Madrid-based tech startup Trappit, which claims to have developed various algorithms and software that allow companies to save up to 30% in travel costs, has closed a €700,000 round of investment led by business angels Carlos Cabezón, Miguel Gordillo, Rafael Nebreda and the investment group Grupo de Inversores Diamond.
The two year old startup founded by Luis Martín Lázaro and Daniel de Carvajal had previously raised an undisclosed sum from tech holding eGauss.
According to Trappit’s website the startup is fully focused on the travel sector, developing products “to handle specialised market needs, which rewrite existing rulebooks and expand horizons”. How this translates to real life is a different question.
The company’s two main products are ARPO (Airline Reservation Price Optimisation System) and UAEL-GDS. The former is an algorithm aimed at companies with significant travel budgets -and expenses- and the latter is a “distribution system” to handle other “aspects of travel never covered before”.