The Paris-based start-up, founded by former McKinsey mangers and Apple engineers, has recently raised close to €2m to accelerate the deployment of its modern business travel management solution in France, the rest of Europe, and beyond.
Fairjungle shifts into second gear. After making a name for itself in 2018 in the world of business travel, the start-up intends to accelerate its growth in 2019 with this raise of €1.8m. This round is highlighted by a complementary group of investors such as entrepreneurs Thibaud Elzière (Fotolia, eFounders; PayFit investor) and Eduardo Ronzano (Keldoc; Meero investor), business travel expert Bertrand Mabille (former Europe MD of Carlson Wagonlit Travel), and Whitestones Ventures, an investment fund led by Goldman Sachs alumnus Youssef Kabbaj.
Launched at the end of 2017 by former managers and engineers from McKinsey and Apple, the start-up has developed a solid reputation as an innovative challenger in the world of business travel.
Today, Fairjungle allows business travellers to book all their trips on a single platform in just a few simple clicks, while saving their companies 20-25% on their travel budgets.
Using proprietary algorithms based on the latest machine learning technologies, Fairjungle helps customers reduce the average booking time from 25 minutes to 60 seconds.
Voted 2018 Start-up of the Year at the IFTM Tourism Fair, Fairjungle’s platform today boasts more than 400 airlines and over a million accommodation options, all available at the best prices on the market.
CEO Saad Berrada said, “everything started from our experience as consultants at McKinsey. We spent a fortune travelling but had to do so via a user experience dating back to the 1980s. With the technological tools we have today it was mindboggling that there was such a large gap between leisure and business travel.
“Thus, we set ourselves the goal of providing business travellers with an experience closer to that of Amazon than that of the La Redoute phone catalogue. We worked with a team of former Apple engineers and designers to rethink everything from the ground up; that’s how Fairjungle was born!”
Youssef Kabbaj, managing partner of Whitestones Ventures said, “FairJungle is a one stop shop solution for lean organizations who want more efficient business travel while improving massively the user experience and streamlining the booking process.
“The market is enormous, and the team is amazing. We are very proud at Whitestones Ventures to be part of this adventure as investors and as (very satisfied) clients.”
Fairjungle redesigned the typical booking process of a business traveller to save time and money for all stakeholders involved. Thus, the platform now allows users to book and prepay their next trip (flight and hotel) in less than one minute (vs. an average 25 minutes with traditional tools). On the employer side, travel management is facilitated through automated travel policy functionality, a travel budget approval module, and an accounting reconciliation support tool.
The start-up has also innovated by offering a gamification module allowing businesses to save nearly 30% on their business travel expenses, while improving employee satisfaction. How? By directly influencing the purchasing behaviour of employees and rewarding them for choosing cheaper travel options. Think of it as an “inverted” loyalty program that promotes savings, realigning the financial interests of the company (the payer) and the travelling employee (the trip consumer).
With this raise of nearly €2m, Fairjungle intends to shake up the European business travel market, estimated at more than €260bn. Although the market is still largely in the hands of traditional, poorly-digitised agencies, new players are developing abroad. TripActions, a California start-up, is positioned in the same segment in the US and is now valued at more than €1bn. Fairjungle’s formula for success is to focus on technology and the user experience for both the traveller and employer.