Navan, which operates an expense management platform with an emphasis on travel, had priced shares for its offering at $25 each late Wednesday. It was formerly called TripActions, with the company pivoting to a broader platform when revenue reached zero right after the COVID pandemic hit.

The offering raised $923.1 million for the company, whose shares are trading on the under the ticker NAVN. It set an initial valuation of around $6.2 billion.

The move to the public markets has been a long time coming for Palo Alto, California-based Navan, which first submitted confidential paperwork for a planned offering more than three years ago.

The company had raised $1.2 billion in debt financing and $1 billion in equity funding from venture investors and credit providers, per 附近上门 . Major venture stakeholders include , and .

Growing revenue

Navan had revenue of $329 million in the first half of 2025, up 30% year over year. Growth comes as the company has been investing in developing its agentic AI offering, Navan Cognition, to automate more cumbersome tasks around travel planning and reporting.

Still, the company remains far from profitable. Navan鈥檚 net loss for the first half of this year came in just shy of $100 million 鈥� up about 7% from the year-earlier period. The loss comes amid higher spending on both R&D and sales and marketing 鈥� common for companies on the IPO track 鈥� looking to appeal to growth-hungry investors.

Per its IPO filing, Navan has incurred net losses in each year since its inception in 2015 and 鈥渕ay not achieve or, if achieved, sustain profitability in the future.鈥�

IPO activity has picked up in 2025, with Navan one of several larger recent debuts, including well-received entries by consumer fintech and blockchain lender . We鈥檙e also seeing heightened buzz around potential new market entrants.

Related 附近上门 query:

Related reading:

• Klarna Shares Pop In Long-Awaited Public Market Entry
• Navan Is Finally Going Public For Real

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Finally, however, it looks like it鈥檚 going to happen. On Friday, Navan (formerly TripActions) its first public IPO prospectus. It comes almost precisely three years after the company first submitted confidential paperwork for a planned offering.

Now, after a long wait, the public gets a peek at revenue for the 10-year-old Silicon Valley company, as well as its track record for growth.

At first glance, both look fairly robust. Navan had revenue of $329 million in the first half of 2025, up 30% year over year. Growth comes as the company has been investing in developing its agentic AI offering, Navan Cognition, to automate more cumbersome tasks around travel planning and reporting.

Still, the company remains far from profitable. Navan鈥檚 net loss for the first half of this year came in just shy of $100 million 鈥� up about 7% from the year-earlier period. The loss comes amid higher spending on both R&D and sales and marketing, common for companies on the IPO track, which are looking to appeal to growth-hungry investors.

Per the IPO filing, Navan has incurred net losses in each year since its inception in 2015 and 鈥渕ay not achieve or, if achieved, sustain profitability in the future.鈥� The company also expects its costs and expenses to increase, making future profitability iffy should more customers and higher revenue not follow suit.

Over the years, Navan has also spent quite a bit building up its business. The company has raised $1.2 billion in debt financing and $1 billion in equity funding to date from venture investors and credit providers, per 附近上门 . Major venture stakeholders include , and .

The filing comes amid an increasingly busy period for public offerings of venture-backed companies. Last week, for instance, brought large debuts from ticket marketplace and cybersecurity provider Netskope. And a week earlier, made its somewhat delayed but much anticipated entry onto the .

Related 附近上门 query:

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• Klarna Shares Pop In Long-Awaited Public Market Entry

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, an early and repeat backer, is reportedly aiming to lead the investment. Other existing investors such as and are believed to be participating as well.

New York-based Ramp has evolved into a fintech darling since its 2019 inception. The company has branched out from offering a corporate card into travel, bill pay and . It as of January of this year, sources previously told .

Just over three months ago, in early March, Ramp announced it had nearly doubled its valuation to $13 billion after .

The company declined to comment on the rumored latest financing.

To date, Ramp has secured a total of $1.2 billion in equity financing and $700 million in committed debt funding. Other investors include ,, and .

Ramp competes in a crowded space that includes the likes of , , and .

The company鈥檚 biggest revenue generator is earning interchange fees from its cards. It also makes money through transaction fees on bill payments, SaaS revenue via its Plus offering, foreign exchange from global money movement, and affiliate fees through its travel product, among other things.

If confirmed, Ramp鈥檚 latest funding would be another notch in what is turning out to be somewhat of a comeback year for fintech. On June 12, digital bank Chime made its public market debut, shooting up 37% in first-day trading Thursday on .

