Italy-based business travel management company BizAway has landed a $35 million investment from Mayfair Equity Partners.
Founded in 2015 by Luca Carlucci and Flavio Del Bianco, BizAway combines a travel management software platform with 24/7 multilingual in-house customer service. It also provides a white-label software platform for enterprise customers.
The startup acquired the business travel division of Next Generation Travel in April 2023 and raised €10 million in July of that year.
With teams based in Spain, Italy, Albania and Dubai, BizAway said its global market is expected to reach $1.48 trillion by the end of 2024 and surpass $2 trillion by 2028.
The company said the new investment will allow it to accelerate growth across existing and new markets while also exploring potential merger and acquisition opportunities. It will also enable BizAway to design and implement new AI and data strategies while developing additional products and services that will help solve the challenges for corporate travelers.
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“Corporate travel can be a deeply frustrating experience. Legacy systems, processes and behaviors all contribute to the frustration of travelers and the companies they work for,” said Carlucci. “Our proprietary software platform was created with our customers in mind, allowing them to quickly plan and book trips while significantly controlling and reducing costs.”
“Anyone who has traveled for work understands the appeal of making business trips easier, quicker and more reliable,” said Yusuf Hoballah, partner at Mayfair. “While consumer travel has seen significant innovation to enhance the customer experience, corporate travel still lags behind and we’re excited to partner with BizAway in their mission to transform this trillion-dollar industry.”