Italian scaleup BizAway has raised a €10 million funding round led by illimity, which chose to support the scale-up after analyzing its growth plans, which aim to further develop a technological and disruptive business model in a mature sector, such as business travel.
With this operation, illimity’s Growth Credit division, with the team led by Umberto Paolo Moretti, confirms its ability to support innovative companies with high growth potential with operations structured on the basis of specific needs.
The fresh funds will be used to strengthen BizAway’s commitment to research and development of new technologies, such as its latest feature BizzyFlex, which offers the possibility of canceling any booking up to three hours before departure, and to consolidate the company’s position in the field, thanks to new acquisitions and partnerships, in the wake of the one recently concluded with Telepass, which allows the mobility company to offer its private customers the ‘Flights’ inventory, and the acquisition of the NGT agency’s business travel branch.
“We are extremely happy and grateful for this result, which will allow us to strengthen and innovate further,” said Luca Carlucci, CEO and co-founder of BizAway. “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 offering a better and more complete experience”.
BizAway has already raised two rounds of €2 million and €2.5 million in 2020, and another of €10 million in 2022. Founded in 2015, the travel scaleup has over 200 employees, 8 locations worldwide and 1600 customers. With tripled revenue in the last year alone, they are expected to grow quickly to over €100 million. BizAway offers an all-in-one solution to book and manage your business trips with just one click — and save time for the things that matter.
Confirming its rapid development, the scaleup has been confirmed for the third consecutive year as the ‘Growth Leader’ in 64th place in the ranking compiled by Statista and Il Sole 24 Ore, and one of the ‘Fastest growing companies’ in 301st place in the FT1000 ranking compiled by the Financial Times and by Statista.