Related 附近上门 query:

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• Here Are The Fintech Companies That Could Go Public In 2025
• Circle Shares Soar 168% In First Day On NYSE, Potentially Unlocking IPO Market
• The 附近上门 附近上门

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Altogether, investors put just over $800 million into seed through growth-stage deals across Central America and South America in Q1, per 附近上门 data. That鈥檚 about 17% higher than year-ago levels, but down about 35% from the prior quarter, a robust period for late-stage dealmaking.

For perspective, we charted out total investment, color-coded by stage, for the past nine quarters below.

Round counts declined sequentially and year over year across stages. We expect the Q1 deal counts to rise somewhat over time, however, as seed rounds in particular are commonly reported weeks or months after they close.

Table of contents

• Early stage and seed
• Late stage
• Overall, a muted quarter and a slow period for exits
• Methodology
• Glossary of funding terms

Early stage and seed

Early stage was the strongest area for funding in Q1, attracting around $435 million. Fintech stood out as the dominant theme for investment, with more than half of all early-stage funding going to companies tied to financial services, per 附近上门 data.

Much of the quarterly total came from a handful of larger rounds. Standouts included:

• , a Mexico City-based startup offering credit cards, picked up $160 million in a March Series A led by at a $1.5 billion valuation.
• , a Santiago-based HR software provider, secured $50 million in a January Series B led by .
• , a Brazil-based developer of business travel and expense management tools, landed $40 million in Series B funding in January led by .
• , a Mexico City-based provider of a corporate expense management platform, locked up $35 million in a March Series B led by .

While early stage was up, seed investment declined in Q1, based on reported totals. We expect final numbers to come in somewhat higher, however, as seed financings often enter the dataset weeks or months after they close.

We did see some larger seed financings in the mix for Q1, including an $8 million round for , a Mexico City-based solar provider, and a $6 million investment in , a Brazilian B2B payment tech startup.

Late stage

The pace of late-stage dealmaking slowed down, after a spike the prior quarter. Just $281 million went to rounds at Series C and beyond in Q1. That鈥檚 above year-ago levels, but roughly a third of the Q4 total.

Nonetheless, we did see a number of good-sized rounds close. Some of the larger funding recipients included:

• , a Buenos Aires-based digital banking startup, closed on $66 million in a Series E led by .
• , a S茫o Paulo-based health plan provider for employers, raised a $22 million extension round in February.
• , a Brazilian digital car rental platform, secured $12.5 million in a February Series D.

Overall, a muted quarter and a slow period for exits

It wasn鈥檛 a particularly active quarter for startup exits, though there were some deals that got done.

On the M&A front, , a Brazil-based app for handling vehicle care and expenses, sold to in a deal reportedly valued at $172 million. Other M&A deals for funded startups included 鈥� purchase of , a Brazilian agricultural software provider, and 鈥檚 acquisition of , a Mexico-based fashion resale marketplace.

As for IPOs, Q1 was a pretty quiet period, with no significant offerings from venture-backed Latin American companies.

Will we see a pickup in dealmaking and exits as the year progresses? Who knows. But at least, given Q1鈥檚 toned-down dealmaking levels, there鈥檚 plenty of room for growth from here.

Methodology

The data contained in this report comes directly from 附近上门, and is based on reported data. Data reported is as of April 2, 2025.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 附近上门 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 附近上门 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. 附近上门 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. 附近上门 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)

Related reading:

• Latin America Startup Funding Ticked Higher In 2024
• Q1 Global Startup Funding Posts Strongest Quarter Since Q2 2022 With A Third Going To Massive OpenAI Deal聽
• North America Startup Investment Spiked In Q1 Due To OpenAI, But Seed And Early Stage Fell
• Asia Sags To Lows Not Seen Since 2014

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Last week it seemed like big rounds were making a comeback. That鈥檚 not the case this week, as even the largest rounds were on the small side and there weren鈥檛 a lot of them. Investors continued to go big on biotech and another agtech company made the list, along with a mini golf startup鈥攁 first.

1. , $168M, biotech: Developing drugs is big business, for both biotech firms and investors. This week, Boston-based Odyssey Therapeutics closed a $168 million Series B led by . Odyssey is developing precision immunomodulators and oncology medicines to treat serious human diseases. The company鈥檚 drug discovery engine uses artificial intelligence and machine learning for molecular design, a functional genomics platform for target discovery and other proprietary tech. Founded last year, Odyssey has raised nearly $386 million, according to the company.

