Another hot travel tech company has landed a major investment.
Polish company Hotailors, in addition to announcing $24.2 million in funding from DC24 ASI, announced that it has begun doing business as Worktrips.com.
The company specializes in business travel booking based on artificial intelligence. The funding and rebranding were reported by Phocuswire and other industry outlets.
The new capital, according to Hotailors, will be used for the rebranding and other unspecified expansions of the business.
The Hotailors platform offers travel budget control features that are common among companies providing support for business travel booking and expense control. Hotailors’ platform also offers extensive functionality that enables clients to offer digital booking services for self-employed entrepreneurs.
The company said its platform gives employees the power “to automate expense burdens, reduce lengthy approval times, and enforce travel policies effortlessly.”
“We managed to survive the toughest pandemic period for the industry. It was a time of major layoffs and restructuring among business travel agents,” chief executive and co-founder Filip Bloch said in a prepared statement. “We took advantage of this time to expand our sales team, develop our technology and IT department and strengthen our visibility. We are now witnessing a market recovery and the return of multinationals to business travel.
In addition to Bloch, Hotailors was co-founded in 2016 by CTO Maciej Stopierzyński and COO Michał Szeksztełło. The company’s website says they started working on ideas for travel tech companies in 2012 and got their big break in 2015 when they were accepted into an event called “Startup Summit” in Warsaw. , Poland.
The travel tech space has been busy lately, in part because travel tech platforms have struggled to meet the travel needs of business travelers emerging from pandemic-related lockdowns.
In late April, PYMNTS announced that hedge fund Elliott Management and Siris Capital were forming a special purpose acquisition company, or SPAC, to sue travel technology company Mondee.
Read more: Elliott Management backs SPAC deal for Travel-Tech Company Mondee
In January, European company TravelPerk announced that it had raised $115 million in new funding, valuing the company at $1.3 billion.
See also: TravelPerk, the SMB travel platform, raises $115 million