Reservation technology company Kaptio has received new funding as it looks to expand operations globally.
An investor group led by growth equity fund VEX has acquired a 70% stake in the Iceland-based company, but financial terms of the deal were not disclosed. The company has also raised $2.5 million from the group, which includes private investors and TM Insurance and said it is preparing for additional funding rounds in the future.
"Kaptio has developed an outstanding technology platform for the multi-day travel industry, and we’ve laid the foundation for continued innovation to meet the growing demands of the market," said Viðar Svansson, CEO of Kaptio.
"We are grateful for the support of our departing shareholders, and we look forward to collaborating with our new partners, who bring a wealth of experience in building and supporting companies like ours."
The investment marks Kaptio's first funding since the pandemic. It plans to use the financial support for product development, sales and marketing, cloud operations and to fund new innovation programs with clients.
"The team at Kaptio has succeeded in creating a market-leading product in an exciting and dynamic sector. We are entering at what we believe is just the beginning of their growth journey," said Benedikt Ólafsson, a partner at VEX. "As anchor investors, we are fully committed to supporting the management's vision."
Founded in 2012, Kaptio works to provide services to international enterprise travel operators and sellers ranging in sectors from cruise to rail to group travel with a focus on multi-day travel journeys.
Subscribe to our newsletter below
Svansson said Kaptio's focus is on "innovation-ready" clients with which the company can align its roadmap. And there's more to come.
"Our Kaptio Travel Platform is just the beginning; we launched our latest product, Kaptio Pay, last year and are developing new products and technology partnerships to expand further into digital distribution of multi-day travel through B2C, B2B and B2B2C, and our ecosystem of multi-day travel brands and industry partners," Svansson said.
The reservation technology has a presence in the United Kingdom, Australia, Europe and Canada. Recent successes include a partnership with Braintree, a Paypal company; it is also helping Intrepid Travel with its digital transformation.
"Kaptio has seen remarkable growth over the past year, both in expanding our team and growing our customer base," said Ragnar Fjölnisson, co-founder and chief innovation officer at Kaptio. "As we continue to innovate at the forefront of travel and technology, we're committed to driving even more growth in the coming year—welcoming new talent, strengthening partnerships, and reaching new milestones."
Correction: An earlier version of this story incorrectly reported that VEX acquired a 70% share of Kaptio.