Growth24 June 2021

Traveltek secures £1.3m from YFM Equity Partners to fund product development and US expansion.

The Scottish software developer has raised fresh private equity backing to advance its booking platform and grow its American footprint.

£1.3MGrowth

Traveltek develops software that allows leisure travel companies to bundle hotels, flights, cruises and other services into single transactions. The Scottish firm operates globally with headquarters in Glasgow.

Traveltek has secured £1.3m in growth private equity backing from YFM Equity Partners and co-investor FTI. The capital injection will fund further product development and international expansion in the United States.

Established two decades ago, the Scottish software provider has previously received backing from YFM in 2016. The fresh funds will be directed towards cloud native solutions, platform automation, and building out the Glasgow workforce.

Alongside the funding announcement, the company appointed Phil Aird-Mash as chairman. Aird-Mash brings extensive aviation and tour operating experience from senior roles across the sector.

From the founder

"The pandemic has, and continues to be, a massive challenge for the travel industry, but over the past 16 months, Traveltek has used the time wisely to remain focused on evolving and innovating its product range. The announcement of the £1.3 million investment allows us to expedite the journey to not only reinvent and rebuild our core product , but also create the world’s leading travel technology platform."

Mal Barritt

CEO at Traveltek

Investor perspective

"Despite recent industry challenges, Traveltek has shown great resilience in navigating its way through a fast-changing environment, continuing to invest in its product and finding new ways of supporting its customers. This latest investment will enable it to turbo boost its activities around new product build and development – it is a very exciting time for the business, with the opportunity to create the world’s leading travel technology product and become the global leader in its field."

Steve Harrison

YFM Equity Partners