Total amount raised
$116 Millions
Latest funding date
7/1/2022
Location
Spotnana has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers a Travel-as-a-Service platform designed to modernize and simplify travel management for corporations and channel partners.
Keep reading to explore the intricacies of Spotnana's fundraising journey and the investors backing this innovative platform.
What Is Spotnana?
Spotnana, founded in 2020 by Sarosh Waghmar and Shikhar Agarwal, is headquartered in New York, New York. The company offers a Travel-as-a-Service platform aimed at modernizing travel management for corporations and channel partners.
Spotnana's platform includes an online booking tool, agent desktop, booking engine, system of record, and content engine. These tools help manage policies, suppliers, traveler safety, and reporting, providing access to a wide range of unbiased travel inventory.
With a team of 251-500 employees, Spotnana is dedicated to bringing freedom, simplicity, and trust to travelers by revolutionizing the travel industry.
How Much Funding Has Spotnana Raised?
- Seed Round
- Amount Raised: $7M
- Date: January 2020
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their Travel-as-a-Service platform.
- Series A
- Amount Raised: $34M
- Date: September 2021
- Lead Investors: ICONIQ Growth, Madrona
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and scale operations.
- Series B
- Amount Raised: $75M
- Date: July 2022
- Lead Investors: Durable Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate hiring and drive faster adoption of the platform.
Total Amount Raised: $116M. Current Valuation: Not publicly disclosed.
Key Investors
- Durable Capital Partners
- Details: Durable Capital Partners is a growth-oriented investment firm led by Henry Ellenbogen. The firm focuses on long-term investments in companies with sustainable growth potential.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Not publicly disclosed.
- ICONIQ Growth
- Details: ICONIQ Growth is a venture capital firm that invests in high-growth technology companies. It is known for its strategic partnerships and extensive network.
- Investment Focus Areas: Technology, software, data services.
- Notable Investments: Snowflake, Datadog, Uber.
- Madrona Venture Group
- Details: Madrona Venture Group is a venture capital firm based in Seattle, focusing on early-stage technology companies. Steve Singh, Managing Director at Madrona, also serves as Executive Chairman at Spotnana.
- Investment Focus Areas: Cloud computing, AI, SaaS.
- Notable Investments: Amazon, Smartsheet, Redfin.
- 8VC
- Details: 8VC is a venture capital firm that invests in transformative technology companies. It was one of the early investors in Spotnana.
- Investment Focus Areas: Healthcare, logistics, enterprise software.
- Notable Investments: Palantir, Wish, Guardant Health.
- Mubadala Capital
- Details: Mubadala Capital is the financial investment arm of Mubadala Investment Company, focusing on a diversified portfolio. It participated in Spotnana's Series B funding round.
- Investment Focus Areas: Technology, healthcare, real estate.
- Notable Investments: Waymo, Slack, AMD.
What's Next for Spotnana?
Spotnana stands at the cusp of a significant opportunity to modernize the trillion-dollar travel industry. By accelerating hiring and driving the adoption of its Travel-as-a-Service platform, the company aims to provide personalized travel booking and seamless global service. This could enable corporations, travel management companies, suppliers, and technology providers to benefit from a cloud-based technology stack, ultimately lowering costs and increasing efficiency.
Given the rapid growth and successful Series B funding, future fundraising rounds seem likely as Spotnana continues to scale its operations and enhance its platform. However, the company will need to navigate challenges such as overcoming the entrenched, antiquated infrastructure of the travel industry and ensuring seamless integration with various travel management systems and suppliers. Maintaining rapid growth while ensuring high-quality service will be crucial as Spotnana competes with established players in the travel technology space.
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