Group travel planning startup Reposite has landed $7.5 million in fresh funding.
The investment in the U.S-based company was jointly led by Liberty City Ventures and Greycroft, with MATH Ventures, BDMI and angel investors also involved.
Reposite, which grew out of the pandemic, says the investment will be put toward hiring data specialists as well as across engineering and product development.
The company has developed an online workspace enabling group trip planners to bring together all the processes involved in putting a group trip together.
The startup has grown in the past year and now wants to develop a data-driven matching platform to make recommendations to trip planners and match them with suppliers more efficiently.
Heather Stupi, Reposite co-founder, says: "We are at the very beginning of that. We have a good foundation from which we can build these new matching algorithms, it's just a matter of building out the right team."
The company, which recently added an RFP tool to the platform, also wants to expand to more U.S. cities and will use insight gleaned from its trip planners to see which destinations are attracting the most leads.
Reposite began monetizing its service earlier this year by taking a fee from all bookings made via the platform, but it says its "big play" is in charging suppliers a subscription service for the markets it has launched in.
Alexa Berube, co-founder, says: "We believe group travel planning is ready for a data-driven refresh. To date, group travel has been weighed down by outdated and manual. It is our mission to modernize group travel and enable our planners to take travel further."
Will Szczerbiak, partner at Greycroft, says: "Reposite has quickly emerged as a marketplace of choice for travel planners and has already built up advantages in both pricing and ease of booking. We believe Reposite is in an excellent position to transform the $127 billion group travel industry and build an enduring company in the sector."
The startup announced funding of $2.5 million in late 2020 in a round led by Liberty City.