TripSuite Secures $5 Million to Revolutionize the Way Travel Agencies Operate
Friday, December 27, 2024
TripSuite's holistic AI-powered solution includes CRM, commission tracking, accounting, and analytics
NEW YORK, Dec. 19, 2024 /PRNewswire/ -- TripSuite, the leading software platform for travel agencies, has raised $5 million in seed funding. The round was led by F-Prime Capital, with participation from Bienville Capital Management and Thayer Ventures. The investment will further TripSuite's mission to enhance the agency and traveler experience through product innovation and deepen its commitment to customer success.
According to research conducted by Phocuswright, travel agencies book over $100 billion in travel annually, and have historically relied on an antiquated and siloed software stack resulting in inefficiencies, unnecessary costs, and lost commissions. Today, 38% of Gen Z and millennials prefer a traditional travel agent over online booking. This preference is significantly higher than Gen X or Baby Boomers, representing a generational shift towards using a travel agent. Agencies are actively seeking technology to help them streamline workflows and meet this rising demand.
"We are enabling our customers to harness powerful insights that propel informed decisions and foster deep, personalized engagements with their end clients, the travelers," said Jacey Jones, co-founder and CEO of TripSuite. "This investment empowers us to shape the future of travel, ensuring our customers set the standard for innovation in a dynamic industry."
TripSuite's intuitive cloud-based platform fully replaces legacy software. Agencies using TripSuite collectively book over $1 billion in travel for their clients annually and are saving 20+ hours a week on back-office activities.
"Agencies and advisors are the backbone of the travel economy, and they deserve technology that matches their ambition," said Gaurav Tuli, Partner at F-Prime Capital. "TripSuite is delivering the platform agencies need to lead the future of travel, empowering them to innovate, grow, and provide exceptional experiences for their clients."
TripSuite is setting a new industry standard with its all-in-one, AI-powered platform that consolidates legacy systems into a single, cloud-based platform. Its comprehensive suite of tools includes CRM, commission tracking, accounting, payments and analytics, powering improved efficiency and advanced data insights.
About TripSuite
At TripSuite, we believe our world is enriched when people are exposed to new ideas and cultures through travel. Our cloud-based platform revolutionizes the way travel agencies operate by replacing outdated systems with our innovative, AI-powered solution. We integrate essential tools like CRM, commission tracking, accounting, and analytics into a single platform, empowering agencies to make global exploration accessible and impactful. Trusted by notable agencies including Avenue Two Travel, Brownell Travel, and Cadence Travel, TripSuite is the preferred choice for the world's most innovative travel experts. For more information, visit TripSuite.com.
About F-Prime Capital
F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies. In technology, we focus on enterprise software, fintech and frontier tech; while we're early-stage investors by choice, we'll back exceptional teams at any stage.
F-Prime Capital has over 4.5 billion dollars under management and a global portfolio of more than 290 companies including Benchling, BenchSci, Flywire, FutureAdvisor, Kensho, Lighthouse, Quovo, Recurly, RiskRecon, Snapdocs, Toast and Vendr.
F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA. For more information, visit www.fprimecapital.com.
Media Contact:
Jacey Jones
Cofounder/CEO at TripSuite
jacey@tripsuite.com
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SOURCE TripSuite
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