Spotnana Crosses $100M Funding Mark with Latest Investment Round
Founder Sarosh Waghmar says "Fortune 20" clients, which the company has yet to name publicly, drew attention of big-name investors.
Tekef
Cloud-based booking platform Spotnana has raised $75 million in its latest fund-raising round, which the company said would help it accelerate hiring and boost faster adoption on the platform.
Co-founder and CEO Sarosh Waghmar told BTN that Spotnana's primary focus at the moment is on modernizing infrastructure as well as the API so others can consume content. "Imagine you're taking a single Spotnana API that has done the work of an Amadeus and a Travel Fusion and a Sabre, and content in Japan and China," he said. "Integrating that single API and making that consumable to a third party is a challenge."
To date, Spotnana has not publicly named any of its initial corporate customers, but Waghmar said it has signed "several customers…which is why you know the [fund-raising] round was the size that it was," and those include a Fortune 20 company that is piloting the platform. Travel management company customers are in "more than the single digits," he added.
Spotnana reports that it's employee base has more than doubled to about 200 employees and that the company is now in eight global locations. Waghmar said to this point, Spotnana has maintained a "relatively small" sales team as initial interest was buoyed by it bringing on such notable industry names as Concur co-founder Steve Singh, corporate travel innovator Johnny Thorsen and former American Express Global Business Travel COO Bill Brindle. Now, Spotnana is "slowly and thoughtfully" building out its sales teams, Waghmar said.
The latest fund-raising round was led by Durable Capital Partners, which Waghmar said was a "massive acknowledgment" of Spotnana's long-term vision.
"Durable typically does two or three private deals a year, so having someone with deep pockets who can take you all the way, it's great," he said. "It's a great signal to the industry as well, with everything that's going on around us."
Existing investors Madrona Venture Group, Iconiq Growth, Mubadala Capital and Blank Ventures also participated in the round. Spotnana completed a $34 million Series A fund-raising round last year, which now brings its total investment to more than $100 million.