2. , $165M, crypto: Crypto and blockchain have been relatively quiet recently, but there does usually seem to be at least one round that makes this list every week. This week it was New York-based Uniswap Labs鈥攖he company behind the Uniswap Protocol exchange鈥� that landed a $165 million Series B led by . The raise values the company at $1.66 billion, . Founded in 2018, Uniswap is a decentralized exchange platform operating on the Ethereum blockchain. The exchange allows users to deposit tokens into larger liquidity pools and buy and sell at predetermined pricing. In a , the company said it has now supported $1.2 trillion in trading volume to date. The company has now raised $176 million, according to 附近上门 data.

3. , $154M, travel: TripActions has been in the news a lot lately. Just two weeks after it was reported the company had confidentially filed to go public next year, the Palo Alto, California-based business travel startup raised $304 million at a $9.2 billion valuation. The round is comprised of $154 million in equity from new and existing financial investors and a $150 million structured capital transaction led by . The business travel startup raised $275 million in a Series F round led by last October at a $7.25 billion valuation. In May, the company was in negotiations to raise funding at a $9 billion valuation. Late last month, first the company had filed confidentially to go public and is aiming for a $12 billion valuation in Q2 of next year. The report also said has been hired to handle the listing.

4. , $150M, sports: Who didn鈥檛 at one point love miniature golf? Apparently many people still do. Chicago-based Puttshack locked up a $150 million from funds managed by and continued support from . The company blends a night out鈥攆ood and beverages鈥攚ith miniature golf and uses its patented Trackaball technology to help automate scoring and create interactive games at each hole. Puttshack plans to use the new cash to expand into many more locations across the U.S. Founded in 2017, the company has now raised $244 million, according to 附近上门.

5. , $125M: Agtech continues to be big with investors. Virginia-based indoor farming startup Soli Organic raised $125 million Series D led by . Soli sells greens and herbs. However, unlike most indoor farming companies that use hydroponics and vertical farming tech, Soli utilizes soil and its own special fertilizer to grow their crops indoors. The company has been around for a while. It started off as Shenandoah Growers in 1989鈥攎aking it an OG of the agtech sector. The company has raised $487.5 million since being founded, according to 附近上门 data.聽

6. , $112M, biotech: Watertown, Massachusetts-based Neumora Therapeutics, a clinical-stage biotech firm developing medicines for brain diseases, closed a $112 million Series B from investors that included (ADG), , and others. Founded in 2019, Neumora has raised $650 million in capital, per the company.

7. , $100M, 3D printing: Los Angeles-based dental 3D printer maker SprintRay raised more than $100 million in a Series D led by the 2, according to a . This is the first disclosed round, per 附近上门 data.

8. , $70M, biotech: Cambridge, Massachusetts-based Matchpoint Therapeutics, a developer of precision covalent medicines to treat immune diseases, closed on a Series A funding of $70 million led by . The company has raised a total of $100 million including its seed round led by and .

9. , $67M, fintech: New York-based financial management platform NorthOne raised a $67 million Series B from new and existing investors. Founded in 2016, the company has now raised more than $90 million from investors such as and , per 附近上门.

10. , $50M, biotech: Boston-based Ascidian Therapeutics came out of stealth and announced it had raised a $50 million Series A from , who also developed the company. Ascidian is trying to treat human diseases by replacing mutated exons at the RNA level.

Big global deals

With so few large rounds this week in the U.S., the biggest round globally went to a China-based firm.

• , which creates computing platforms for smart vehicles, received a $1 billion investment from for a joint venture.聽

Methodology

We tracked the largest rounds in the 附近上门 database that were raised by U.S.-based companies for the seven-day period of Oct. 8 to 14. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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Rounds were not that big this week, as only a handful were $100 million or more. Much like last week, investment was all over the board, as storage, grocery and energy startups led the way in what was a pretty down week.

