SG-based Travelstop raises $3m in pre-Series A round led by Accel

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Travelstop, a Singapore-based business travel and expense management startup, has raised $3 million in a pre-Series A funding round led by Silicon Valley-based venture capital firm Accel.

The round was also joined by Strive (formerly GREE Ventures) and existing investor SeedPlus. Accel partner Prashanth Prakash will join Travelstop’s board of directors following the transaction.

“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, CEO and co-founder, Travelstop. “We plan to use the new funds to further invest in technology and to accelerate adoption of Travelstop across Asia.”

Founded in 2018, Travelstop uses machine learning and artificial intelligence (AI) to customise experiences for business travellers. Its platform allows users to make multiple bookings, record travel expenses, and invoice billing so employers and travel managers can manage business travel and expenses quickly and efficiently. It has since rolled out localised solutions across seven Asian markets – Indonesia, Thailand, Hong Kong, Taiwan, Japan, South Korea, and Vietnam.

Travelstop last raised a $1.2 million seed funding round in August 2018 led by SeedPlus. The round was joined by several travel industry veterans from Expedia and Yahoo!

The Singapore-headquartered startup has also inked a partnership with Indonesian travel unicorn Traveloka to offer flights and hotels for business travellers on its platform.

“Traditional business travel management tools have not kept pace with modern times. They’re complicated, disjointed, expensive, and they don’t offer choice – we want to change that,” explains Kirtane.

“We believe that the convenience of having such an extensive range of travel options on a single platform, along with our product-centric approach, will allow us to continue innovating and helping businesses reduce costs while boosting productivity.”

Travelstop is founded and led by a three-man team: Prashant Kirtane, CEO; Vijay Aggarwal, CTO; and Altaf Dhamani, CPO. Together, all three have decades of senior management experience in Yahoo!, Expedia, travelmob, and HomeAway.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.