Upgrade Pack flies past £5m seed funding
Upgrade Pack has now secured more than £5m seed funding following a £1.5m private investment round.
The company will launch its travel upgrade platform this year after onboarding its first banking client, which will roll out the app to its high-net-worth customers. It will also move into the North American market.
Upgrade Pack’s market-first app provides exclusive flight and hotel upgrades as part of a loyalty-based membership.
Its closed online marketplace connects directly to airline and hotel APIs, providing users with access to live and exclusive premium seat and room upgrades at a typical saving of 15% to 35%.
Group CEO Craig Unsworth commented: “With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond.
“Alongside launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto.”
The funding increases Upgrade Pack’s market cap to £23m 18 months after being established.
In August last year it revealed a new chairman alongside previous investment.