Troop, a corporate meeting technology specialist, has raised $11 million in Series B funding.
The investment was led by Durable Capital Partners and Madrona Venture Group with All Iron Ventures and Conexo Ventures also participating.
Troop, a PhocusWire Hot 25 Startups 2021 company, helps businesses plan, book, expense and manage in-person meetings.
Denis Vilovic, founder and co-CEO of Troop, says: “We are thrilled to partner with Durable Capital Partners, Madrona and our other investors as we continue to drive growth and build out our capabilities to serve our valued customers. We have seen the enormous impact of tech-enabled meeting planning as companies react to the ever changing future of work, and we are proud to help deliver solutions for them."
Subscribe to our newsletter below
The investment will go toward the launch later this year of the company's end-to-end meeting management platform Troop: One, as well as further technology development, adding to the customer success and sales teams and expanding across the United States and Europe.
The startup has increased its team from six to 40 in the past 15 months and says it plans to double it in the next year.
Troop: One will offer meeting planning and booking functionality as well expense management through integrations with Spotnana, Center and other technology providers.
Troop and Spotnana announced a partnership to integrate meeting space and travel booking in mid-2022.
Steve Singh, executive chairman of Troop and managing director of Madrona, says: “The meetings and event planning market has historically been underserved, and the limited tools available required large internal teams to deliver acceptable outcomes. With the pandemic-driven acceleration of distributed workforces, the need for an easy-to-use, complete solution to plan, book, expense and manage meetings and events of any size has increased dramatically. Troop fills that need with a platform that is easy to deploy, can be used by anyone and that leverages local experts to deliver unique meetings and event experiences."
Singh was formerly founder and CEO of expense management platform Concur, acquired by SAP in 2014. He is also an investor in and executive chairman of expense management specialist Center.
Troop funding of $8 million in September 2021 with Madrona leading the round and travel industry veterans including Trivago co-founder Rolf Schromgens, former Egencia president Rob Greyber, former Orbitz CEO Barney Harford and former SAP Concur presidents Jim Lucier and Mike Eberhard also investing.