1. , $125M, storage: The cloud services sector is dominated by the big tech names we all know. Boston-based Wasabi would like to change that, and just this week became a unicorn as it travels down that road. The 鈥渉ot鈥� cloud storage company raised $125 million in Series D equity led by at a valuation of $1.1 billion. The company also expanded its existing debt facility to $125 million. The startup claims it can offer its hot cloud storage鈥攚hich refers to data that is readily available鈥攁t a fifth of the price of the big guys and now has 40,000 customers in over 100 countries. The cloud data market is big, but dominated by incumbents not likely to let new players in. We鈥檒l see if Wasabi can heat things up. Founded in 2015, the company has raised more than $535 million, according to 附近上门.

2. , $120M, grocery: It was this week that San Francisco-based GrubMarket raised $120 million from new investors including 鈥� venture arm. The company develops software and has an e-commerce platform that connects farmers and wholesalers with customers. It鈥檚 been quite busy in the last few years, making 60 acquisitions in the last four years and just last year raised $200 million at a $1.2 billion valuation. Per the story, GrubMarket now has an annual run rate of about $1.5 billion. Founded in 2014, the company has raised approximately $500 million, according to 附近上门.

3. , $100M, energy: Sustainable and cleaner alternatives for power has been a big theme this year for investors. So far this year, the cleantech industry has seen 17 funding rounds worth $100 million or more, . This week included one of those rounds, as Richmond, California-based locked up a $100 million Series B led by . Moxion manufactures mobile batteries and energy storage to enable last-mile electrification in sectors that include construction, transportation, events and entertainment, film production and telecommunications. Although venture capital in general has slowed this year, cleantech is on pace to see a slight uptick from last year, according to 附近上门. Last year, VC-backed cleantech startups saw $7 billion of investmentment, while already this year investors have poured more than $6.6 billion into the sector. Founded in 2020, the company has now raised just more than $113 million, according to 附近上门.

4. , $80M, payments: While digital payments can be convenient, they can also be slow and cluttered with fees. Chicago-based Strike, built on Bitcoin鈥檚 Lightning Network, is looking to allow customers to avoid those hassles. The Lightning Network is known for fast transactions and could be a solution to Bitcoin鈥檚 scalability issues. Strike is looking to leverage that and make cheaper, faster, global payments a real thing for everyone. To that end, the company raised an $80 million funding round led by Ten31, its first funding round, according to 附近上门. The company will look to use that new cash to attract large merchants, marketplaces and financial institutions to its payments platform.

5. , $70M, biotech: Waltham, Massachusetts-based Ventus Therapeutics announced an exclusive license agreement with and received an upfront payment of $70 million in cash as part of the deal. Under terms of the agreement, Novo will help develop and commercialize therapies from Ventus鈥� portfolio. Ventus has developed a platform to identify and develop small molecule therapeutics for a broad range of diseases. Ventus will be eligible to receive up to an additional $633 million in potential milestone payments as well under the agreement. Founded in 2019, the company has raised $370 million, according to 附近上门.

6. , $66M, SaaS: Montclair, New Jersey-based Sitetracker, a developer of deployment operations software servicing critical infrastructure, closed a new round of equity and debt financing totaling $96 million.The round includes $66 million in equity and was led by . Sitetracker has raised nearly $200 million since 2013, per the company.

7. , $60M, human resources: San Francisco-based Workstream extended its Series B funding round with an additional $60 million, bringing the total Series B to $108 million. The extension was led by . The company had developed a mobile-first hiring and onboarding platform for the deskless workforce. Founded in 2017, Workstream has raised $118 million to date, according to 附近上门 data.

8. (tied) , $50M, cloud data services: Denver-based Flatfile, a AI-assisted data exchange platform, locked up a $50 million Series B funding led by . Founded in 2018, Flatfile has raised $100 million, per the company.

8. (tied) , $50M, big data: Palo Alto, California-based observability platform startup Unravel Data closed a $50 million Series D led by . Founded in 2013, the company has raised $107 million, according to the company.

10. , $48M, blockchain: Santa Barbara, California-based blockchain technology platform Candle Labs raised a $48 million funding round. Lead investors in that round were not disclosed. The startup develops software for decentralized services in sectors like finance.

Big global deals

Rounds were on the small side this week for U.S.-based startups. However, there was a large global deal.

• Saudi Arabia-based , a flight booking firm, raised a $1 billion venture round.

Methodology

We tracked the largest rounds in the 附近上门 database that were raised by U.S.-based companies for the seven-day period of Sept. 24 to 30. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

The news was first by . The company is aiming for a $12 billion valuation in Q2 of next year, according to the report. The report also said has been hired to handle the listing.

