Singapore-based startup Travelstop is reimagining business travel and expense management in Asia.
In its efforts to modernise the industry, the firm has raised US$3 million in Pre-Series A funding led by Silicon Valley-based venture capital firm Accel, with participation from Strive (formerly GREE Ventures), and existing investor SeedPlus. As part of this new round, Accel’s Prashanth Prakash will be joining the company’s Board of Directors.
This latest round of funding comes just 10 months after the company launched its business travel and expense management product in August last year. At the time, Travelstop had announced a Seed funding round of US$1.2 million led by SeedPlus, with participation from several travel industry veterans from Expedia and Yahoo!.
Prashant Kirtane
“Travelstop is on a mission to redefine business travel and has already been adopted by some of the fastest growing brands in Asia,”
says Prashant Kirtane, Co-founder and CEO at Travelstop.
“We have always been very fortunate to have a great team of investors backing us and so we are very excited to have Accel and Strive onboard now. We plan to use the new funds to further invest in technology and to accelerate adoption of Travelstop across Asia.”
Prashanth Prakash
“Travelstop is building a locally relevant solution for the millennial generation of business travelers,”
affirmed Prashanth Prakash, Partner at Accel.
“In less than a year, they’ve built a solid, category-defining business and launched a world-class product that has been adopted by a growing number of companies and their employees. We are excited to join Travelstop on their mission to shape the future of business travel.”
Additionally, the startup announces a partnership with Traveloka, a leading travel technology company in Southeast Asia, to deliver the most extensive inventory of flights and hotels to business travellers in Asia.
Market research firms predict that the global business travel market will be valued at over US$1.6 trillion by 2023, and a big part of that growth is expected to come from Asia. That growth, coupled with the increasing demand for more modern business travel solutions, creates a massive opportunity ahead for Travelstop.
Featured image credit: Travelstop
