Traveltech scaleup BizAway reports that it has closed a €35 million investment from Mayfair Equity Partners, a specialist consumer and technology investor with over two billion pounds of assets under management.
Mayfair will work with the BizAway team to accelerate growth in existing and new markets. Mayfair’s investment will also enable the BizAway team to design and implement new AI and data strategies and develop additional products and services that will help solve the challenges of business travellers. The company will also explore potential merger and acquisition opportunities.
Founded by Luca Carlucci and Flavio Del Bianco, BizAway combines a proprietary and intuitive travel management software platform with 24/7 multilingual in-house customer service, as well as providing white-label services for corporate clients. Since 2015, BizAway has grown from a two-person startup to a multinational company that serves more than 1,600 customers and has doubled turnover, year-on-year, in the last three years (full team pictured). The company’s innovative digital platform and unwavering commitment to customer service have facilitated these achievements, enabling BizAway to secure funding from vehicles such as Azimut Digitech Fund, Gellify Digital Investment and EXOR and acquire the travel division of Next Generation Travel. In 2022, BizAway became the first TMC business in the world to achieve B-Corp certification, recognising its commitment to meeting high standards of performance and social and environmental responsibility.
“Travelling for work can be an exhausting experience. Outdated systems and inefficient processes generate constant frustration for both travellers and the companies they work for. Our technology solution has been developed with our customers’ real needs in mind, allowing them to plan and book trips quickly and efficiently, while controlling and significantly reducing costs,’ says Luca Carlucci, CEO of BizAway, in a note. Our success is the result of the dedication and expertise of our team, thanks to which we have been able to bring the best B2B travel management service to the market and I am proud of our incredible growth over the last decade. We have even more ambitious plans and are excited to partner with Mayfair, a team with an impressive track record of fast-growing companies, to transform the business travel experience”.
“Anyone who has travelled for business understands the importance of making business travel easier, faster and more reliable. Luca, Flavio and their team have recognised this need and developed an intuitive software platform, coupled with exceptional customer service, that has created a solid base of repeat customers,” says Yusuf Hoballah, partner at Mayfair Equity Partners. “While consumer travel has seen significant innovation to improve the customer experience, corporate travel is still lagging behind and we are excited to partner with BizAway in their mission to innovate the trillion-dollar industry.
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