Spotnana, a travel tech startup that emerged from stealth mode nearly a year ago, raised $75 million in Series B funding.
The round was led by Durable Capital Partners LP, with participation from existing investors Madrona Venture Group, ICONIQ Growth, Mubadala Capital and Blank Ventures.
Spotnana describes its solution as a “travel as a service” platform, combining everything from online booking tools to a booking engine, check-in system for booking travel, replacing the mid-office and data integrations for travel inventory. The solution is a “single cloud-based technology stack” that can be used by enterprises, travel management companies, vendors and technology vendors.
Since launching last fall, Founder and CEO Sarosh Waghmar said Spotnana has seen “rapid expansion on the enterprise side…several large TMCs have also signed up. There will also be announcements from technology partners using our API and labeling the product as a white label.”
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The company names Brex as one of its large corporate clients, and Waghmar says a Fortune 20 company is piloting it.
“We’ve moved very quickly in the enterprise space,” he says.
While focusing on business travel, Spotnana says its intention is to “rebuild the infrastructure” of the industry more broadly, to improve the experience for all travelers, whether for leisure or deals. The company says some of its business users are already using the booking tool for leisure travel and plans to allow group leisure travel next month. Additionally, Spotnana says its technology stack can be used by consumer-facing businesses, such as an online travel agency or financial services company that wants to offer travel rewards.
Spotnana will use the funding to expand its engineering and product teams. It currently has more than 200 people in eight locations around the world.
“Spotnana is a whole new breed of solutions provider for the travel industry,” said Henry Ellenbogen, managing partner and chief investment officer at Durable Capital Partners LP.
“They’re growing at breakneck speed because their innovations go far beyond a sleek 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 to a new level of personalization in the booking process. Spotnana has the potential to be a long-term sustainable success.
The company has raised over $100 million to date. Waghmar attributes this latest round to the fact that the company’s growing customer base provides validation for investors — and the fact that the opportunity is great.
For global enterprises, Waghmar says the native API solution can be launched in multiple countries virtually simultaneously and provides a single dashboard with visibility into all employee activity.
The system also provides personalized booking options tied to the same benefits their employees would receive through vendor websites; inventory from direct connections, global distribution systems and other sources – without the bias of GDS incentives – and a single platform used by both travelers and agents.
“Spotnana is accelerating innovation in the travel industry by empowering everyone to benefit from the power of cloud computing, microservices, an open platform and open APIs,” said Steve Singh, CEO of Madrona Venture Group and Executive Chairman of Spotnana.
“After serving as CEO of Concur for more than two decades, I am thrilled to be an investor in Spotnana. best experiences to travelers around the world.
Singh spoke about Spotnana in an interview at the Phocuswright conference last November. Watch the full chat with Phocuswright’s Senior Vice President of Research and Product Strategy, Charuta Fadnis, below.
Executive Interview: Madrona Venture Group – Steve Singh – The Phocuswright Conference