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Published on : Thursday, August 31, 2017
TravelBank is the newest to do a funding round. Now it raised about $25 million Series B round led by DCM Ventures with participation from NEA and Accel.
TravelBank analyzes the fares of the flights and determines a reasonable cost upfront.
The employees who go under budget split the savings with their employer. While they aren’t technically given cash for this, the money is now automatically put into accounts for Lyft, Uber, Airbnb or now Amazon that is effectively a digital gift card.
The Co-founder and CEO of Travel Bank Duke Chung spoke about competing with Concur, which was acquired by SAP for more than $8 billion in 2014.
Duke Chung believes that there is an opportunity to build better software for business travel. Now TravelBank is focusing on the small companies and Chung says TravelBank has already signed up 800 companies in the first nine months.
He explained that not only do the companies save money by motivating employees to select cheaper flights, but TravelBank’s software is completely free.
Instead of asking the companies to pay for the technology, TravelBank makes its money through commissions from the airlines.
Rich Wong, general partner at Accel said that he was happy to invest in TravelBank because he not only believes in the idea, but has worked with Chung before.
Accel invested in Parature, which is a startup Chung also founded, and that business was sold to Microsoft.
David Chao, co-founder and general partner from DCM, said that he invested in TravelBank because of the incentive alignment, which is powerful. It makes the value intention to any corporations a slam dunk.
David Chao also believes it has a business model which is aligned for the economic interests of the company, employees and TravelBank via an app that functions as a travelling business more friendly.
TravelBank previously raised around $10 million Series A round from NEA and Accel last year.
Chung says the additional funding of TravelBank will be used to double the team from about 30 employees to 60 employees within the year.