Belfast Telegraph

Travel tech start-up raises £24m from venture capital giants

Duffel has banked more than 50 million dollars (£39 million) since its launch two years ago.

Duffel said it will use the new funds to hire more engineers and increase its broader team (Duffel/PA)
Duffel said it will use the new funds to hire more engineers and increase its broader team (Duffel/PA)

By Simon Neville, PA City Editor

British travel tech start-up Duffel has raised 30 million dollars (£23.4 million) from early-stage backers in Deliveroo, Twitter and Uber.

Bosses have now managed to raise 56 million dollars (£43.7 million) since launching just two years ago and plan to tap into the travel agency sector at a time when the industry is struggling.

The money from the Series B fundraiser will now be used to launch the company’s booking platform with some of the world’s biggest airlines, making it easier for customers to find real-time information on flights and services.

Duffel said it will use the new funds to hire more engineers and increase its broader team.

It is focusing on expanding in North America and Europe, with its first customers drawn from the US, UK, Canada, France, Germany and Spain.

Duffel is a travel industry start-up that targets travel agents, selling them software that the company claims is far superior to old, outdated systems currently used by the sector.

Funding comes from venture capital firm Index Ventures, which was an early investor in Deliveroo and Revolut, alongside Benchmark Capital and Blossom Capital.

A 4.7 million dollar (£3.7 million) seed round took place in 2018, with Index and Blossom taking part.

Benchmark, which previously backed Twitter and Uber, joined the Series A round in June and all three teamed up for the latest announcement.

Steve Domin, co-founder and chief executive of Duffel, said: “A new breed of online agencies want to access reservation systems quickly and seamlessly.

“By reinventing the underwiring between online agents and airlines we can transform the world of travel booking and reduce barriers to entry for innovative new companies that are offering travellers a whole new way of creating a holiday or trip.”

PA

Popular