Barcelona-based Caravelo, a travel-tech company that provides subscription solutions to the travel industry, announced on Thursday that it has secured €3.5M in a Series A round of funding.
The investment was led by Samaipata, an early-stage founder’s fund investing across Europe, with the participation of Luxembourg-based Adara Ventures and other existing investors.
Adara Ventures says its decision to expand its investment in Caravelo is influenced by several factors, including the growing demand for Caravelo’s solutions and the success stories of clients like Alaska and Volaris.
“Leaders in travel subscription solutions”
Founded in 2015 by Iñaki Uriz and José Luis Vilar, Caravelo is a traveltech company providing subscription solutions to the travel industry, including airlines.
The company’s services help its clients increase revenue, improve market share, enhance crisis resilience, reduce seasonality impact, and enhance customer experiences.
As a SaaS company, Caravelo specialises in flight subscription solutions and claims to be globally recognised as the only company capable of creating and managing genuine flight subscription programmes.
The Barcelona-based company has worked with over 20 airlines, including Volaris, Alaska Airlines and Wizz Air.
According to Caravelo, the current funding has been driven by a string of commercial achievements. These include pioneering the first all-you-can-fly subscription in Latin America and introducing the first true flight subscription programme in Europe.
Capital utilisation
Uriz says, “This investment will give Caravelo the tools it needs to meet the growing demand for travel subscriptions, allowing us to continue the expansion of the team and the development of our platform.”
Luis Vilar highlighted Caravelo’s recent success as part of a broader trend, including over 100 per cent year-on-year revenue growth for the past three years and a 50 per cent increase in company valuation over the last year.
Brief about the investors
Samaipata is a European early-stage founders’ fund founded in 2016. It invests in digital businesses with network effects and has a presence in Madrid, Paris, and London. With two investment funds and over €150M in AUM, the firm has supported 35 European companies to date.
Luis Garay, Partner at Samaipata, says, “Caravelo’s product is miles ahead from anything else out there, and is the only logical, enterprise-grade, choice for travel subscriptions. The company’s positioning as an industry leader, and its impressive pipeline, makes it a very attractive investment for us.”
Adara Ventures is a European VC firm with a €200M fund that invests in ambitious early-stage companies. Their portfolio covers various sectors, including cybersecurity, data applications, DevOps, hardware components, digital health, and the energy transition.
Ross Strachan, Principal at Adara Ventures, says, “Caravelo is well-positioned to take advantage of the increasing popularity of travel subscriptions, and we are proud to continue supporting the team through this next phase of growth.”
Read the orginal article: https://siliconcanals.com/news/startups/travel-mobility/caravelo-secures-3-5m/
