Duffel
Total amount raised
$56.2 Millions
Latest funding date
October, 2019
Duffel
Location
Title
Duffel has successfully raised $56.2 million over three funding rounds, with backing from prominent investors such as Y Combinator, Benchmark, Blossom, Index Ventures, and Kima Ventures. The company is focused on revolutionizing the travel industry by providing an API that simplifies the selling of travel services.
Keep reading to explore the intricacies of Duffel's fundraising journey and the investors backing this innovative platform.
What Is Duffel?
Founded in London, Duffel is a technology company that aims to simplify the travel industry by providing an API for selling travel services. The company was established by Steve Domin and Tom Bates.
With a team of 51-200 employees, Duffel focuses on making travel effortless by rebuilding the underlying infrastructure. Their API allows businesses to shop, book, and manage flights, stays, and travel extras.
Backed by investors like Y Combinator, Benchmark, and Index Ventures, Duffel continues to innovate and streamline travel services for modern travelers.
How Much Funding Has Duffel Raised?
- Seed Round
- Amount Raised: $4.7 million
- Date: August 2018
- Lead Investors: Blossom Capital and Index Ventures
- Motivation Behind the Round: To develop a new way to book travel online, aiming at the booking experience "end to end."
- Series A
- Amount Raised: $21.5 million
- Date: June 2019
- Lead Investors: Benchmark, with participation from Blossom Capital and Index Ventures
- Motivation Behind the Round: To further develop their B2B platform that allows travel agents and tour operators to offer a seamless travel experience, making the booking process simpler, faster, and cheaper. The funding will also support the company's plans to launch in the autumn and continue building their team.
- Series B
- Amount Raised: $30 million
- Date: October 2019
- Lead Investors: Index Ventures
- Motivation Behind the Round: To hire more engineers and increase Duffel's broader team. The company aims to expand its operations in North America and Europe, with a focus on attracting customers from the U.S., U.K., Canada, France, Germany, and Spain. The funding will also help Duffel continue to innovate and provide tools that make the next wave of travel industry innovation possible.
Total Amount Raised: $56.2 million
Current Valuation: $150 million (~estimated)
Key Investors
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding, advice, and connections to early-stage startups. It has been instrumental in the growth of numerous successful companies.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: Dropbox, Airbnb, Stripe.
- Benchmark
- Details: Benchmark is a venture capital firm known for its investments in early-stage startups. The firm has a strong track record of backing high-profile companies.
- Investment Focus Areas: Early-stage technology companies, social media, transportation.
- Notable Investments: Uber, Twitter, Snapchat.
- Blossom Capital
- Details: Blossom Capital is a venture capital firm focused on investing in early-stage technology companies in Europe. It was founded by Ophelia Brown.
- Investment Focus Areas: Early-stage tech companies, particularly in Europe.
- Notable Investments: Checkout.com, Tines, Duffel.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. The firm has a diverse portfolio across various sectors.
- Investment Focus Areas: Technology-enabled companies, fintech, enterprise software, consumer internet.
- Notable Investments: Dropbox, Robinhood, Slack.
- Kima Ventures
- Details: Kima Ventures is a venture capital firm that invests in early-stage startups across various sectors. The firm aims to support innovative and disruptive companies.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: TransferWise, Zenly.
What's Next for Duffel?
As Duffel continues to modernize the travel booking industry, the opportunities are vast. By providing a direct connection between airlines and travel agents through an API, Duffel is poised to capture a significant share of the multi-trillion dollar travel market. The company's expansion into North America and Europe, along with plans to include trains and hotels, highlights the immense growth potential.
Future fundraising opportunities seem promising, especially as Duffel diversifies its services. The backing of prominent investors like Benchmark and Index Ventures suggests that additional funding rounds could be on the horizon. However, challenges remain, such as integrating with complex airline reservation systems and competing with established legacy platforms. Ensuring the platform's reliability and scalability will be crucial as Duffel navigates these hurdles.
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