Spotnana Revenue, Valuation, Funding & Investors

Spotnana is valued at $319M as of September 2021, a 13.3x revenue multiple. Spotnana revenue was $24M, as disclosed with its latest round.

Last Spotnana valuation

$319M

Series A · Sep 2021

Last Spotnana funding round

$2M

Undisclosed stage · Sep 2026

Spotnana revenue

$24M

Series A · Sep 2021

Key investors in Spotnana

  • Madrona
  • ICONIQ Capital
  • Mubadala
  • Global Founders Capital
  • 8VC
  • Gokul Rajaram

Spotnana Overview

About Spotnana

Spotnana is a United States corporate-travel technology company providing booking, servicing, policy, payment, and travel-management infrastructure to businesses and partners. The organization serves customers through a defined operating business rather than acting as an investment vehicle. Its team combines sector expertise, customer delivery, technology or physical operations, and continuing product development. Clients use its products or services to solve recurring operational needs in the markets where it is active. Revenue is generated from commercial products, recurring software, or contracted services supplied to customers. The company maintains its own management, workforce, commercial identity, and relationships with customers and suppliers. Its transaction history is tracked under this operating identity so that similarly named businesses in other countries or industries are not combined with it. The cited company and transaction sources establish the identity, location, activity, and role used in this research packet.


Founded

2020

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$24M (Sep 2021)

Valuation

$319M (Sep 2021)

Spotnana Valuation

Spotnana is currently valued at $319M, based on its Series A in September 2021. Read the announcement ↗

The $34M round was led by ICONIQ Capital and Madrona, with participation from Vinod Marur, Gokul Rajaram, Amex Ventures, Decibel Partners, Jeetu Patel and 3 other investors.

Spotnana valuation by funding round

Spotnana valuation by funding round
DateStageValuationRevenue Multiple
Sep 2021Series A$319M13.3x

Spotnana Revenue

Spotnana's latest recorded revenue is $24M, as of its Series A in September 2021. At a $319M valuation, that implies a 13.3x revenue multiple.

Spotnana revenue by funding round

Spotnana revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2021$24M$319M13.3xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Spotnana Funding History

Spotnana has raised a total of $118M across 4 funding rounds.

Spotnana's first fundraising round was a $7M seed round in January 2020. The most recent completed round was a $2M undisclosed-stage round in September 2026.

Spotnana funding rounds

Spotnana funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2026Undisclosed stage-$2M--
Jul 2022Series BDurable Capital Partners (lead); ICONIQ Capital; Blank Ventures; Mubadala; Madrona$75M-Spotnana is a travel-as-a-service platform offering a unified cloud-based technology stack for corporations, travel management companies, suppliers, and technology providers to book and manage travel with a consistent interface for travelers and agents. Founded in 2019 in New York, it aims to modernize the travel industry's infrastructure by breaking down barriers between suppliers and travelers. The company raised $75 million in a Series B funding round on July 26, 2022, led by Durable Capital Partners, with participation from existing investors Madrona Venture Group, ICONIQ Growth, Mubadala Capital, and Blank Ventures. This followed a $41 million raise less than a year earlier when exiting stealth. The funding supports accelerated hiring, particularly in engineering, product, and travel operations, product suite expansion, enhanced customer journey, growth of existing products, talent strengthening, and boosts to data science and engineering capabilities. Spotnana positions itself to capitalize on the rebounding corporate travel market, which was $700 billion in 2020 despite the pandemic and is projected to reach $2 trillion within six years. The round brings total funding to $116 million across five rounds. The platform emphasizes industry-first features and innovations to enable personalization in travel booking.
Sep 2021Series AICONIQ Capital (lead); Madrona (lead); Vinod Marur; Gokul Rajaram; Amex Ventures; Decibel Partners; Jeetu Patel; Mubadala; Akshay Bhargava; Scott Belsky$34M$319MSpotnana is a travel-as-a-service platform providing cloud-based technology infrastructure for the business travel industry. The company emerged from stealth in September 2021 with an open global platform targeting the $1.4 trillion corporate travel market, combining online booking tools, a booking engine, mid-office replacement, and data integrations for travel inventory across a single cloud-based technology stack usable by corporations, travel management companies, suppliers, and technology providers. In September 2021, Spotnana announced a $34 million Series A funding round co-led by ICONIQ Growth and Madrona Venture Group, with participation from Decibel VC, Mubadala Capital, and American Express Ventures. The round valued the company at $319.36 million post-money. This funding followed a previously undisclosed $7 million seed round from 2020. The Series A brought total funding to $41 million and was aimed at expanding engineering teams, building travel operations infrastructure, and continuing product development. At launch, Spotnana had piloted with more than 50 corporate travel customers and grown to over 120 employees. Founder and CEO Sarosh Waghmar noted the company had previously built a profitable business managing over $70 million in annual travel spend. The company described itself as having achieved strong product-market fit and go-to-market execution. Steve Singh, former founder and CEO of Concur, joined as chairman and investor, while Greg Stanger, former CFO of Expedia, joined the board as part of the investment. Following this Series A, Spotnana raised a $75 million Series B round in July 2022 led by Durable Capital Partners, bringing total funding to over $100 million by that point. The company continued rapid expansion, scaling to over 200 employees across eight global locations while securing large corporate customers and travel management company clients.
Jan 2020Seed8VC (lead); ICONIQ Capital; Global Founders Capital; Shah Capital Partners; Madrona$7M-Spotnana raised a $7 million seed round in 2020 from ICONIQ, Madrona Venture Group, 8VC and Global Founders Capital. The round was not announced at the time and was disclosed in September 2021 alongside the company's $34 million Series A, co-led by ICONIQ and Madrona, which took total funding at launch to $41 million. Spotnana is a cloud-based travel technology company that provides a travel-as-a-service platform connecting buyers and suppliers with inventory from global sources, with the aim of rebuilding travel industry infrastructure on modern software and data. The company was founded in 2019 and has engineering operations in Bengaluru, Pune and Mumbai. A $75 million Series B led by Durable Capital Partners followed in July 2022.

