SalesTrip has raised a $1.4 million seed round for its expense management and travel booking software.
Floreat Group, an independent and privately held group, led the round, which comes in the same year that SalesTrip saw growth of more than 250%.
London-based SalesTrip will use the funds to scale operations in the United States, continue to build out product integrations and increase demand across key markets.
Launched in 2019, the startup has to date raised a total of $3 million, including from SalesTrip founder and CEO Manoj Ganapathy, ex-founder of billing software company InvoiceIT, which was sold to Steelbrek and subsequently Salesforce.
SalesTrip credits its strategic relationship with Salesforce as key to its growth, which comes as company expenditure faces increased scrutiny due to the COVID-19 pandemic.
SalesTrip’s product is built natively on Salesforce’s leading cloud enterprise platform enabling expenses and business travel to be managed against specific commercial activities including sales meetings, customer projects and marketing campaigns.
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At last year’s Salesforce Dreamforce event, SalesTrip was recognized as one of Salesforce’s most innovative partners across its ecosystem of 5,000.
“Almost all areas of a business today have the data‐driven insights to inform decision‐making, yet corporate travel still doesn’t, even though expenses are the biggest variable cost to a business,” says Ganapathy.
“For too long, company leaders have been unable to determine whether large employee expense bills contribute to revenue whether through new customer acquisition, retaining existing ones or general productivity improvements. So, in spite of the halt in travel for much of the year, we’ve been fortunate to partner with some incredible companies looking to get ahead of the competition by better controlling what are notoriously unpredictable costs. And by doing so, secure the confidence and financial backing of external investors for SalesTrip.”
Says Karim Jallad, managing director at Floreat Principal Investing: “We actively seek technology companies and platforms that have strong products with flexible and attractive business models.
“The COVID‐19 crisis has presented unique and severe challenges to the travel and expense management technology sector, with much of business travel grounded. SalesTrip has proven the flexibility, adaptability and strength of its SaaS platform and has thrived despite the global pandemic. For this and many reasons, we are pleased to invest in and partner with SalesTrip.”
SalesTrip is headquartered in six countries across the United Kingdom, Europe and the U.S.