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Duffel, a travel-based startup, has raised $30 million in a Series B round of financing to launch its travel platform. It is the only startup to have raised funds twice in one year in the sector with American investors backing it.
FREMONT, CA: The London-based Duffel has raised $30 million in its Series B round of financing. The VC Index Ventures led the round with the former investors of the company Blossom capital and Benchmark, participating in the round as well.
The startup is focused on building a connected digital tissue interlinking the airlines and the booking agents. This idea is said to have allowed Duffel to raise funds more than once in the same year.
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Being launched in 2017, the startup Duffel has raised its Series A funds and closed the same at the beginning of 2019. The Series A accumulated funds of $21.5 million and was led by Benchmark. The investor Blossom has conducted Duffel's Seed funding in August 2018 where an amount of $4.7 million was infused. The company in total has raised over $56.3 million officially via venture capitals.
Duffel stands apart in some sorts, as it is the first UK-based startup to raise funds twice in the same year from all American Investors. This phenomenon does not occur frequently and especially for such a young startup. It has also made sense with its applications and simultaneously proves to be lucrative.
The company claims that it helps the travel agencies to directly plug into airlines' reservation systems with the help of APIs so that the agencies can have access to real-time flight offers and make bookings. The company has carved for itself a lucrative position between the supply and demand of the airlines booking market. This has proven to increase its revenue exponentially.
The travel-based, technology-powered startup space has numerable players, but only a few are in a well-funded set up. These giants are: Klook with $521.5 million funds, TripActions with $481.5 million funds, Evaneos with $109.1 million funds, and they do not operate in the same space. The dominant player Amadeus is the biggest competitor for Duffel in some ways. Duffel has now launched officially with funds to kickstart with, and at present it has displayed a great start, hoping to continue the momentum in the upcoming years as well.
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