Travel Startup Funding This Week

Skift grip

India’s Itilite is riding the wave of business travel that is finally returning with its eyes on the US market, while in Europe Valpas has raised funds to eradicate the problem of bed bugs that ruin long-awaited vacations some tourists.

Matthew Parson

This week, travel startups announced over $30 million in funding.

>>ITILITYa business travel and spending platform, raised $29 million in a Series C round.

Tiger Global and existing investor Dharana Capital led the round with participation from Matrix Partners and Tenacity Ventures.

The India-based company will use the money earned to continue its expansion in the United States and said it was 500% from its Series B in 2020 as organizations resume travel. It claims to have 500,000 users worldwide across 300 companies. “People are back in the office and business travel is back in the conversation,” said co-founder and CEO Mayank Kukreja.

>>Valpas, which helps hotels safely eliminate bed bugs, raised €1.6 million ($1.73 million). The seed funding round came from ActivumSG Ventures, TESI, Realty Corporation and existing investors, and Reaktor.

The Finnish company works with 150 hotels in 20 cities such as Paris, Amsterdam, Copenhagen, Zurich, Munich, Lisbon and Madrid. He said he has protected over a million trips and increased customer satisfaction levels by up to 35%. “What vaccines, masks and physical distancing are to Covid, Valpas is to bedbugs,” said Martim Gois, its co-founder and CEO.

See Skift’s reporting on the science behind the startup.

Company Arrange Carry out Increase
ITILITY C-Series Tiger Global/Dharana Capital $29 million
Valpas Seed ActivumSG Ventures $1.7 million

Skift Cheat Sheet

seed capital The money is used to start a business, often led by angel investors and friends or family.

A-Series funding usually comes from venture capitalists. The cycle aims to help startup founders ensure that their product is something customers actually want to buy.

B-series Funding is mainly for venture capitalists that help a business grow faster. These fundraisers can help recruit skilled workers and develop profitable marketing.

C-Series Financing generally consists of helping a company to grow, for example through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.

D-Series, E, and beyond These mostly mature companies and the funding cycle can help a company prepare to go public or be acquired. Various types of private investors could participate.