but value remains locked at the individual site level.

Turning Campsites into Scalable Hospitality Platforms

HolaCamp’s insight is simple but powerful: campsites do not need to be reinvented, they need to be professionalized.

💥 HolaCamp partners with campsite owners and upgrades sites through two highly repeatable levers:

1. Targeted capex to expand the product offering

By introducing glamping tents, tiny homes, bungalows, and upgraded amenities, HolaCamp broadens the addressable customer base beyond traditional campers. This directly increases occupancy rates, length of stay, and average revenue per guest—without altering the underlying character of each site.

2. A centralized technology and operating layer

HolaCamp implements a shared digital backbone across its portfolio, covering pricing, booking, data, guest communication, and workflows. This replaces manual, site-by-site decision-making with a professional, data-driven operating model.

The result is not just higher revenues, but meaningfully improved efficiency and guest experience.

Strong Economics with Built-In Upside

Campsites already generate attractive margins relative to many other hospitality assets. What makes the opportunity particularly compelling is the clear path to incremental upside.

Small improvements—pricing optimization, accommodation mix, digital distribution—have an outsized impact on profitability. HolaCamp applies these improvements systematically across its portfolio, turning individual sites into part of a much more resilient and scalable whole.

Importantly, this value creation is operational, not financial engineering.

Scaling Without Owning the Real Estate

HolaCamp’s model is deliberately asset-light. Growth is driven through partnerships, long-term operating agreements, and selective acquisitions—allowing the platform to scale rapidly without requiring heavy balance-sheet investment in real estate.

This approach benefits all stakeholders:

• Owners retain exposure to their assets while gaining professional operations
• HolaCamp captures operational upside at scale
• The platform remains flexible, capital-efficient, and expansion-ready

It is a model well suited to consolidation in a fragmented market.

A Team Built for Consolidation

Execution matters most in operating businesses. HolaCamp’s leadership team brings together deep experience across hospitality, real estate, and digital transformation, with a shared understanding of both local campsite dynamics and scalable platform building.

Equally important, the team has shown an ability to work collaboratively with founders and families who have owned and operated campsites for generations—an essential capability in this sector.

From Local Campsites to an Institutional Platform

With 13 campsites under operation across Spain and Portugal, a centralized team of 50 based in Barcelona, and turnover of €30m in 2025, HolaCamp has already demonstrated that its model works.

By starting at the individual campsite level and scaling bottom-up, HolaCamp is building a platform that transforms a historically non-institutional asset class into one that can be understood, operated, and eventually accessed at scale.

Why Now

Outdoor hospitality is benefiting from long-term shifts in travel behavior: demand for nature-based experiences, affordability, flexibility, and authenticity. At the same time, the operational gap between what guests expect and what many campsites can deliver has never been wider.

HolaCamp sits exactly at this intersection.

That combination—strong underlying demand, fragmented supply, and a proven operating platform—is why we invested and why we believe HolaCamp is only at the beginning of its journey.