Travelstop Raises $3M Led by Accel To Modernise Business Travel in Asia
Travelstop, a Singapore-based business travel startup, raises US$3 million in Pre-Series A funding led by Accel, with participation from Strive (formerly GREE Ventures), and SeedPlus.
Singapore — July 17, 2019 — Singapore-based startup Travelstop is reimagining business travel and expense management in Asia. In its efforts to modernise the industry, the firm has raised US$3 million in Pre-Series A funding led by Silicon Valley-based venture capital firm Accel, with participation from Strive (formerly GREE Ventures), and existing investor SeedPlus. As part of this new round, Accel’s Prashanth Prakash will be joining the company’s Board of Directors.
This latest round of funding comes just 10 months after the company launched its business travel and expense management product in August last year. At the time, Travelstop had announced a Seed funding round of US$1.2 million led by SeedPlus, with participation from several travel industry veterans from Expedia and Yahoo!.
“Travelstop is on a mission to redefine business travel and has already been adopted by some of the fastest growing brands in Asia,” says Prashant Kirtane, Co-founder and CEO at Travelstop. “We have always been very fortunate to have a great team of investors backing us and so we are very excited to have Accel and Strive onboard now. We plan to use the new funds to further invest in technology and to accelerate adoption of Travelstop across Asia.”
“Travelstop is building a locally relevant solution for the millennial generation of business travelers,” affirmed Prashanth Prakash, Partner at Accel. “In less than a year, they’ve built a solid, category-defining business and launched a world-class product that has been adopted by a growing number of companies and their employees. We are excited to join Travelstop on their mission to shape the future of business travel.”
Additionally, the startup announces a partnership with Traveloka, a leading travel technology company in Southeast Asia, to deliver the most extensive inventory of flights and hotels to business travellers in Asia. “Traditional business travel management tools have not kept pace with modern times. They’re complicated, disjointed, expensive, and they don’t offer choice – we want to change that,” explains Kirtane. “Our partnership with Traveloka and other leading online travel booking platforms will allow us to offer the most comprehensive travel inventory to our business customers. We believe that the convenience of having such an extensive range of travel options on a single platform, along with our product-centric approach, will allow us to continue innovating and helping businesses reduce costs, while boosting productivity.”
The partnership is expected to roll out in the next few months, along with other core features such as 24x7 travel disruption management and hassle-free travel insurance. These additions are expected to allow Travelstop to target bigger businesses within the region.
Recently, the startup was named one of the top travel startups to watch out for in 2019 by Skift, as it continues to grow by a robust 100% month-on-month. Some of the fastest growing companies in Asia, including Funding Societies and Carousell, have adopted Travelstop for their business travel management needs in the region. As a company, Travelstop is dedicated to providing top-notch support to clients, and has an impressive customer satisfaction rating of 98%.
Through the use of machine learning and AI-driven personalisation, Travelstop customises the experience for companies and their employees, reducing the time needed by business travellers to research and book their travel. Furthermore, Travelstop offers features like Book For Others, Travel Policies, Group Bookings, Expense Reporting, and Invoice Billing so that employers and travel managers can effectively manage their company travel and expenses. Since their launch, the firm has also rolled out fully localised versions of their platform for seven different markets in Asia.
Market research firms predict that the global business travel market will be valued at over US$1.6 trillion by 2023, and a big part of that growth is expected to come from Asia. That growth, coupled with the increasing demand for more modern business travel solutions, creates a massive opportunity ahead for Travelstop.
Travelstop is a revolutionary platform aimed at modernising and simplifying business travel. Using modern technology and consumer-centric design, Travelstop offers tools that simplify and automate the entire business travel experience – right from trip planning to expense reimbursements.
Travelstop is meant to help companies save on costs by providing an affordable end-to-end solution. Backed by world-class VCs and notable individual investors, who bring a wealth of experience from companies including Yahoo!, Expedia, and HomeAway, Travelstop is well-positioned to shape the future of business travel. To learn more, visit www.travelstop.com or blog.travelstop.com
Travelstop is led by its management team, whose members bring a depth of experience in the travel industry to their roles, including:
- Prashant Kirtane, CEO and Co-founder: Seasoned leader with 20 years of experience in senior management positions at Yahoo! and Expedia. Also founded travelmob.com - acquired by HomeAway-Expedia.
- Vijay Aggarwal, CTO and Co-founder: Technology specialist with 16 years of experience in senior management positions at Yahoo!, travelmob, and HomeAway.
- Altaf Dhamani, CPO and Co-founder: Product professional with over 12 years of experience building products for companies like Yahoo!, travelmob, and HomeAway.
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Over the past 30 years, the firm has backed: Acko, Atlassian, BlackBuck, BlueStone, BookMyShow, Braintree, BrowserStack, Cloudera, Collectabillia, CureFit, DJI, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Housing-PropTiger, Lookout Security, Mitra Biotech, MuSigma, Myntra, Ola, Paxata, Portea, Qualtrics, Samunnati, Slack, Spotify, Supercell, Swiggy, UrbanClap, and Vox Media, among others. Accel seeks to understand entrepreneurs as individuals, appreciate their originality, and play to their strengths, because greatness doesn’t have a stereotype. For more, visit www.accel.com or www.twitter.com/accel_india.