Travelstop gains US$3 million more in funding, partners Traveloka

Singapore-based startup Travelstop, which specialises in business travel and expense management in Asia, has raised US$3 million in Pre-Series A funding led by Silicon Valley-based venture capital firm Accel, with participation from Strive (formerly GREE Ventures), and existing investor SeedPlus.

As part of this new round of fund injection, Accel’s Prashanth Prakash will be joining the company’s Board of Directors.

Kirtane: Travelstop is on a mission to redefine business travel

This latest round of funding comes just 10 months after the company launched its business travel and expense management product in August last year. At the time, Travelstop had announced a Seed funding round of US$1.2 million led by SeedPlus, with participation from several travel industry veterans from Expedia and Yahoo!.

“Travelstop is on a mission to redefine business travel and has already been adopted by some of the fastest growing brands in Asia,” said Prashant Kirtane, co-founder and CEO of Travelstop.

According to a press statement, Travelstop intends to use the new funds to further invest in technology and accelerate adoption of its product across Asia.

“Travelstop is building a locally relevant solution for the millennial generation of business travelers,” said Prakash. “In less than a year, they’ve built a solid, category-defining business and launched a world-class product that has been adopted by a growing number of companies and their employees. We are excited to join Travelstop on their mission to shape the future of business travel.”

Additionally, Travelstop has entered into a partnership with Traveloka, a travel technology company in South-east Asia, to deliver flight and hotel inventory to business travellers in Asia.

“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.

He added: “Our partnership with Traveloka and other leading online travel booking platforms will allow us to offer the most comprehensive travel inventory to our business customers. 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.”

The partnership is expected to roll out in the next few months, along with other core features such as 24×7 travel disruption management and hassle-free travel insurance. These additions are expected to allow Travelstop to target bigger businesses within the region.

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