Former Esquire Young Entrepreneur of the Year raises $2m for Triptease venture
2 min read
19 February 2015
A software company set up to better the relationship between hotels and guests has banked $2m through a funding round supported by Episode 1 Ventures and Notion Capital.
The business was set up in 2013 by Charlie Osmond and has partnered with the likes of Trump Soho and Shangri-La Hotel Dubai to further growth.
Osmond, who was named as one of the Real Business 50 To Watch in 2003 when he was running previous company FreshMinds, has also picked up Young Entrepreneur of the Year awards from Esquire Magazine and LBA.
Commenting on his new business and its potential, Osmond said: “What many people don’t realise is that booking direct with hotels cuts angst and is beneficial for both sides. Travellers get better guarantees and better service.
“Some hoteliers we spoke to actively upgrade direct bookers to thank them for not using a third party – hardly surprising given the millions of dollars they now have to spend on commissions for other bookers. It’s a total win-win.”
The business has products including Triptease magazine, a travel reviews app, Digital Postcards and an in-stay social media referrals tool. Its latest launch, Price Check, serves as a widget for hoteliers to encourage direct bookings.
Simon Murdoch, who has made previous investments in Betfair and Zoopla and serves as partner at Episode 1 Ventures, commented: “We have a particular penchant for SaaS businesses that create value by improving the customer experience. Triptease fits that category perfectly and operates in a large and global market, se we see very significant potential for upside.”
Read more on recent funding rounds:
- Google supports $70m funding round for job marketplace Glassdoor
- Davina McCall-backed UK children’s TV app secures multi-million investment
- Crowdcube breaks crowdfunding record with £6.3m deal for Bitcoin firm
Triptease will be using its $2m funding to invest in sales and marketing as well as further advancing product development. Tests of its Price Check product have reportedly shown direct bookings growing by 60 per cent.
For Chris Tottman, partner at fellow new investor Notion Capital, it was the fact Triptease was a great “founder-led, capital-efficient SaaS business” that made the firm want to invest.