The business travel startup last raised $275 million in a Series F round led by last October at a $7.25 billion valuation. In May, the company was in negotiations to raise funding at a $9 billion valuation.

The news comes as the IPO market is going through its slowest period in years. Many tech startups have shied away from going public as many of its already-listed brethren have seen their shares take significant haircuts since the beginning of the year.

Few big tech startups have looked to unplug the IPO pipeline. One exception is , which in May made news when the grocery delivery service said it had filed paperwork for a public listing.

Long road

Founded in 2015, TripActions has raised $1.5 billion. While the company now boasts a healthy valuation, times have not always been good for the startup.

TripActions looked like it would become one of the first casualties of COVID-19 when the pandemic took hold in March 2020. With all travel stopped, the company saw its revenue drop to $0. CEO and co-founder openly talked about the problems, including laying off 300 people.

However, in June 2020, the company was able to secure $125 million in debt and doubled down on its newly launched expense reporting platform鈥攁 platform that became popular as many were working from home and had new expenses.

By early 2021, the company was able to raise a $155 million Series E.

Big-named investors in TripActions include , , , and .

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Things picked up a little on the funding front this week, mainly thanks to a monster round from a -founded startup and the immense interest in all things biotech and health care related. Aside from those rounds, marketing, travel and fintech startups also saw some large raises in what may be August鈥檚 best week so far.聽

1. , $750M, energy: A slow week was picked up quite a bit by TerraPower鈥檚 huge raise. The Bill Gates-founded nuclear innovation company secured an equity raise that yields a 鈥渕inimum of $750 million,鈥� the company said in a . The fundraise was co-led by and 鈥攚hich invested $250 million鈥攁s well as Bill Gates. The is among South Korea’s largest energy providers and this is not the only time it will be mentioned here. The round also is one of聽 the largest advanced nuclear fundraises to date. Founded in 2006, TerraPower is an incubator and developer of ideas and technologies. The Bellevue, Washington-based company will use the new money to develop advanced nuclear technology, as well as developing new cancer treatments from nuclear isotopes.

2. , $221M, biotech: As we said earlier, biotech and health care was big this week. Cambridge, Massachusetts-based Orna Therapeutics was the biggest as far as money raised. The RNA therapies developer announced a $221 million Series B. Drug giant joined as a new investor and and also participated in the round. Founded in 2019, Orna has now raised $321 million, per 附近上门.

3.听, $123M, biotech: Cambridge, Massachusetts-based Senda Biosciences was another biotech company that saw love from investors this week. The company is producing 鈥減rogrammable medicines,鈥� where biomolecules can be sent directly to human cells for treatment. Senda locked up a $123 million Series C from investors that included and the . Founded in 2017, the company has raised $266 million to date, per the company.

3. , $110M, marketing: It鈥檚 one thing to create advertising and marketing content, it鈥檚 another to know if it鈥檚 actually doing what it鈥檚 supposed to do. That鈥檚 where VidMob comes in. The New York-based company鈥檚 software helps marketers analyze the quality of that creative content used in digital advertising and gathers insights to help improve its performance. The platform was attractive enough to that it led the startup鈥檚 $110 million Series D聽 this week. Founded in 2014, the company has raised nearly $232 million, according to 附近上门 data.

4.听, $100M, electronics: As mentioned earlier, SK Group popped up again on this list. The energy provider pledged late last month across a range of technology and clean tech industries in the U.S., and it鈥檚 clearly wasting little time. In addition to its TerraPower deal, SK Inc. and invested $100 million in Huntersville, North Carolina-based Atom Power, which is trying to digitize power distribution for EV charging. The company has developed a commercial solid-state digital circuit breaker that allows for smarter and more sustainable power distribution. Founded in 2014, the company has raised nearly $175 million, per 附近上门.

6. , $80M, health care: San Francisco-based Incredible Health, a platform that connects health systems with nurses, closed an $80 million Series B funding led by that values the company at $1.65 billion. Founded in 2017, Incredible Health says it has now raised a total of $97.5 million.

7.听, $75M, fintech: San Francisco-based AtoB, a payments platform for the trucking industry, raised a $155 million Series B, which included $75 million in venture funding and $80 million in debt. The round was 鈥嬧�媗ed by and . Founded in 2019, AtoB has raised $230 million in debt and equity, according to the company.

