UK startup Upgrade Pack, an app providing discounted flight and hotel upgrades, has surpassed £5 million in seed funding after finalising a new £1.5m private investment, from mostly unnamed private investors. The London-based company sits at the intersection of finance and travel. The startup’s service is exclusively distributed through banks and credit card issuers as a premium customer reward, and through corporations as an employee benefit. Upgrade Pack’s closed online marketplace connects directly to airline and hotel APIs, providing users with access to live and exclusive seat and room upgrades at a discount. Typical savings fall between 15 and 35 percent. “Many investors have said just how compelling and unlike anything else hitting their desks our app is,” said CEO Craig Unsworth. “That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating. It’s also a really pleasing validation of our strategy of growth through private investment rather than venture capital as we take our platform live this year.”
Just eighteen months after launch, the company has reached £23 million market cap and already expanded in the APAC region. The company will enter the North American market next, with a Toronto office opening this year. Expanding on what lies ahead, Unsworth said: “With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond. Alongside launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto.”
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