Spanish travel-tech Caravelo reaches new heights with €3.5 million Series A funding round

- October 3, 2023

Caravelo, the travel-tech startup that provides travel subscription solutions for travel companies, announced the closing of €3.5 million in a Series A funding round led by Samaipata, with participation from Adara Ventures and other existing investors.

The Barcelona-based startup was founded in 2015 by Iñaki Uriz and José Luis Vilar and currently collaborates with over 20 airlines, including Volaris, Alaska Airlines, and Wizz Air.

Furthermore, it was recently chosen by the Scaleup Spain Network program as one of the 13 startups with the highest growth potential in Spain.

This funding round represents one of Samaipata’s largest investments in an early-stage startup and highlights Caravelo’s growth potential, as well as its leadership position in the travel subscription market in travel companies. 

Luis Garay, a partner of Samaipata, stated, “Caravelo’s product is light years ahead of any other similar solution, being the only one designed to meet the needs of large multinationals.” 

He added, “This position as an industry leader and its large customer base makes it a very attractive strategic investment for us.”

The increasing demand for Caravelo’s solution, as well as the success stories of clients such as Alaska and Volaris, have also been key to receiving funding from Adara Ventures.

Ross Strachan, Principal at Adara Ventures, stated that “Caravelo is well positioned to take advantage of the growing popularity of travel subscriptions, and we are proud to continue to support the team in this growth phase.”

Caravelo’s CEO and co-founder, Iñaki Uriz, commented, “This investment will provide Caravelo with the necessary tools to meet the growing demand for its products, allowing us to continue the expansion of our team and the development of our solution.” 

Additionally, Jose Luis Vilar, CPTO and co-founder, also noted that from a business perspective, Caravelo’s revenues have been growing steadily over 100% year-on-year for the past three years, boasting a valuation 50% higher than last year.

The funding round follows a series of recent commercial successes for the company, including the announcement of the first “all you can fly” flight subscription in Latin America and the first real flight subscription in Europe.