Who has invested in Spotnana?

15 investors have backed Spotnana across its funding rounds, including Madrona, ICONIQ Capital, Mubadala, Global Founders Capital, 8VC and Gokul Rajaram.

Lead investors include Durable Capital Partners, ICONIQ Capital, Madrona and 8VC.


Spotnana Investors

Investors in Spotnana by funding rounds participated
InvestorHQRoundsRoleFirst check
ICONIQ CapitalUnited StatesSan Francisco, CA3LeadJan 2020
MadronaUnited StatesSeattle, WA3LeadJan 2020
MubadalaUAEAbu Dhabi2ParticipantSep 2021
Vinod MarurUnited StatesSan Francisco, CA1ParticipantSep 2021
Gokul RajaramUnited StatesSan Francisco, CA1ParticipantSep 2021
8VCUnited StatesAustin, TX1LeadJan 2020
Amex VenturesUnited StatesNew York City, NY1ParticipantSep 2021
Durable Capital PartnersUnited StatesWashington, DC1LeadJul 2022
Decibel PartnersUnited StatesSan Francisco, CA1ParticipantSep 2021
Blank VenturesUnited StatesSan Francisco, CA1ParticipantJul 2022
Global Founders CapitalGermanyBerlin1ParticipantJan 2020
Jeetu PatelUnited StatesSan Francisco, CA1ParticipantSep 2021
Shah Capital PartnersUnited StatesSan Jose, CA1ParticipantJan 2020

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Spotnana

Spotnana has acquired 1 company to date.

Last acquisition by Spotnana was on August 26th 2026. Spotnana acquired TROOP for undisclosed valuation.


Latest Acquisitions by Spotnana

TROOP
Description
TROOP is a Madrid business-travel and meeting-planning software company founded in 2017. Its platform combines flight, hotel, ground-transportation, venue, safety and emissions data so enterprises can compare locations for in-person meetings. Travel, procurement and events teams use the software to evaluate cost, journey duration, attendee origin and carbon impact before booking. The product also supports venue sourcing, itinerary choices, approval flows and planning collaboration. Revenue comes from subscription software and meeting-management services sold to corporate customers. TROOP raised venture financing while expanding internationally from Spain and South Africa. Spotnana acquired the company in August 2026 to integrate group travel and meeting planning into a wider travel-as-a-service platform, while retaining TROOP's operating technology and customer use cases.
HQ CountrySpain
HQ City
Madrid
Deal Date26 Aug 2026
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Spotnana Competitors

Spotnana competitors include listed companies like On The Beach Group, Softcreate Holdings, Locaweb and Commerce.com, and private ones like Gametime and Aero.

Public and private companies comparable to Spotnana
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GametimeUnited StatesSan Francisco, CAPrivate--$314M-
On The Beach GroupUnited KingdomUnited KingdomPublicly listed$163M$48M$326M2.4x
Softcreate HoldingsJapanJapanPublicly listed$217M$51M$310M1.0x
LocawebBrazilBrazilPublicly listed$271M($29M)$332M1.0x
Commerce.comUnited StatesUnited StatesPublicly listed$342M$2M$302M0.9x
AeroUnited StatesSan Francisco, CAPrivate--$300M-

Spotnana Public Comps

Spotnana is still privately-owned, but its public comps include On The Beach Group, Softcreate Holdings, Locaweb, Commerce.com, Coveo Solutions, A2Z Cust2Mate, trivago, EaseMyTrip, Cafe24 and BASE.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
On The Beach Group$163M$48M2.2x2.4x7.6x8.7x
Softcreate Holdings$217M$51M1.0x1.0x4.3x-
Locaweb$271M($29M)1.1x1.0x(10.0x)4.1x
Commerce.com$342M$2M0.9x0.9x184.4x7.3x
Coveo Solutions$148M($25M)1.5x1.5x(9.1x)80.2x
A2Z Cust2Mate$8M($35M)29.2x7.3x(6.6x)(17.5x)
trivago$616M$13M0.2x0.2x11.2x4.9x
EaseMyTrip$57M($5M)4.3x-(48.3x)-

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Common questions about Spotnana

When was Spotnana founded?Spotnana was founded in 2020.
Where is Spotnana headquartered?Spotnana is headquartered in New York City, NY, United States.
Is Spotnana publicly listed?No, Spotnana is a private, VC-backed company.
What is Spotnana's valuation?Spotnana was last valued at $319M in its Series A in September 2021.
How much funding has Spotnana raised?Spotnana has raised $118M across 4 funding rounds.
What was Spotnana's last funding round?Spotnana's last funding round was a $2M undisclosed-stage round in September 2026.
Who are Spotnana's investors?Spotnana's investors include ICONIQ Capital, Madrona, Mubadala, Vinod Marur, Gokul Rajaram, 8VC, Amex Ventures, Durable Capital Partners, Decibel Partners, Blank Ventures and 5 others.
What is Spotnana's revenue?Spotnana's latest recorded revenue is $24M (September 2021).
What is Spotnana's revenue multiple?Spotnana's latest valuation implies a 13.3x revenue multiple ($319M valuation on $24M of revenue).
Which companies are comparable to Spotnana?Companies comparable to Spotnana include Gametime, On The Beach Group, Softcreate Holdings, Locaweb, Commerce.com and Aero.
How many companies has Spotnana acquired?Spotnana has acquired 1 company, including TROOP.

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