Trappit, a Spanish technology firm in the corporate travel industry, has closed a €2 million in Series B funding in order to undertake their international growth plans.
"The new funding round will allow the Spanish company, experts in corporate travel, to undertake their international growth plans in Europe and their new developments"
The investment was led by Swanlaab Venture Factory, a Spanish-Israeli management company with offices in Madrid and Tel-Aviv, through their seventh investment fund Swanlaab Giza Innvierte I FCR. Sabadell Venture Capital and a group of business investors have also participated in the round. The legal counsel for the transaction were law firms Fourlaw and Carvajal & Robles Pombo Abogados.
"This solution monitors the price of airline tickets which have already been issued and autonomously exchanges them for the customer if it can find cheaper tickets".
Trappit, founded and managed by entrepreneurs Daniel de Carvajal and Luis Martín, has developed ARPO©, a solution based on proprietary algorithms which allows to monitor price changes in airline tickets which have already been issued. The application detects potential price reductions for the same flight, with the same characteristics, and allows the client to exchange the ticket for the cheapest ticket found, provided the client can benefit from such price reduction. The proprietary algorithm is unique and operates independently: it doesn't need a provider to render the service, which improves the app's scalability greatly.
Trappit's solution fully integrates with the travel agency the client works with, without added cost neither for the agency nor for the client. Thus, a new automatic tool is created maximizing potential savings.
Trappit currently works with clients such as Banco Santander, Deloitte or Maxam, and is fully integrated with Viajes El Corte Inglés, the largest agency for corporate travel in Spain. Additionally, Trappit operates in Spain with other agencies, such as Presstour or BMC Travel; Aviatur, in Colombia; Carlson Wagon Lit, in Germany; Fert Voyage, in Switzerland; and Fareportal, in the United States. The company also operates in the global association ITP, through which it renders its services to other agencies such as ETN (Slovakia) and Viajes Eroski
"It maximizes savings, both for the agency and for the client".
Large travel agency groups have already contacted Trappit, and even the main airline groups and large business corporations have started to assess and experience the value added by Trappit's services.
Thanks to this second funding round since its incorporation in 2014, Trappit's international expansion plans have been consolidated. It also received the early economic support of ENISA (Empresa Nacional de Innovación, S.A.).
Trappit currently has 15 employees, but eight new employees are planned to join the company to undertake new developments and open a new office in the United Kingdom to cover the European market.