Consumer and technology investor Mayfair Equity Partners has announced its €35m investment in B2B travel management company BizAway.
Mayfair will partner with BizAway’s founders and the team to accelerate growth across existing and new markets.
Its investment will also enable the BizAway team to design and implement new AI and data strategies and develop additional products and services that will help solve the challenges experienced by corporate travellers.
The B Corp B2B firm, founded in 2015 that acquired the business travel division of Next Generation Travel in April last year, will then explore potential M&A opportunities.
Mayfair were advised on the transaction by Clearwater (corporate finance) and BizAway shareholders were advised by Lazard (corporate finance).
“Corporate travel can be a deeply frustrating experience. Legacy systems, processes and behaviours all contribute to the frustration of travellers and the companies they work for,” said Luca Carlucci, co-founder of BizAway.
“Our proprietary software platform was created with our customers in mind, allowing them to quickly plan and book trips while significantly controlling and reducing costs.
“Our success is a result of our teams’ dedication, drive and capability in bringing the best B2B travel management software to market, and I’m humbled by our incredible growth over the past decade.”
He added: “We still have ambitious plans and are excited to partner with Mayfair, a team with an impressive track record of rapidly scaling businesses, to transform the corporate travel experience.”
Yusuf Hoballah, partner of Mayfair Equity Partners, said: “Anyone who has travelled for work understands the appeal of making business trips easier, quicker, and more reliable.
“Luca, Flavio, and their team recognised this need and developed an intuitive software platform and paired it with exceptional customer service, which has built a loyal base of repeat customers.
“While consumer travel has seen significant innovation to enhance the customer experience, corporate travel still lags behind and we’re excited to partner with BizAway in their mission to transform this trillion-dollar industry”.
