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.