- The round was led by Drive Capital, with the participation of Outsiders Fund and two other firms, bringing total funding to $65M since the initial launch in 2017 - Planned helps Meetings & Events leaders manage their sourcing, payments, and policies through AI-accelerated service - The investment will enable Planned to expand its AI and travel capabilities, solidify its position as the true one-stop-shop global service provider for travel and events - Funding comes after a year of significant growth, with a 5x YoY revenue growth since the beginning of the year.
MONTREAL, July 18, 2024 /PRNewswire-PRWeb/ -- Planned, the first end-to-end solution for Travel & Events, today announced it has raised 35 million in a Series B round led by Drive Capital, with the participation of Outsiders Fund and two other firms. This new funding brings the total capital raised by Planned to $65M.
"We've made remarkable strides since our Series A, achieving a 30x increase in revenue and earning the trust of major clients including PwC, Block, and AWS," said Marc Bonin, CEO of Planned.
The Series B funding will enable Planned to reinforce its AI capabilities, continue its global expansion, and launch its Online Booking Tool to become the first one-stop-shop for Travel & Event leaders.
"The Meetings & Events industry is highly complex and remains profoundly traditional and labor-intensive to this day. But AI changed everything. Our vision is that by combining human service and AI, we can challenge the status quo that traditional travel & sourcing agencies (TMCs) present and provide a faster, more personalized service to clients. We believe that the TMC of the future has to be tech-enabled, and fundraising will allow us to accelerate our development."
By augmenting sourcing capabilities through its AI-driven platform, Planned ensures that 100% of travel and events are booked within policy, at the right price. T&E is typically the second-largest spend after payroll, making Planned a highly strategic partner that can quickly generate millions in savings.
"We're thrilled to support Planned in their growth phase," said Masha Khusid, Partner at Drive Capital. "Their unique positioning, selling service powered by AI, sets them apart in the market. We've seen exceptional execution from the team and believe in their vision to revolutionize the Travel & Events industry."
In addition to the funding announcement, Planned is excited to welcome Frederic Lalonde, CEO and Co-Founder of Hopper and former VP at Expedia, to its Board of Directors. "Joining Planned at this pivotal moment is incredibly exciting," said Frederic Lalonde. "Planned's innovative approach makes it a standout in an industry that is almost tragically old school. I look forward to contributing to its continued success and expansion."
About Planned
Planned is the first source-to-pay service for Travel & Events accelerated by technology. Founded in 2017, Planned combines human service with AI to deliver cost-effective, scalable, and customized sourcing and booking services. Trusted by major clients including PwC, Block, AWS, and Instacart, Planned consistently generates 13% or more on multi-million dollar budgets, enabling more in-person connections.
For more information, visit planned.com.
Media Contact
Lucie Loubet, Planned, 1 5146258717, [email protected], www.planned.com
SOURCE Planned
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