Italian traveltech scaleup BizAway has secured €10 million in a debt funding round. Going head to head with Barcelona’s TravelPerk, BizAway offers an “all-in-one solution to book and manage your business trips.” The company intends to use the investment for M&A activities as well as R&D.
illimity Bank, which recently secured €50 million via the European Investment Fund provided the medium-term (financing that is usually required to be paid back between one and five years) loan via the bank’s Growth Credit division.
Earlier this year BizAway announced the acquisition of Milan’s Next Generation Travel’s business travel branch and a partnership forges with Rome’s Telepass, which allows the mobility company to offer its private customers a flight inventory.
According to BizAway, they’ve tripled revenue numbers in the last year alone, and are expecting to grow to over €100 million. The company counts Cricket, BDO, Vortice, Feltrinelli, Satispay, Perrigo, WeRoad, EJU, Talent Garden, Sielte, Venchi, and Médicins Sans Frontière amongst its client base, and employs some 220 employees across eight offices worldwide: three in Italy (Spilimbergo, Milan and Padua), two in Spain (Barcelona and Vigo), two in Albania (Shkodra and Tirana), and one, opened in March, in the UAE (Dubai).
"We are extremely happy and grateful for this result, which will allow us to strengthen and innovate further,” commented BizAway CEO and co-founder Luca Carlucci. “Thanks to this investment, we will be able to develop new solutions to support large companies with the aim of simplifying procedures related to business travel, and offer a better and more complete experience.”