Icelandic OTA Travelshift raises $10m in fresh funding

Iceland: Icelandic online travel agency [OTA] Travelshift, which specialises in providing technology-driven travel solutions, has announced a $10 million capital raise in fresh funding from existing shareholders.

The investment, led by GE Investment Management Co., takes the company’s total funding to date to $30 million, having been founded 11 years ago

Travelshift CEO David Stewart, who joined the company just over a year ago, said: “We are thrilled to receive the continued support and trust from our existing shareholders. This financing round enables us to accelerate our growth initiatives and continue to build the next generation of travel through innovative use and application of AI to deliver personalised and seamless travel experiences.”

Harshal Chaudhari, president and chief investment officer at GE Investment Management Co., said: “We are proud to continue supporting Travelshift’s remarkable journey. The company’s unwavering commitment to innovation and customer satisfaction has been instrumental in its success, and we firmly believe in its potential to further disrupt the leisure travel industry.”

In a bid to “revolutionise” how people travel, Travelshift sets out to create an online marketplace for travel bookings and community-led tourist information. Its software is built to offer flexibility and empower and enable trading partners to have full control over their products, sales and services.

Travelshift recently launched Guide to Europe, an AI-powered marketplace for the European leisure travel market, which enables travellers to book everything they need in one checkout and manage their entire journey in just one app. Travellers also gain access to thousands of itineraries that have been optimised by AI.

Users can book a range of accommodation options via the Travelshift platform, ranging from vacation rentals to bed & breakfasts [B&Bs], castles, hostels, cottages, resorts and guesthouses.