WeTravel, a San Francisco, CA-based booking & payments platform for multi-day travel businesses, raised $27 million in Series B funding.
The round was led by Left Lane Capital, with participation from previous backers Swift Ventures and Base10, alongside angel investors, including Victor Jacobsson, one of the co-founders of Klarna.
The funds will use to expand its business on the heels of strong growth in the last year.
“The important piece is not so much about paying but what happens afterward,” Johannes Koeppel, co-founder and CEO said, “what the travel company has to do with these funds. A typical trip might cost $10 to the user, with the vast majority of that going to suppliers. It becomes about fund management. And more involved the trip, the larger the amount of suppliers from restaurants and transport companies to airlines and hotels and more.”
WeTravel’s platform covers two main parts of that process: helping those putting the group travel together to organize suppliers and plan everything; and then handling the different aspects of the payment process, whether that involves setting up payments in installments or working with various currencies and payment methods, and paying out to different suppliers under their terms.
The company provides payments and other tools to some 3,000 companies, working out to 500,000 customers using its platform. Transaction volumes have grown 300% and revenues are currently sitting at 3x.
Company: Wetravel, Inc.
Raised: $27.0M
Round: Series B
Funding Month: October 2022
Lead Investors: Left Lane Capital
Additional Investors: Swift Ventures, Base10, and Victor Jacobsson
Company Website: https://www.wetravel.com/
Software Category: Booking & Payments platform
About the Company: Founded in 2016 by Johannes Koeppel, Garib Mehdiyev, and Zaky Prabowo, WeTravel provides a complete booking and payment platform for multi-day and group travel companies of all sizes. WeTravel provides fintech solutions, including payment processing, instant payout, Vendor Transfers, and WeTravel Cards. Its powerful SaaS solutions, including trip builder, booking management & analytics dashboards, marketing & communications tools, Google Analytics & Zapier integrations, public APIs, and more.WeTravel is proud to work with thousands of multi-day travel companies worldwide, helping them convert their bookings faster and grow their business. Headquartered in San Francisco, with its second hub in Amsterdam, its team is driven to continuously improve its technology, ensuring that our clients always have the best possible solutions at their fingertips. Its mission is to empower any travel company to provide life-changing experiences.
Source: https://techcrunch.com/2022/10/24/wetravel-books-27m-to-build-fintech-and-more-for-bespoke-group-travel/