Spotnana, a self-proclaimed “travel-as-a-service” platform targeting businesses, travel management companies and other technology companies with a cloud-based travel booking and management toolset, has raised $75 million in a Series B round of funding .
The raise comes less than a year after Spotnana left stealth with $41 million in funding, and the latest cash injection may be an indication that the world is slowly returning to normal as businesses resume at least some measure of travel.
Founded in New York in 2019, Spotnana touts itself as a “unified cloud-based platform”, one that provides every user with a consistent interface and booking experience – serving as one platform for both travelers and agents, sharing the same travel inventory, profiles, policies and rates, all at the same time.
But Spotnana can be used in several ways, either as a completely standalone product packed with interface, or as an API that allows third parties to leverage Spotnana’s infrastructure and build their own products. At its core, Spotnana is all about bringing “consumer-grade” booking technologies into the enterprise, while allowing everyone to use the booking engine and data integrations at the same time.
“Our mission is to rebuild the infrastructure of the travel industry to bring freedom, simplicity and confidence to travelers everywhere,” Spotnana co-founder and CEO Sarosh Waghmar said in a press release. “The infrastructure that has existed for decades creates huge barriers between suppliers and travelers.”
Business travel bounces back
According to data from Allied Market Research, the global business travel market was a $700 billion industry in 2020, a figure that was surprisingly high given that the world was in a pandemic-driven lockdown. But as business travel picks up again, the industry is expected to reach dizzying $2 trillion within six years.
Elsewhere, there is evidence that investors are turning positive toward travel tech companies again. Last year, business travel company TripActions hit a valuation of $7.25 billion, although this was partly due to its expansion into broader business spending — even work-at-home employees have to buy things.
Spotnana, meanwhile, has a pretty impressive team of people at the helm. Waghmar previously started 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 more than $8 billion to SAP in 2014. In 2020, Singh joined Madrona Venture Group as Managing Director 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.
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