TROOP, a startup developing solutions to streamline the planning of corporate in-person meetings and events, has just secured €10 million ($11 million). The Madrid-born company now plans to expand its platform and launch a new product, TROOP:One.
In the modern, globally connected world, many companies operate with distributed teams, with employees located in different parts of the world and under different time zones. At the same time, the appetite for in-person meetings and events has risen since the days of the pandemic – and it’s a logistical challenge for companies to overcome.
Founded in Madrid, TROOP aims to address the challenges of today’s evolving work environment by bringing teams together cost-effectively, conveniently and sustainably for in-person collaboration.
The startup has just secured €10 million ($11 million) to fuel its mission. The round was led by Durable Capital Partners LP and Madrona Venture Group, with participation from All Iron Ventures and Conexo Ventures.
Dennis Vilovic, Founder and Co-CEO of TROOP: “We are thrilled to partner with Durable Capital Partners, Madrona, and our other investors as we continue to drive growth and build out our capabilities to serve our valued customers. We have seen the enormous impact of tech-enabled meeting planning as companies react to the ever-changing future of work and we are proud to help deliver solutions for them.”
Founded in 2017, TROOPS’s tech-enabled platform helps companies plan, book, expense, and manage logistics for in-person meetings, all in one place.
The Spanish innovators are tapping into the lucrative global meetings, incentive, conference, and exhibition (MICE) industry, which is estimated to reach a value of $1.8 billion by 2030. In the modern context of work, solutions that facilitate in-person collaboration are more important than ever, and TROOP want to make it simple.
Approximately 60% of companies have embraced a hybrid working environment adding a further level of complexity to planning meetings. As companies face the challenge of building meaningful in-person connections in a more remote world, TROOP aims to help businesses save on meeting costs, travel time, and planning time, all while keeping a focus on sustainability. TROOP’s customers are benefiting from up to 22% average savings on costs, time, and CO2 emissions for their in-person meetings.
Henry Ellenbogen, Managing Partner and Chief Investment Officer at Durable Capital Partners LP: “As companies become increasingly hybrid or even fully remote, creating meaningful in-person interactions becomes more challenging than ever. I believe TROOP sits at the forefront of the rapidly changing workplace and is well-positioned to deliver value for companies organizing in-person meetings in a more remote world.”
Since its launch, the company has been able to transform what has traditionally been a manual and time-intensive process into a self-serve platform that optimizes meeting planning based on corporate goals. The platform takes basic inputs and quickly and easily presents the most convenient meeting place for the group and a menu of venue options. Meeting organizers can use the dashboard to visualize and aggregate data to make quick and informed decisions about group travel and collaborate with co-workers and participants.
Furthering its offering, the company are set to launch TROOP:One, an end-to-end meeting management platform. This offering comes with enhanced planning capabilities and expansions into booking, management, and meeting expenses with integrations with popular service providers, such as Spotnana, Center and others.
This new funding will fuel TROOP:One’s launch as well as support the company’s growing international footprint and expansion across Europe and the US.
Steve Singh, Executive Chairman of TROOP, and Managing Director at Madrona: “The meetings and event planning market has historically been underserved, and the limited tools available required large internal teams to deliver acceptable outcomes. With the pandemic-driven acceleration of distributed workforces, the need for an easy-to-use, complete solution to plan, book, expense, and manage meetings and events of any size has increased dramatically. Troop fills that need with a platform that is easy to deploy, can be used by anyone, and that leverages local experts to deliver unique meetings and event experiences.”