Flight- and hotel-upgrade marketplace Upgrade Pack has secured $2.2 million in private investment to complete its $6.5 million seed round.
Investment firm Havisham Group led the all-equity round, which increased the company’s market cap to $30 million.
Upgrade Pack operates a proprietary closed marketplace with exclusive real-time deals on premium flight and hotel upgrades at a reduced price.
The London-based company, which was founded in 2018, promises savings of 15% to 35%.
The product is distributed as a perk for customers of banks and credit card issuers, as well as an employee benefit for large corporations.
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The startup says the capital will be used to accelerate its Asia Pacific operations by growing its commercial and marketing teams in Singapore.
Funds will also be used to initiate its entrance into the North American market with a new office in Toronto.
Craig Unsworth, CEO of Upgrade Pack, says, “Many investors have said just how compelling and unlike anything else hitting their desks our app is.
“That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating. It’s also a really pleasing validation of our strategy of growth through private investment rather than venture capital as we take our platform live this year.”