Travelstop to Enter Insurance
Singapore-based travel management startup Travelstop has raised $3m in Pre-Series A funding led by Silicon Valley-based venture capital firm Accel, with participation from Strive, and existing investor SeedPlus. In total, the company has raised $4.2m since its inception in 2018.
“Travelstop is on a mission to redefine business travel and has already been adopted by some of the fastest growing brands in Asia. We have always been very fortunate to have a great team of investors backing us and so we are very excited to have Accel and Strive onboard now. We plan to use the new funds to further invest in technology and to accelerate adoption of Travelstop across Asia.” – Cofounder and CEO at Travelstop, Prashant Kirtane.
“Travelstop is building a locally relevant solution for the millennial generation of business travelers. 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.” – Prashanth Prakash, Partner at Accel.
With Travelstop, employees can search and book travel, automate expense reporting, and enjoy extra features such as: Book For Others, Travel Policies, Group Bookings, and Invoice Billing. Since its launch, the company has also rolled out fully localized versions of their platform for seven different markets in Asia.
Last, Travelstop has also announced its partnership with online travel agency Traveloka to deliver the most extensive inventory of flights and hotels to business travelers 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. 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.” – Kirtane.
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.