8. , $50M, travel: San Francisco-based premium air travel startup Aero Technologies raised a $50 million Series B funding and $15 million in convertible notes. The round was co-led by and returning investors and , with new investment from . Founded in 2014, the company has raised more than $104 million, according to 附近上门.

9. , $40M, aerospace: Las Vegas-based Jet Token, a private aviation booking and membership platform, announced a $40 million investment commitment from for post-IPO funding.

10. , $40M, medical devices: Fremont, California-based Moximed, which develops medical devices for people with osteoarthritis, announced $40 million in Series C equity and debt financing. The round was led by . The company did not disclose the ratio of equity and debt. Founded in 2006, the company has raised more than $193 million, per 附近上门.

Big global deals

Not surprisingly TerraPower took the top spot globally, but three non-U.S.-based startups made the top five global list.

• China-based , a manufacturer of multilayer ceramic chip capacitors, raised a Series B worth approximately $331 million.
• , an Israel-based cloud-native networking developer, secured a $262 million Series C.
• Israel-based property management platform closed a $170 million Series E.

Methodology

We tracked the largest rounds in the 附近上门 database that were raised by U.S.-based companies for the seven-day period of Aug. 13 to Aug. 19. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

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Today raised a $55 million Series B, in a round chock full of investors including the aforementioned , Comcast. Previous investors including ,, , and Spike Ventures.

The startup offers over 2,000 fully furnished homes across a handful of cities for business people that need extended stays. It has raised $79.1 million in total venture capital to date, .

When I chatted with Zeus鈥� CEO in September, he told me that the inspiration for the company came from an understanding that real estate has largely been untouched by tech. He added that 25 percent of the company鈥檚 revenue comes from people who 鈥渓ive鈥� with Zeus, or people who have lived in a Zeus site for more than six months.

Zeus poses as a competitor to one of Airbnb鈥檚 more recent offerings: Airbnb for Work. It makes sense that the travel behemoth is keeping its San Francisco competition close.

In a release, David Holyoke, global head of , said that extended-stay and solutions for relocation 鈥渞emains a key focus for Airbnb.鈥� He added that 鈥淶eus Living delivers an exceptional guest experience at affordable prices in key cities, and we are excited to invest in them to accelerate their growth.鈥�

When Zeus last raised in March, Taggar explained that the company鈥檚 focus on traditional corporate housing was succeeding in the long term, while Airbnb was only zeroing in on short term.

鈥淎irbnb isn鈥檛 well suited [for multi-month stays], 鈥� Taggar told TechCrunch. 鈥淲e鈥檙e about half the price of traditional corporate housing for a better product and a better experience.鈥�

For more on Airbnb’s appetite as a corporate investor, check out Jason’s piece on when the venture-backed becomes the venture backer.

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Duffel, a startup focused on building the connective digital tissue between airlines and booking agents, has raised more than once this year.

The company, founded in 2017 according to 附近上门 data, also closed and announced earlier this year. That round, a $21.5 million infusion announced this June, was led by Benchmark. Blossom led the firm’s of $4.7 million. Overall the company has raised a in known venture capital.

Why Should You Care?

It’s Monday morning and there is a deluge of new rounds to catch up on, so why should you care about this one?

A few reasons. First that it’s a UK-based firm that has raised twice in a year from American investors. That doesn’t happen too frequently. And, second, because what the startup is doing makes sense and could prove lucrative.

According to the company, Duffel helps “travel agencies to plug in directly to airlines鈥� reservation systems via an API so that they can pull real-time flight offers, make bookings” and so forth. This reminds us of somewhat. Twilio famously connected companies of any size to telephony services via APIs.

Twilio’s post-IPO, public-market ascent is now legendary. Sticking to our loose analogy, as the travel market is enormous, Duffel could find a neat spot inside of a place where being the handoff between supply and demand could prove lucrative.

The tech-powered travel-focused startup space is busy. But well-funded companies in the space like (), (), and () don’t operate in the same space. Sifted that is a Duffel competitor of sorts, though larger by what we reckon are several orders of magnitude.

Capping, you probably haven’t heard of Duffel before today. That’s because it hadn’t launched. Now it has, with a big check in tow. How far it can get before it raises is our next question, but I’d bet you lunch that Duffel picks up more capital in 2020 if its debut goes well.

Illustration: .