Travel
startups take different paths in their quest for success, and certainly one of
the less popular routes is to build the company behind a veil of secrecy for an
extended time.
This
strategy – operating in “stealth” mode – can last for many years. Hopper is a
well-known example of a startup that stayed in stealth for about six years.
The idea
of developing and testing a product over time while not sharing any details
publicly can make it difficult to fundraise, that is unless you get early
support from established industry leaders.
That’s
been the case for Spotnana, a corporate travel startup that operated in stealth
for nearly two years before emerging publicly in September.
At that
point the company had already raised $41 million, with most of that coming in
July in a $34 million Series A round led by ICONIQ Capital and Madrona Venture Group.
But those investors aren’t just providing cash. Madrona’s managing director is
Steve Singh, founder and former CEO of Concur, and ICONIQ’s general partner is
Greg Stanger, former CFO at Expedia and Duetto – both are giving Spotnana advice
and affirmation, now visible to the broader travel industry.
In the
recent PhocusWire Pulse: Startups
In The Spotlight event, Spotnana co-founder
and CEO Sarosh Waghmar explains why – and how – the company stayed in stealth
mode and the benefit of being able to “operate without distractions.”
Waghmar
also discusses the power of support from industry veterans, challenges of
scaling and the importance of hiring correctly.
Watch
the full interview with PhocusWire’s Mitra Sorrells below.
PhocusWire Pulse: Startups In The Spotlight - Building in stealth, launching and early phases