Travel software start-up Triptease gets seed funding to the tune of $2m
Round led by Episode 1 and Notion Capital to go towards additional sales and marketing and product development
Early-stage travel Software as a Service (SaaS) company Triptease, founded by 2003 Young Gun Charlie Osmond, has closed a seed round of $2m with joint backing from venture capital firms Episode 1 Ventures and Notion Capital.
Osmond’s latest entrepreneurial venture following the success of FreshMinds, Triptease launched in 2013 to reduce “travel booking anxiety” and offers a range of digital tools which look to bring greater transparency to travel booking and drive direct bookings for hotels.
With partners such as Trump Soho, Rosewood Hotels and Dubai’s Shangri-La Hotel, the start-up now plans to scale further and will use the investment to expand its sales and marketing operations and advance its product development having recently launched its new smart widget Price Check.
The widget sits on hotel websites and displays prices from across the web with the goal to reduce uncertainty about a hotel’s direct price; saving consumers research time in the process.
The funding will also enable the company to go someway to achieve its goal of rolling out to more hotels worldwide.
Osmond discussed the benefits of Triptease’s offering: “What many people don’t realise is that booking direct with hotels cuts angst and is beneficial for both sides. Travellers get better guarantees and better service.
“Some hoteliers we spoke to actively upgrade direct bookers to thank them for not using a third party – hardly surprising given the millions of dollars they now have to spend on commissions for other bookers. It’s a total win-win.”
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Simon Murdoch, partner at Episode 1 Ventures and an early investor in Betfair, LoveFilm, Shazam and Zoopla, said of the investment: “We have a particular penchant for SaaS businesses that create value by improving the consumer experience. Triptease fits that category perfectly and operates in a large and global market, so we see very significant potential for upside.”