Spanish expense management startup Captio has raised €1 million (US$1.1
million). Banco Sabadell contributed €500,000, while VenturCap,
Bankinter, Telegraph Hill Capital and Kibo Ventures contributed the rest.
Captio intends to use the
funds to improve the user experience and further develop its travel booking
module, co-founder and chief marketing officer Dan Moser told BTN. It also plans to expand into European
markets where Captio already has clients, including France, Italy and the
United Kingdom." Although it's not our current priority, the U.S. market
will be one in the near future," he added.
Captio did not release its
revenue or number of clients but claimed to have "tripled its turnover and
number of users between 2014 and 2015."
As of late, the T&E
market has experienced lots of movement. Earlier in September, Coupa announced plans
to go public, which analysts
speculated would serve to acquire
more companies. This followed Concur's
plan to acquire
Hipmunk and American Express
Global Business Travel's plans to buy France-based booking and expense management provider
KDS.
"In the case of the big acquisitions, we
think the TEM market has achieved a degree of maturity that has raised the
attention of some related players that have sensed the opportunity to expand or
strengthen [their] value proposition," Moser said. "The sector is
less mature in the Spanish market, but things have started to move and TEM
solutions are beginning to raise interest, as well."