Singapore-based startup Travelstop announces that it has raised US$3 million in Pre-Series A funding led by Silicon Valley-based venture capital firm Accel. Participating in the round are Strive (formerly GREE Ventures) and existing investor SeedPlus.
The new round will see Accel’s Prashanth Prakash joining the company’s Board of Directors.
Travelstop’s first funding was 10 months ago, a seed funding round of US$1.2 million led by SeedPlus, joined by travel industry veterans from Expedia and Yahoo!. In the seed round, the company also launched a business and travel and expense management product.
“Our immediate plan is to use the new funds to further invest in technology and to accelerate the adoption of Travelstop across Asia,” said Prashant Kirtane, Co-founder and CEO at Travelstop.
“Travelstop is building a locally relevant solution for the millennial generation of business travellers,” Prashanth Prakash, Partner at Accel, gave a nod.
The startup also announces a partnership with Traveloka, the Indonesia-based travel technology company. The partnership seeks to deliver a more extensive inventory of flights and hotels to business travellers in Asia.
The partnership is expected to roll out in the next few months, along with other core features such as 24×7 travel management and travel insurance.
Recently, the startup was named one of the top travel startups to watch out for in 2019 by
Skift. Fellow Asian companies such as Funding Societies and Carousell have adopted Travelstop for their business travel management needs in the region.
Travelstop uses machine learning and AI-powered personalisation to customise the experience for companies and their employees, as well as to eliminate the need to research and book their travel.
Travelstop also offers fully localised features for seven markets in Asia such as Book For Others, Travel Policies, Group Bookings, Expense Reporting, and Invoice Billing.
Image Credit: Travelstop