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.