nuTravel attracts $3.5 million in funding to expand
nuTravel Technology Solutions announced that it raised $3.5 million in funding.
Investors include Robert Spass, Laurence Cheng, Brad Cooper and Mark Gormley of Capital Z Partners (an alternative asset manager, managing over 4 billion of Private Equity and hedge funds), Joe Zimmel (former Managing Director of Communications, Media & Entertainment at Goldman Sachs), Peter Woicke (former Executive Vice President of the World Bank and IFC), and Rubén Kraiem (Partner in the law firm of Covington & Burling). Robert Spass and Joe Zimmel will be joining the Board of nuTravel and will bring a wealth of business, technology and relationships to nuTravel.
Sixteen months after launching Corporate Travel Solutions (CTS), nuTravel is becoming one of the fastest growing technology companies in corporate online travel reservation tools.
“The Online managed travel business in the United States is expected to more than double in 2009 to $32 billion from $15 billion in 2005 and we plan to be there to capture a significant share of this market”, says Carmine Carpanzano, President & CEO of nuTravel. “The funding and the investors bring substantial value to nuTravel and we will leverage the contacts and connections our investors bring.”
nuTravel will use these funds to accelerate the company’s sales efforts in the US and Canada, adding additional sales and account management staff in key markets and expanding development and customer service to align with our sales efforts. “We have immediate plans to expand our technology to include multiple languages, additional direct connection partners, enhanced hotel listings, and connections to limousine and rail, and then deploy that technology throughout Europe, South America and India, stated Joe Sternlicht, Vice President & CTO of nuTravel.
CTS’s booking tool streamline several processes for its travel agency partners such as:
- A flexible configurable solution that can adapt to varying agency environments
- Retrieving the existing customer profile from the agency’s GDS and having one single area where profiles are stored
- Allowing agencies to retain their own profiles and integrating them without any changes into CTS.
- Booking the actual reservation in the agency’s pseudo city (as if a travel agent were booking the reservation).
- Queue placement and configurable file finishing so the PNR is completely ready for ticketing immediately upon confirming the reservation.
- Advanced searching capabilities and seamless web-direct booking creating a passive booking for web-directs in the GDS
- The ability to book GDS, non-GDS and negotiated fares with one single user interface
- Multi-leg/leg fare functionality displaying “leg fares” in search results
- Travel arranger functionality
nuTravel Technology Solutions, LLC is a leading provider of online travel reservation tools, offering web-based software solutions to travel agencies, travel suppliers and travel related consumer websites. For more information, visit nuTravel at www.nuTravel.com.