Identifying the problem of inefficiencies and challenges that plagues traditional travel agencies, Onfly, a Brazilian travel technology company, has raised ~$16 million in a Series A funding round led by Left Lane Capital and Cloud9 Capital to address the problem.
By offering an end-to-end travel and expense management software platform, Onfly aims to revolutionize this space. The platform combines key industry partnerships with a custom-built travel search engine, allowing companies to handle all their travel needs in one place. From booking flights and hotels to managing employee expenses and corporate cards, Onfly provides a comprehensive solution.
Now with a current workforce of 200 employees, Onfly aims to continue building technology that will facilitate and digitize corporate travel not only in Brazil but also across Latin America. The company has already achieved significant growth, serving nearly 1,000 customers of various sizes, ranging from small businesses of 50+ employees to large enterprises of 10000+ employees.
In terms of financial performance, the 2018-born-Onfly has experienced impressive growth. In 2022, it had nearly 400% year-on-year growth. It remains profitable and expects to maintain this strong growth trajectory in 2023.
With the funds, Onfly aims to capitalize on the growing demand for its services and solidify its position as a leading provider of corporate travel and expense management solutions in Brazil and Latin America. The funds will fuel its expansion plans, enable innovation, and support the company's vision of transforming the legacy travel industry through digitization and technology-driven solutions.
The round follows a ~$400,000 seed round in 2021 per Crunchbase, bringing the total raised to date to just around $16.5 million in two rounds.