Onfly Secures $40M Series B Funding to Modernize Corporate Travel in Latin America
Onfly, a premier B2B travel technology company operating in Latin America, has made headlines with its recent announcement of securing $40 million in Series B funding. This funding round, spearheaded by Tidemark and backed by Endeavor Catalyst and Left Lane Capital, marks a significant step in Onfly's extensive journey toward democratizing and digitizing corporate travel across the region.
Founded in 2018, Onfly has rapidly positioned itself as a key player in the corporate travel management sector, serving over 2,000 companies including notable names like Vivara, PicPay, Hotmart, and Vtex. The capital raised will be strategically invested in enhancing their technological capabilities, particularly by incorporating artificial intelligence into their platform, boosting marketing and sales initiatives, and facilitating further expansion into Mexico.
CEO Marcelo Linhares emphasizes that this funding is a watershed moment for Onfly, stating, "Corporate travel and expense management in Latin America is undergoing profound digital transformation. In 2023 alone, the market generated nearly $50 billion, yet many companies are still tied to outdated, service-oriented business models. Our mission is to create a user experience for corporate software that mirrors the seamless functionality of consumer apps."
Tidemark's founder, Dave Yuan, echoed this sentiment, highlighting the inefficiencies present in the traditional corporate travel sector. He remarked, "The current systems are outdated, characterized by cumbersome processes and unclear pricing structures. Onfly is set to revolutionize travel management by providing a streamlined, data-driven approach that not only reduces costs for businesses but also enhances the traveler experience."
The travel landscape in Brazil is evolving, and Onfly's quick rise to prominence—now among the top five corporate travel management companies in Brazil—attests to their innovative solutions. The past four years have seen an impressive compound annual growth rate (CAGR) of 110%, with the company projected to reach $250 million in Gross Merchandise Volume (GMV) by 2025.
The Series B funding round also welcomes industry veteran Drew Patterson to Onfly's board. Patterson, who has significant experience from his time at Kayak and Jetsetter, stressed the importance of a digitally focused future for corporate travel management. He stated, "Onfly is not just participating in the market; they are setting new standards through technology that is purpose-built for a contemporary environment."
Onfly offers an integrated travel and expense management platform that allows clients to access a wide range of digitalized travel options—ranging from flights and hotels to buses and rental cars. This shift towards modernization is already yielding results, with some clients reportedly transitioning from 90% offline to 90% online bookings, substantially improving both efficiency and productivity.
Furthermore, Onfly has pioneered the deployment of short-term rentals within the corporate travel sphere, with plans to introduce an additional 5,000 rental units in São Paulo by the end of 2025. Their integrated solution includes a corporate card introduced last year, which has already processed approximately $35 million in payment volume, utilized by 65% of their customer base.
Moving ahead, Onfly aims to attract 2,500 new clients in Mexico by 2027, as they continue to expand their footprint in Latin America’s second-largest corporate travel market. Igor Piquet from Endeavor Catalyst remarked on the significance of this investment, stating, "Onfly is not just a travel tech company, but a pioneering force that is unlocking new opportunities and resources in a sector long shackled by inefficiencies."
Having previously raised $16 million in a Series A round in 2023, Onfly's recent achievements showcase a sustained interest and belief in its vision to transform corporate travel management across Latin America. To explore further about Onfly’s services and innovations, visit their website at www.onfly.com.br.
In conclusion, as Onfly takes bold steps towards redefining the corporate travel landscape, their journey stands as a testament to the power of innovative thinking and the crucial need for technology integration in modern business operations.
Founded in 2018, Onfly has rapidly positioned itself as a key player in the corporate travel management sector, serving over 2,000 companies including notable names like Vivara, PicPay, Hotmart, and Vtex. The capital raised will be strategically invested in enhancing their technological capabilities, particularly by incorporating artificial intelligence into their platform, boosting marketing and sales initiatives, and facilitating further expansion into Mexico.
CEO Marcelo Linhares emphasizes that this funding is a watershed moment for Onfly, stating, "Corporate travel and expense management in Latin America is undergoing profound digital transformation. In 2023 alone, the market generated nearly $50 billion, yet many companies are still tied to outdated, service-oriented business models. Our mission is to create a user experience for corporate software that mirrors the seamless functionality of consumer apps."
Tidemark's founder, Dave Yuan, echoed this sentiment, highlighting the inefficiencies present in the traditional corporate travel sector. He remarked, "The current systems are outdated, characterized by cumbersome processes and unclear pricing structures. Onfly is set to revolutionize travel management by providing a streamlined, data-driven approach that not only reduces costs for businesses but also enhances the traveler experience."
The travel landscape in Brazil is evolving, and Onfly's quick rise to prominence—now among the top five corporate travel management companies in Brazil—attests to their innovative solutions. The past four years have seen an impressive compound annual growth rate (CAGR) of 110%, with the company projected to reach $250 million in Gross Merchandise Volume (GMV) by 2025.
The Series B funding round also welcomes industry veteran Drew Patterson to Onfly's board. Patterson, who has significant experience from his time at Kayak and Jetsetter, stressed the importance of a digitally focused future for corporate travel management. He stated, "Onfly is not just participating in the market; they are setting new standards through technology that is purpose-built for a contemporary environment."
Onfly offers an integrated travel and expense management platform that allows clients to access a wide range of digitalized travel options—ranging from flights and hotels to buses and rental cars. This shift towards modernization is already yielding results, with some clients reportedly transitioning from 90% offline to 90% online bookings, substantially improving both efficiency and productivity.
Furthermore, Onfly has pioneered the deployment of short-term rentals within the corporate travel sphere, with plans to introduce an additional 5,000 rental units in São Paulo by the end of 2025. Their integrated solution includes a corporate card introduced last year, which has already processed approximately $35 million in payment volume, utilized by 65% of their customer base.
Moving ahead, Onfly aims to attract 2,500 new clients in Mexico by 2027, as they continue to expand their footprint in Latin America’s second-largest corporate travel market. Igor Piquet from Endeavor Catalyst remarked on the significance of this investment, stating, "Onfly is not just a travel tech company, but a pioneering force that is unlocking new opportunities and resources in a sector long shackled by inefficiencies."
Having previously raised $16 million in a Series A round in 2023, Onfly's recent achievements showcase a sustained interest and belief in its vision to transform corporate travel management across Latin America. To explore further about Onfly’s services and innovations, visit their website at www.onfly.com.br.
In conclusion, as Onfly takes bold steps towards redefining the corporate travel landscape, their journey stands as a testament to the power of innovative thinking and the crucial need for technology integration in modern business operations.
Topics Travel）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.