BizAway announces a 10M funding from Illimity07/17/2023
BizAway continues its growth supported by a new €10M funding
The medium-term funding has been provided by illimity, who chose to support BizAway after analyzing its growth plans aimed at further developing its disruptive and technology-driven business model in the business travel sector. With this operation, illimity’s Growth Credit division, led by Umberto Paolo Moretti, confirms its ability to support innovative companies with high growth potential through structured operations tailored to specific needs.
At the same time, existing shareholders have confirmed their trust in the company by making additional investments. This is also due to the fact that BizAway is not just revolutionizing the business travel sector: an example of this is the recent partnership with Telepass, which allows them to offer the BizAway’s “Flights” inventory to their “private” customers.
Today’s announcement comes after BizAway successfully raised funds in two rounds in 2020, amounting to €2 million and €2.5 million respectively, and another round of over €10 million in April 2022.
The company’s strength lies in its research and development of new technologies and its high level of customer satisfaction, leading to significant economic and employment growth. With a strong focus on innovation, BizAway provides its customers with a comprehensive and streamlined experience for managing business travel.
This achievement comes on the heels of the acquisition of the business travel division of “Next Generations Travel” agency and the opening of a Dubai branch in partnership with Seed Group. Having grown over three times in the past year and with a projected turnover exceeding €100 million in the near future, BizAway has also been recognized as one of the “Fastest Growing Companies,” ranking 301st in the Financial Times and Statista’s FT1000 list.
The most recent standout feature is BizzyFlex, which offers business travelers the option to cancel any booking by paying a 10% fee of the total cost up to three hours before departure/check-in, no questions asked. This allows travelers to receive a refund of up to 80% of the canceled trip’s total amount.
BizAway is also committed to promoting sustainable transportation through numerous rail integrations, including Renfe, SNCF, and SBB/CFF/FSS. It is the first TMC to integrate Iryo services inside its platform, making easier to manage an itinerary for train travel throughout Europe.
BizAway has over 220 employees, with a 171% increase in booking volume in the past year, and a total of eight offices: three in Italy (Spilimbergo, Milan, and Padua), two in Spain (Barcelona and Vigo), two in Albania (Shkodër and Tirana), and one in the UAE (Dubai).
Since its inception, BizAway has facilitated more than 1,500,000 bookings, resulting in savings of over €15 million for its 1600+ corporate clients (including European Cricket, BDO, Vortice, Venchi, Satispay, Perrigo, WeRoad, EJU, Talent Garden, Sielte, Feltrinelli, Doctors Without Borders, and many others).
“We are extremely happy and grateful for this funding, which will allow us to consolidate our position through further acquisitions and drive further innovation. Thanks to this investment, we will be able to develop new solutions that help large companies streamline all processes related to business travel and provide an even better and more comprehensive experience” said Luca Carlucci, CEO and co-founder.
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