Spotnanaa self-proclaimed “travel as a service” platform targeting corporations, travel management companies and other technology companies with a cloud-based toolkit for booking and managing travel, raised $75 million in a series B funding round.
The raise comes less than a year after Spotnana Get out of stealth with $41 million in fundingand the latest cash injection is perhaps a sign that the world is slowly returning to normal as businesses continue to operate at least to some extent.
Founded out of New York in 2019, Spotnana bills itself as a “unified cloud-based platform,” one that delivers a consistent interface and booking experience for each user – it serves as a single platform for both travelers and agents, who can see the same travel inventory, profiles, policies and rates, all at the same time.
But Spotnana can be used in a variety of ways, as a standalone product complete with an interface, or as an API that allows third parties to use Spotnana’s infrastructure and build their own products. surname. At its core, Spotnana is about bringing “consumer-grade” booking technology into the business, while allowing anyone to take advantage of its booking engine and data integration.
“Our mission is to rebuild the infrastructure of the travel industry to bring freedom, simplicity, and reliability to travelers everywhere,” said Co-Founder and CEO Spotnana, Sarosh Waghmar said in a Press Release. “The infrastructure that has been in place for decades poses huge barriers between suppliers and tourists.”
Corporate travel bounces
The global business travel market is a $700 billion industry by 2020, according to data from Allied Market Research, a surprisingly high number given that the world is at a standstill caused by the pandemic. But as corporate travel begins to reopen, the sector is expected to hit a record high of $2 trillion within six years.
Elsewhere, there is evidence that investors are beginning to view travel tech companies favorably. Just last year, the travel agency TripActions reached a valuation of $7.25 billionalthough this is partly because it extends to larger corporate expenditures – even employees who work from home need to buy stuff.
Spotnana, meanwhile, has a pretty impressive team of leaders. Waghmar previously founded another digital travel management company called WTMC, while CTO Shikhar Agarwal previously worked at Google Brain. And then there’s executive chairman Steve Singh, who founded travel expense management company Concur before selling to SAP for over $8 billion in 2014. In 2020, Singh joined Madrona Venture Group as CEO and co-led Spotnana’s Series A funding round.
Spotnana’s Series B funding round was led by Durable Capital Partners LP, with participation from Madrona Venture Group, Iconiq Growth, Mubadala Capital and Blank Ventures.