Travel and event management platform Troop has secured $11m in funding as the company looks to expand its international footprint and launch a new end-to-end meetings management platform, known as Troop: One.
The Series B funding round was led by Durable Capital Partners LP and Madrona Venture Group, both of which have made recent investments in cloud-based booking platform Spotnana, along with participation from All Iron Ventures and Conexo Ventures. All four companies were also involved in Troop's $8m Series A funding round in 2021.
According to the business travel start-up, this latest investment will help to grow its customer support and sales teams following the company’s ‘rapid expansion’ across Europe and the US.
The funds will also be used to deliver Troop: One, which is due to launch later this year. According to the company, the new platform will incorporate ‘enhanced’ planning capabilities that allow clients to book meetings and manage expenses via service providers such as Spotnana and Center.
The tool will allow clients to work with service providers of their choice for in-person meetings, according to the company.
“We are thrilled to partner with Durable Capital Partners, Madrona, and our other investors as we continue to drive growth and build out our capabilities to serve our valued customers,” said Troop co-CEO Dennis Vilovic.
“We have seen the enormous impact of tech-enabled meeting planning as companies react to the ever changing future of work and we are proud to help deliver solutions for them,” he added.
The Madrid-based company in the last 15 months has grown from a team of six to more than 40, with a presence in Spain, the UK, South Africa and the US, and expects to more than double its staff within the next year.
Troop took home the top prize at the BTN Group's Innovate event last October. According to the company, customers are currently saving an average of 22 per cent on costs, time and CO2 emissions for their in-person meetings.