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New York-based travel technology startup Spotnana has closed a $75 million Series B round, signaling the recovery of the travel sector after the Covid-19 pandemic.
The round was led by Durable Capital Partners with participation from existing investors Madrona Venture Group, Iconic Growth, Mubadala Capital and Bare Ventures.
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Spotnana describes itself as a “travel-as-a-service platform”, which offers tools such as consumer-grade online booking, booking engine, travel booking system and travel inventory data integration. According to the company, its cloud-based offering allows for lower operating costs and improved travel experiences.
“Our mission is to rebuild the infrastructure of the travel industry to bring freedom, simplicity and confidence to travelers everywhere,” co-founder and CEO Sarosh Wagmar said in a release. “Decades of infrastructure create a huge barrier between suppliers and travelers.”
Last year, the company doubled its workforce to 200+ people. The new funding will allow us to accelerate recruitment and push the platform.
More money
In the year Founded in 2020, the company has now raised more than $116 million, according to data from Crunchbase. However, it’s not the only startup on the journey to see VC interest.
After COVID seemed to burst the bubble two years ago, startups in the travel sector have bounced back. According to Crunchbase data, VC-backed startups in those sectors raised just under $3.2 billion in revenue in 2020. However, as the travel industry began to recover last year, startups saw an influx of more than $6.3 billion in venture capital.
Already this year, VC-backed travel and business ventures in particular have raised just under $2.8 billion — not compared to last year, but ahead of 2020s numbers.
Startups in the space are likely to see continued demand as travel returns to normal.
Example: Dom Guzman.
Stay up-to-date with the latest funding rounds, acquisitions and more at Crunchbase Daily.
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