NEW YORK–(BUSINESS WIRE)–Spotnana, a leading provider of cloud-based travel technology, announced today that it has raised $75 million in Series B funding to continue building its new travel platform. The round was led by Durable Capital Partners LP, with participation from existing investors Madrona Venture Group, ICONIQ Growth, Mubadala Capital and Blank Ventures.
This new funding enables Spotnana to accelerate hiring and drive faster adoption of its Travel-as-a-Service platform, which provides a single cloud-based technology stack for corporates, travel management companies travel, suppliers and technology providers. Spotnana has raised over $100 million in two years and its employee base has doubled in the past year to over 200 people dedicated to building stronger human connections through travel.
“It is our mission to rebuild the infrastructure of the travel industry in order to bring freedom, simplicity and confidence to travelers everywhere,” said Spotnana co-founder and CEO Sarosh Waghmar. “The infrastructure that has been in place for decades puts huge barriers between suppliers and travelers. We provide an open platform that enables the entire travel ecosystem to work together to deliver unparalleled travel experiences. We’re building longer tables that foster collaboration, not taller walls that slow industry innovation.”
Spotnana’s Travel-as-a-Service platform includes everything from consumer-grade online booking tools to a new booking engine, back office replacement, a new travel booking system of record and new integrations of travel inventory data. This new stack of technology enables the travel industry to lower operating costs, accelerate innovation and improve travel experiences. Key benefits for corporate travelers include:
- Personalized travel bookings – travelers view booking options based on their preferences and can have the same loyalty benefits available through supplier websites.
- Unbiased global content – travelers see all available inventory from global distribution systems (GDS), direct links and other sources, eliminating the need to shop. Spotnana does not accept GDS incentives and does not hide or bias content to achieve supplier volume targets.
- Single platform for travelers and agents – travelers save time by working with agents who see the same travel inventory, profiles, policies and negotiated rates.
- Hassle-free global service – Travelers receive consistent service from travel agents located anywhere in the world who have full visibility into traveler profiles and trip details.
“Spotnana is a completely new type of solution provider for the travel industry,” said Henry Ellenbogen, Managing Partner and Chief Investment Officer at Durable Capital Partners LP. “They are experiencing tremendous growth because their innovations go far beyond a fancy online booking tool. By modernizing the entire travel booking technology stack, they are breaking down the walls between suppliers and travelers and opening the door for a new level of personalization in the booking process. Spotnana has the potential to be a long-term and sustainable success.”
Spotnana’s Travel-as-a-Service platform enables all parts of the travel industry to experience the benefits of a cloud-based technology stack:
- CORPORATIONS – can lower travel costs, reduce leakage, increase passenger satisfaction and easily integrate their preferred technology systems.
- Travel management companies – are able to deliver a superior customer experience, increase operational efficiency, unlock new revenue opportunities and improve agent recruitment and retention.
- SUPPLIER – gain a direct connection with travel buyers enabling personalized travel offers and an enhanced ability to retail ancillary services.
- Technology providers – can easily add travel bookings to their product suite or build new products based on Spotnana’s architecture components.
“Spotnana is accelerating innovation across the travel industry by enabling everyone to take advantage of the power of cloud computing, microservices, an open platform and open APIs,” said Steve Singh, Madrona Venture Group Managing Director and Chairman Executive in Spotnana. “After serving as CEO of Concur for more than two decades, I am thrilled to be an investor in Spotnana. No one is doing more today to tackle tough technology problems in the travel industry to power better experiences for travelers around the world.”
About Spotnana
Spotnana powers unparalleled global travel experiences. We are rebuilding the infrastructure of the travel industry to bring freedom, simplicity and confidence to travelers everywhere. Our Travel-as-a-Service platform enables corporations, agencies, suppliers and technology providers to personalize travel bookings, reduce operating costs and build deeper customer relationships. To learn more, visit spotnana.com.
