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- Spotnana
Spotnana Revenue, Valuation, Funding & Investors
Spotnana is valued at $319M as of September 2021, a 13.3x multiple on its last reported $24M revenue.
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
About Spotnana
Spotnana is a New York-headquartered travel infrastructure platform launched in 2021. Its Travel-as-a-Service model integrates APIs for corporate and consumer bookings, supplier inventory sales, and global distribution. Serving enterprises with direct connections to airlines, hotels, and rails, Spotnana processes billions in annual travel volume.
Founded
2020
HQ
Website
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.
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
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2021 | Series A | $319M | 13.3x |
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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2021 | $24M | $319M | 13.3x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Undisclosed stage | - | $2M | - | - |
| Jul 2022 | Series B | Durable 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 2021 | Series A | ICONIQ Capital (lead); Madrona (lead); Vinod Marur; Gokul Rajaram; Amex Ventures; Decibel Partners; Jeetu Patel; Mubadala; Akshay Bhargava; Scott Belsky | $34M | $319M | Spotnana 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 2020 | Seed | 8VC (lead); ICONIQ Capital; Global Founders Capital; Shah Capital Partners; Madrona | $7M | - | Spotnana raised an undisclosed $7 million seed round in 2020 from investors including ICONIQ, Madrona Venture Group, 8VC, and Global Founders Capital. The company, founded in 2019 or 2020, operates as a cloud-based travel technology platform providing travel-as-a-service for buyers and suppliers with inventory from global sources. It aims to rebuild travel industry infrastructure using AI and massive data volumes. Headquartered in New York or Palo Alto with major operations in Bengaluru, Pune, and Mumbai, Spotnana had grown its workforce significantly by 2022. The 2020 seed preceded a $34 million Series A in September 2021 co-led by ICONIQ and Madrona, followed by a $75 million Series B in July 2022 led by Durable Capital Partners. |
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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jan 2020 | ||
| 3 | Lead | Jan 2020 | ||
| 2 | Participant | Sep 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Lead | Jan 2020 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Lead | Jul 2022 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jan 2020 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Jan 2020 | ||
This data is available for Pro users. Sign up to see all 15 Spotnana investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions 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
| Description | TROOP is a San Francisco-headquartered data platform that aggregates insights on venue safety, sustainability, service quality, and cost savings to guide corporate event planning. The company processes data from health authorities, travel providers, and ESG ratings to recommend optimal locations for in-person meetings worldwide. TROOP supports enterprises in industries like technology and finance by delivering real-time analytics on COVID protocols, carbon footprints, and lodging expenses. Acquired by Cvent in 2022, it now powers hybrid event strategies for global organizations. |
| HQ Country | |
| HQ City | Madrid |
| Deal Date | 26 Aug 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Spotnana acquisitions and their M&A valuation multiples. Start Free Trial | |
Spotnana Competitors
Spotnana competitors include listed companies like On The Beach Group, EaseMyTrip, ZKH Group and trivago, and private ones like Qyer.com and Holiday Swap.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $458M | - | ||
| Publicly listed | $163M | $48M | $330M | 2.5x | ||
| Private | - | - | $400M | - | ||
| Publicly listed | $56M | ($5M) | $241M | - | ||
| Publicly listed | $1.3B | ($19M) | $445M | 0.2x | ||
| Publicly listed | $632M | $13M | $460M | 0.5x |
Spotnana Public Comps
Spotnana is still privately-owned, but its public comps include Fiverr, On The Beach Group, Lidya Turizm, Theeb, KNT-CT Holdings, Hanatour Service, Addcn Technology, TechTarget, Net Holding and Corporate Travel Management.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $431M | $13M | 0.2x | 0.2x | 5.2x | 1.0x | |||
| $163M | $48M | 2.3x | 2.5x | 7.7x | 8.8x | |||
| $42M | ($16M) | 2.3x | - | (6.1x) | - | |||
| $399M | $189M | 2.3x | 2.1x | 4.9x | 4.8x | |||
| $1.9B | $47M | 0.1x | 0.1x | 5.5x | - | |||
| $427M | $50M | 0.6x | 0.6x | 5.3x | 5.5x | |||
| $73M | $34M | 3.3x | 3.3x | 7.0x | 7.0x | |||
| $487M | ($928M) | 0.7x | 0.7x | (0.4x) | 3.9x | |||
This data is available for Pro users. Sign up to see all Spotnana competitors and their valuation data. Start Free Trial | ||||||||
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 Qyer.com, On The Beach Group, Holiday Swap, EaseMyTrip, ZKH Group and trivago. |
| How many companies has Spotnana acquired? | Spotnana has acquired 1 company, including TROOP. |
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