French startup Naboo has successfully raised a funding round of €7.5 million, supported by investors including ISAI, Kima Ventures, Better Angle, and its historical partners CapHorn and Maif Avenir. This investment will be directed towards enhancing the platform’s features, particularly integrating artificial intelligence components, and expanding its reach throughout Europe.
Since its arrival on the corporate seminar scene in 2022, Naboo has revolutionized a business model long dominated by traditional event agencies. The value proposition is clear: a one-stop-shop platform that enables companies of all sizes and sectors to instantly book anything that anyone could need in corporate offsite: accommodations, workspaces, catering, activities, transportation, and even the tiny details that will transform your stay
Valued at €9 billion in 2022 by Ernst & Young, the French corporate seminar industry has and continues to experience significant growth (circa +30% per year). This surge is largely attributed to the increased adoption of remote work, necessitating stronger team cohesion. In response, companies are focusing more on seminars for specific teams rather than entire organizations, leading to more personalized and impactful team-building activities. In the context of ecological transition, eco-friendly and local seminars are gaining popularity, offering a more sustainable and cost-effective solution.
Challenging a traditional market with technological innovation, Naboo offers an alternative to the growing need for simplicity and transparency. The B2B event world still largely operates on quotes, starkly contrasting with the transformation brought by players like Booking and Airbnb in the B2C travel sector, where booking is instant and transparent. To bring innovation to this sector, Naboo has developed a unique platform that, for the first time, allows companies to book a complete seminar with a single click at a clear, no-surprise price. The venue, catering, activities, and transportation can be selected from the offerings of over 2500 locations and 500 partners (caterers, activities, etc.) to create a unique package.
“We’re thrilled about the journey we’ve had since Naboo’s inception: over half of the CAC 40 companies have already turned to us for their seminars. What astonishes us the most is how quickly Naboo catches on among its clients once a team books a seminar. What really draws them in is the combination of ultra-customization and the immediacy of booking, an experience that we alone offer today. They’ve never encountered anything like it, turning them into our most vocal advocates. This significant edge is made possible by AI and data, areas where we’ve decided to invest heavily with this funding round,” said Maxime Eduardo, Co-founder and CEO of Naboo.
Naboo also focuses on the quality and uniqueness of its seminars. The platform offers a range of carefully audited and certified locations and services (2500 locations and 500 service providers), ensuring an optimal balance of quality and value. This allows organizers to easily compare and book seminars, significantly reducing the time and effort involved in the process. Leveraging the power of Data and Artificial Intelligence, Naboo is set to disrupt the industry by enabling customization and instantaneity (or time and cost efficiency) at scale. A formula that is already attracting the largest French and international companies as well as scale-ups: Teams from EDF, Payfit, Google, Chanel, Ikea, KPMG, Airbus, BCG, and many others have thus been able to enjoy tailor-made stays crafted with Naboo.
Founded in 2022, Naboo reached the symbolic €1 million revenue milestone during the second quarter of 2023. Less than a year after the official launch of the platform, Naboo generated over €18 million in Annualized Gross Booking Value. After an initial funding round of €2 million in early 2022, the recent €7.5 million will support Naboo’s ambitious growth plans and technological advancements. The company aims to use its investments in data and AI to offer an increasingly streamlined and efficient user experience.
With Naboo’s innovative approach and recent funding, the company is well-positioned to continue transforming the corporate seminar market, offering a modern, efficient, and environmentally conscious alternative to traditional seminar organizations.
“In a market that’s booming, Naboo has successfully introduced a model that meets the expectations of both traditional clients in this sector and a new clientele. We are convinced that the success it has achieved this year is just the beginning of a journey that will have a lasting impact on the seminar market,” added François Collet, General Partner at ISAI.
Read the orginal article: https://www.eu-startups.com/2024/02/paris-based-naboo-raises-e7-5-million-to-highly-disrupt-the-corporate-seminar-market/
