Italy: Tech-enabled travel management company BizAway has secured €35 million from investor Mayfair Equity Partners.
The investment will be used to support BizAway’s growth in existing and new markets, design and implement new AI and data strategies, develop additional products and services, as well as explore future mergers and acquisitions.
Founded by Luca Carlucci and Flavio Del Bianco, headquartered in Italy, BizAway integrates travel risk management systems into its platform, offers carbon offset options, provides automated features for corporate travel policies, and gives travellers the option to book leisure travel as well.
Additionally, numerous mobility integrations across airline, rail and car rental supports itinerary management across Europe.
In recent years, BizAway has added BizzyPay and BizzyFlex to its offering.
BizzyFlex allows business travellers to cancel any booking by paying a 10 per cent fee, up to three hours before departure or check-in, without the need to provide any explanations, and receive a refund of up to 80 per cent of the cancelled trip’s cost.
BizzyPay is a payment solution designed to simplify and optimise corporate expense management, allowing companies to use physical and virtual credit cards with customisable spending limits, rules, and restrictions.
Luca Carlucci, CEO of BizAway, said: “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.
“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. We are excited about the opportunities ahead and confident that we will reach even more ambitious goals,” he added.
Yusuf Hoballah, partner at Mayfair Equity Partners, said: “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.”
