Trappit raises 2 million Euros from Swanlaab Venture Factory, Sabadell Venture Capital and other investors
●The new financing round will enable the company (expert in corporate travel) to carry out its international expansions plans and new business developments
Madrid, 28th March 2017.-Spanish company Trappit, specialised in corporate travel, has managed to carry through a EUR 2m financing round to enable its international expansion plan and other business developments.
The funding round has been led by Swanlaab Venture Factory, a Spanish-Israeli VC fund manager with offices in Madrid and Tel-Aviv through their seventh investment vehicle fund Swanalaab Giza Innvierte I FCR. The round has also included the participation of Sabadell Venture Capital and a group of corporate investors. The legal advisors of the deal have been law firms Fourlaw and Carvajaly Robles Pombo.
Trappit, founded and managed by entrepreneurs Daniel de Carvajal, and Luis Martin has developed ARPO© a software solution with proprietary algorithms that allows to monitor the price evolution of plane tickets after their issuance. The tool detects potential price reductions on any equivalent ticket to the given one, on the same flight, allowing the client to exchange his pre-existing ticket for a cheaper one (as long as the client can benefit price-wise ofthe process). The algorithm is unique and protected, and it can render the service without the need of a provider, resulting in a very easily scalable application.
Trappit’ solution integrates seamlessly with the travel agent of their clients, without added costs for the client or agent, providing an automated solution that maximises their clients’ costs savings.
Currently Trappit works with clients like Banco Santander, Deloitte and Maxam and is fully integrated with Viajes El Corte Ingles, Spain’s biggest corporate travel agency. Trappit also works with other corporate travel agencies like Presstour or BMC Travel in Spain, Aviatur in Colombia, Carlson Wagon Lit in Germany, Fert Voyage in Switzerland and Fareportal in the U.S. It also operates with global association ITP, through which it offers its services to other agencies like ETN in Slovakia and ViajesEroskiin Spain.
The big players in corporate travel have already gotten in touch with Trappit and even big airlines and corporates have started to evaluate and experiment the added value that Trappit services provide.
This is the second funding round that Trappit manages to close since its inception in 2014, consolidating the company’s international expansion plans. Previously it has also received the support of ENISA (Empresa Nacional de Innovación S.A)
At present Trappit is made up of a team of 15 people and it plans to grow its forces in 8 more employees, mainly to follow through new business developments and open a new office in the U.K to properly cover the European market.
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