Travel start-up Triptease closes $9m in Series B funding
New finance will be used to fuel product development and open a new office in Singapore
Triptease, the travel start-up founded by 2003 Young Gun Charlie Osmond, has secured $9m in Series B funding in a round led by BGF Ventures, with participation from Notion Capital and Episode 1 Ventures.
Launched in 2013, Triptease’s platform integrates with a hotel’s current website to help increase their conversion rate in the face of competition from online travel agencies.
The company tracks millions of consumer booking journeys across thousands of hotel websites and claims to increase the number of people booking direct on a hotel website by 20%.
Triptease currently works with more than 17,000 hotels across Europe, the US and Asia Pacific, delivering over $1bn of direct booking to its clients.
Following a $2m seed funding round in 2015, this latest finance will be used to accelerate product development and promote expansion in Asia with the opening of a new office in Singapore. It will also double headcount in their London and New York offices.
Osmond said: “We want to shift the world to direct bookings. A direct relationship with customers reduces a hotel’s spend on middleman commissions whilst allowing them to offer cutting-edge services like mobile check-in alongside ancillary upsells.
“Savvy consumers have also started to realise hotels prefer guests who book direct. Room upgrades and special incentives have become commonplace benefits for booking direct.”
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Rory Stirling, partner at BGF Ventures, commented: “We are very excited to be joining Triptease as a new investor at a time when the company is showing great growth in the markets where it has established a presence. Now it’s time to expand the software to Asian hotels, to make this a truly global product.”