Caravelo, a traveltech company that provides subscription solutions to the travel industry, announced the closing of €3.5 million in a Series A funding round led by Samaipata, with participation from Adara Ventures and other existing investors. The new investment brings Caravelo’s total capital raised to over €6 million.
The Barcelona-based startup was founded in 2015 by Iñaki Uriz and José Luis Vilar, and currently works with more than 20 airlines, including Volaris, Alaska Airlines and Wizz Air. It was also recently selected by the Scaleup Spain Network program as one of the 13 startups with the highest growth potential in Spain.
Caravelo’s CEO and co-founder, Iñaki Uriz, commented: “This investment will provide Caravelo with the necessary tools to meet the growing demand for its products, allowing us to continue to expand our team and develop our solution.”
In addition, José Luis Vilar, CPTO and co-founder, also pointed out that from the company’s commercial perspective, Caravelo’s revenues have been growing steadily by more than 100% YoY for the past 3 years, boasting a valuation 50% higher than last year. The funding round follows a series of recent commercial successes for the company, including the announcement of the first ‘all you can fly’ flight subscription in Latin America and the first real flight subscription in Europe.
This round represents one of Samaipata’s largest investments in an early-stage startup and highlights Caravelo’s growth potential and its leadership position in the travel subscription market in travel companies.
Luis Garay, Partner at Samaipata, said: “Caravelo’s product is light years ahead of any other similar solution, being the only one designed to meet the needs of large multinationals. This position as an industry leader and its large customer base makes it a very attractive strategic investment for us.”
The growing demand for Caravelo’s solution and success stories from clients such as Alaska and Volaris have also been key to receiving funding from Adara Ventures.
Ross Strachan, Principal at Adara Ventures, added: “Caravelo is well positioned to take advantage of the growing popularity of travel subscriptions, and we are proud to continue to support the team in this growth phase.”
Read the orginal article: https://www.eu-startups.com/2023/09/barcelona-based-caravelo-takes-off-with-e3-5-million-to-expand-all-you-can-fly-subscriptions/
