[ad_1]
Spotnana, a so-called “travel-as-a-service” platform targeting corporations, travel management firms and other tech companies with a cloud-based tool for booking and managing travel, has raised $75 million in a Series B round. Financial support.
The increase comes less than a year after Spotnana emerged from a $41 million funding round, and the latest cash injection is perhaps a sign that the world is slowly getting back to normal as businesses begin to travel, at least somewhat.
In the year Founded in 2019 from New York, Spotnana bills itself as a “unified cloud-based platform” that provides a consistent interface and booking experience for every user – serving as a single platform for both travelers and agents, sharing the same travel inventory, profiles, policies and rates, all at the same time.
But Spotna can be used in many different ways, either as a complete standalone product complete with its interface, or as an API that allows third parties to take Spotna’s infrastructure and build their own products. At its core, Spotnana brings “consumer-grade” booking technologies to the enterprise while allowing anyone to use its booking engine and data integrations.
“Our mission is to rebuild the infrastructure of the travel industry to bring freedom, ease and confidence to travelers everywhere,” said Sarosh Wagmar, Spotnana founder and CEO, in a press release. “Decades of infrastructure create a huge barrier between suppliers and travelers.”
Spotnana interface
Corporate travel goes back
The global business travel market was a $700 billion industry by 2020, according to data from Allied Market Research, a figure that was surprisingly high as the world went into lockdown due to the pandemic. But as corporate travel kicks back into gear, the sector is expected to reach a whopping $2 trillion within six years.
Elsewhere, there is evidence that investors are starting to look favorably on travel technology companies again. Just last year, corporate travel company TripActions hit a $7.25 billion valuation, though that’s partly due to the expansion into broader corporate spending — even employees who work from home have to buy things.
Spotnana, meanwhile, has an amazing team of people at the helm. Wagmar previously started another digital travel management company called WTMC, whose CTO Shikhar Agarwal used to work at Google Brain. There is CEO Steve Singh, who founded the travel expense management company before selling it to SAP for more than $8 billion in 2014. In 2020, Singh joined Madrona Venture Group as a managing director and joined Spotnana’s Series A round of funding.
Spotnana’s Series B round of funding was led by Durable Capital Partners LP, with participation from Madrona Venture Group, Iconiq Growth, Mubadala Capital and Blank Ventures.
[ad_2]
Source link
