Caravelo announced today that it has received a 3 million euro capital injection from Banco Sabadell via Sabadell Venture Capital and Inveready Venture Finance. The new funds will be used to support the growth of the company’s travel subscription solutions.
The news comes at a period of fast growth for Caravelo, who has seen revenue from its subscription solutions double in the first half of the year and is expecting a 4x growth by the end of the year.
The company’s CEO, Iñaki Uriz, stated that:“In the past year, the industry has finally woken up to the power of subscriptions, and we have seen a marked increase in the number of airlines that are working with us to build subscription programs. We are expecting to make new announcements before the end of the year, including the launch of a new type of subscription product by a large carrier in Latin America.”
As the company continues to grow and innovate, data from its clients confirms an increasing adoption of subscriptions by travelers and growing benefits for the airlines.
Volaris’ v.Pass, for example, recently reported a 95% increase in users YoY as well as revenue that is already 105% above pre-covid levels, figures that are in line with the growth seen by other Caravelo customers.
Caravelo’s leadership indicated that the new funds will contribute to strengthening the company’s competitive position, lowering the time to market for new programs and developing more advanced features.
Caravelo is a travel-tech company that provides subscription solutions to the travel industry. We help our clients increase revenue and market share while also improving crisis resilience, reducing the impact of seasonality and creating a better customer experience.
The SaaS company has been providing flight subscriptions solutions and know-how to airlines since 2015 and is currently the only company in the world that can create and manage true flight subscription programs.