Business Travel Platform BizAway Receives $11 Million to Drive Innovation

Business travel platform BizAway has received 10 million euros (about $11 million) of new medium-term funding to help propel its growth.

BizAway will use the new capital from illimity’s Growth Credit division to further the development of its technology-driven business model, the company said in a July 17 press release.

“We are extremely happy and grateful for this funding, which will allow us to consolidate our position through further acquisitions and drive further innovation,” BizAway CEO and Co-founder Luca Carlucci said in the release. “Thanks to this investment, we will be able to develop new solutions that help large companies streamline all processes related to business travel and provide an even better and more comprehensive experience.”

The new investment follows two funding rounds that raised a total of 4.5 million euros (about $5 million) in 2020 and another round that added 10 million euros (about $11 million) in April 2022, according to the release.

Through these injections of capital to support its operations, BizAway has been able to grow more than three times over the past year, the release said. The company projects its turnover will soon exceed 100 million euros (about $111 million).

BizAway has also partnered with Telepass to allow that company to offer BizAway’s inventory to its own customers, acquired the business travel division of Next Generations Travel agency, and partnered with Seed Group to open a branch in Dubai, per the release.

The corporate travel market has been shaken up by the rise of the connected economy and the blurring of lines between digital and “in-person” realms. Video calls have proven to have staying power even as the pandemic recedes and economies are fully reopened.

In another development in the business travel space, travel and expense management firm Emburse said Wednesday (July 19) that it has acquired auditing technology provider Tripbam. This move will give Emburse’s customers the ability to add flight and hotel booking to the travel and entertainment (T&E) expenses process.

In May, Airwallex and Expedia Group teamed up to offer a discount to global business travelers. Users of the Airwallex payments and financial platform can receive a 10% discount off hotel stays that they book on the Expedia travel technology platform.

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