Germany-based Lanes & Planes, a leading provider of software-as-a-service (SaaS) solutions for corporate travel in Europe, announced on Monday, October 16, that it has raised €33M in a Series B round of funding.
The Munich-based company delivers innovative solutions for corporate travel experience while focusing on growth and efficiency. With this Series B backing, the company is set to expand its reach and further enhance its innovative solutions for corporate travel needs during rapidly increasing business travel.
“We constantly get feedback, especially from our new customers, on how Lanes & Planes has made them more efficient, in terms of money saved, but also in the time they save from making internal administrative tasks less painful and smoother,” says Daniel Nolte, CTO and co-founder of Lanes & Planes.
“We have built a compelling product that has resulted in incredible customer loyalty, and now, we are in an excellent position to scale rapidly and efficiently in the European corporate travel market,” Nolte adds.
Streamlining corporate travel
Lanes & Planes provides an all-in-one approach in its corporate travel services. The company handles travel booking, approvals, and expense management in an easy-to-use digital platform that offers integrations into all existing company systems.
Additionally, the company features a Germany-based, in-house support team available 24/7 to answer any user questions, issues, or emergencies. The company has earned strong revenue growth since the beginning of 2022, making it a standout player in the European corporate travel industry.
“Spending on business travel will top pre-pandemic levels in 2024, but the actual management and booking of business travel continues to be largely dysfunctional and inefficient,” says Bradley Twohig, managing partner at Smash Capital.
“The team at Lanes & Planes has built an experience that focuses on making life easier for the customer, with a seamless, transparent, and thoughtful way to book and manage business travel. Investing in Lanes & Planes was a no brainer for us, and we are excited to partner with them as they expand,” adds Twohig.
“We are thrilled to have Smash Capital on board as a strategic partner. The firm’s strong track record backing tech-market leaders, as well as its laser-focused growth mindset aligns perfectly with our vision for Lanes & Planes,” says Lanes & Planes CEO Veit Blumschein.
Business travel is here to stay
Despite the rise of video conferencing during the coronavirus pandemic, business travel is still essential for many industries, according to Blumeschein.
In an interview with Wirtschaftsforum, Blumeschein said that by the beginning of 2023, 95 per cent as many business trips had taken place as before the pandemic. He attributed this to the fact that many tasks simply cannot be done remotely.
“In addition, many people from white-collar fields will continue to travel for professional reasons in the future because the human factor cannot be taken into account digitally alone. We notice that many companies that rely primarily on remote work concepts in their employee structure are now increasingly holding on-site retreats and workshops, which is why we are also seeing an increase in group trips,” Blumeschein adds.
Last June, Lanes & Planes partnered strategically with All for One Group, a German IT and consulting group. The partnership will enable medium-sized customers to implement tailor-made travel and receipt management solutions. This is especially important for medium-sized companies with complex IT infrastructures and existing SAP system landscapes.
“We have been using the Lanes & Planes solution since 2022 and are very convinced of this digital end-to-end approach from travel planning to billing,” says Stefan Land, CFO of the All for One Group.
“An equity investment in an impressive young company in conjunction with a strategic collaboration is also an important step for us in our own transformation process into a holistic digitalisation partner for medium-sized companies. The market is huge and will continue to digitise quickly,” Land adds.