Milan-based BizAway, a travel booking solution provider, announced that it has secured €35M investment from Mayfair Equity Partners (Mayfair). This partnership aims to accelerate BizAway’s growth in existing and new markets.
Mayfair Equity Partners is a technology and consumer-focused investor with over £2B in assets.
Yusuf Hoballah, Partner at Mayfair, says, “Anyone who has travelled for work understands the appeal of making business trips easier, quicker, and more reliable. Luca, Flavio, and their team recognised this need and developed an intuitive software platform and paired it with exceptional customer service, which has built a loyal base of repeat customers.”
“While consumer travel has seen significant innovation to enhance the customer experience, corporate travel still lags behind and we’re excited to partner with BizAway in their mission to transform this trillion-dollar industry.”
Mayfair was advised by Clearwater, and Lazard advised BizAway’s shareholders. Investors, including Azimut Digitech Fund, MundiVentures, Gellify Digital Investment, and Exor Seeds, reaffirmed their support in BizAway.
A platform for business travellers
BizAway, founded by Luca Carlucci and Flavio Del Bianco in 2015, has expanded from a two-person startup to a global travel management company with over 300 employees and eight offices across Italy, Spain, Albania, and the UAE.
The company’s growth is driven by its focus on enhancing its travel management system, which includes travel risk management, carbon offset options, and automated corporate travel policy compliance. The platform also supports leisure bookings.
Luca Carlucci, CEO of BizAway, says, “Corporate travel can be a deeply frustrating experience. Legacy systems, processes and behaviours all contribute to exasperation for travellers and the companies they work for. Our proprietary software platform was created with our customers in mind, allowing them to quickly plan and book trips while significantly controlling and reducing costs.”
Carlucci further adds, “Our success is a result of our teams’ dedication, drive and capability in bringing the best B2B travel management provider to market and I’m humbled by our incredible growth over the past decade.”
“We still have ambitious plans and are excited to partner with Mayfair, a team with an impressive track record of rapidly scaling businesses, to transform the corporate travel experience.”
Currently, BizAway serves 1,750 clients and has doubled its annual revenue for three consecutive years.
The Milan-based company has strengthened its presence in the rail sector through partnerships with operators like Renfe, SNCF, and Deutsche Bahn, and is the first TMC to integrate Iryo services into its platform.
Capital utilisation
With its latest funding, BizAway plans to introduce new technological innovations, enhance its AI and data strategies, and develop new products and services for business travellers.
The funds will also support potential mergers and acquisitions, reinforcing its position as a leading platform for business travellers.
Co-founder Carlucci says, “Thanks to the investment received, we look to the future with great optimism. This support will allow us to accelerate innovation and expand our offerings, further strengthening our commitment to revolutionising the business travel sector.”
Recent developments
BizAway’s recent innovations include BizzyFlex, which allows business travellers to cancel bookings up to three hours before departure with a 10 per cent fee and refunds of up to 80 per cent; and, BizzyPay, a corporate card solution that offers flexible, secure, and controlled expense management.
The company raised €4.5M in 2020 through two funding rounds from MundiVentures.
In 2020, BizAway raised €4.5M through two funding rounds from MundiVentures. In 2022, it secured a €10M Series A led by Gellify, Azimut Digitech Fund, EXOR Seeds, and MundiVentures. That same year, it also became the first global Business TMC to earn B Corp certification.
In 2023, BizAway acquired Next Generation Travel’s business travel division and secured €10M in funding from illimity.
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