Everbread secures funding in region of $85M from Bessemer Venture Partners

Another week, another big deal in travel technology – this time featuring European startup Everbread which has secured an investment round giving the company a post-valuation of $85 million.

everbread2

CEO Morten Lund hinted at a big deal late last week as the tech industry absorbed news of the Google-ITA Software deal.

The company, which has only come to the surface in recent months after a lengthy period behind the scenes while its Haystack technology was being developed, has taken investment from Bessemer Venture Partners.

Figures are not being disclosed by either party but it is understood that the investment puts the company in the region of 10%-15% of the Google-ITA Software package last week – in other words, between $70 million and $100 million.

Bessemer has a long and successful track record of investment across the digital world including LinkedIn, Skype, Wikia, Yelp and Keynote.

Lund says the next six months for Everbread will be focused on hiring more people for the business and developing its sales programme to help secure more clients for the Haystack system.

Around 35 to 45 travel firms are now in the testing and implementation pipeline for the system, Lund claims.

Commenting on the investment deal, Lund adds:

“Rob Stavis and Eric Arnold of BVP are fully aligned with our vision of the travel industry and we are excited to work together in establishing Everbread as one of the leading technology innovators and providers in the air travel search. Additionally, Rob and team, among others who have approached us, have an amazing attitude.”

Everbread’s profile was given a massive boost last week when it was named by Google alongside the three main GDSs and Expedia – and, of course, ITA – as one of six key players in the technology world between intermediaries and airlines.

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Kevin May

About the Writer :: Kevin May

Kevin May was a co-founder and member of the editorial team from September 2009 to June 2017.

 

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  4. Suncho

    It means that the funding is in the range of 40-50 million. VC’s rarely take more than 50% of a company so at valuation of 85 million funding is around 40-50. Excellent job Morten

     
  5. HotelBlogs

    Wow. This is huge. And Morten makes it happen again. This guy has some balls I tell you. He’s really talented after all what happened to him recently with his bankruptcy problem. I do remember his speech at Le Web 08 and a lot of people around were stunned how this guy speaks for real. Congrats to Morten and his team. It’s going to be interested to see what they will cook to compete with GDS and Google/ITA.

     
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    […] This post was mentioned on Twitter by Alex Bainbridge and others. Alex Bainbridge said: RT @kevinlukemay: Everbread secures funding in region of $85M from Bessemer Venture Partners http://bit.ly/bE3ESB [Tnooz] […]

     
  8. Kevin Foreman

    Congratulations to Morten and the Everbread team. Just one more proof point of how dynamic and fast paced this industry really is becoming.

    Kevin

    ————
    Kevin Foreman, CEO
    Point Inside, Inc.

     
 
 

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