Spotnana, a self-described "travel-as-a-service" platform, has raised $75 million in a Series B fundraising round. It targets businesses, travel management organizations, and other technology companies with a cloud-based toolset for booking and managing travel.
The funding round comes less than a year after Spotnana came out of stealth with $41 million in funding. The most recent financial infusion may be a sign that things are slowly getting back to normal as businesses start to travel again, at least to some extent.
It serves as a single platform for both travelers and agents, who can see the same travel inventory, profiles, policies, and rates at the same time. Spotnana was founded in New York in 2019 and bills itself as a "unified cloud-based platform," one that provides a consistent interface and booking experience to each user.
However, Spotnana has multiple uses. It can be used as a fully functional stand-alone product with an interface or as an API that enables third parties to leverage Spotnana's infrastructure to create their products. The main goal of Spotnana is to provide "consumer-grade" booking technology in business settings while also enabling anyone to use its booking engine and data connectors.
In a news statement, Spotnana co-founder and CEO Sarosh Waghmar stated, "We aim to rebuild the architecture of the travel industry to deliver freedom, simplicity, and trust to travelers everywhere. "Decades-old infrastructure creates enormous hurdles between suppliers and travelers."
According to data from Allied Market Research, the worldwide business travel market reached $700 billion in 2020, a figure that was shockingly high given that the world was under pandemic-related lockdown. However, as corporate travel picks up speed again, it is anticipated that the industry could reach dizzying heights of $2 trillion in just six years.
There is evidence that investors are once again starting to see travel technology companies favorably in other places. TripActions, a firm that specializes in corporate travel, recently reached a valuation of $7.25 billion, albeit this was partly attributed to its growth into broader corporate spending because even workers who work from home need to make purchases.
Spotnana, on the other hand, is led by a group of very amazing individuals. Shikhar Agarwal, the CTO, had worked at Google Brain, and Waghmar previously founded another digital travel management business called WTMC. Steve Singh, the executive chairman, created the travel cost management business Concur before selling it to SAP in 2014 for more than $8 billion. Singh co-led Spotnana's series A round of fundraising in 2020 and joined Madrona Venture Group as managing director.
Durable Capital Partners LP, along with Madrona Venture Group, Iconiq Growth, Mubadala Capital, and Blank Ventures, led the series B fundraising round for Spotnana.