Singapore-based business travel startup Travelstop has raised $3 million (Rs 20.66 at current exchange rates) in a pre-Series A round of funding led by venture capital firm Accel.
Other participants in the funding round include Strive (formerly known as GREE Ventures) and existing investor SeedPlus, the company said in a statement on Thursday.
As part of the investment, Accel India partner Prashanth Prakash will join Travelstop’s board.
The funding comes around 10 months after Travelstop raised $1.2 million in a seed funding round led by early-stage firm SeedPlus.
Travelstop, operated by White Labs Pte. Ltd, said it will use the funds to invest in its technological infrastructure and accelerate the adoption of its services across Asia.
Travelstop co-founder and chief executive officer Prashant Kirtane said the company’s mission is to redefine business travel, and that its services had been adopted by some of Asia’s fastest-growing brands.
Accel’s Prakash said the startup was building a travel solution relevant to the “millennial generation of business travelers”. He added that the company had built a successful product within a year.
Along with the investment, Travelstop also announced a partnership with Indonesian travel technology company Traveloka. Kirtane said this would allow the two to offer business travelers a comprehensive inventory.
Co-founded by Kirtane, Vijay Aggarwal and Altaf Dhamani, Travelstop says it uses machine learning and artificial intelligence-driven personalisation to customise the travel research and booking experience for companies and their employees. The company offers services such as travel policies, group bookings, expense reporting and invoice billing.
The company has so far rolled out fully localised versions of its platform for seven markets in Asia.
