Mayfair Equity Partners has made a €35 million investment in tech-led travel management company BizAway.
BizAway was founded in 2015 by Luca Carlucci and Flavio Del Bianco and combines proprietary travel management software with inhouse service.
The company acquired the business travel division of Next Generation Travel in 2023 and was ranked the seventh largest TMC in Italy and the 15th largest in Spain in BTN Europe’s Leading TMCs 2024 report. It additionally has teams in Albania and the UAE.
BizAway has served more than 1,600 companies across more than 1.5 million trips and is among only a handful of TMCs to achieve the environmental B Corp status.
The companies said Mayfair’s investment would help accelerate growth in the mid-market and enterprise markets, drive international expansion, fund an ‘innovative’ AI and data strategy, and help support further M&A activity.
According to the companies, BizAway’s annual revenue has doubled over the last three years.
"Anyone who has travelled for work understands the appeal of making business trips easier, quicker, and more reliable. Luca, Flavio, and their team recognised this need and developed an intuitive software platform and paired it with exceptional customer service, which has built a loyal base of repeat customers," said Yusuf Hoballah, partner at Mayfair Equity Partners.
"While consumer travel has seen significant innovation to enhance the customer experience, corporate travel still lags behind and we’re excited to partner with BizAway in their mission to transform this trillion-dollar industry.”
Carlucci added: “Legacy systems, processes and behaviours all contribute to the frustration of travellers and the companies they work for. Our proprietary software platform was created with our customers in mind, allowing them to quickly plan and book trips while significantly controlling and reducing costs.
“I’m humbled by our incredible growth over the past decade. We still have ambitious plans and are excited to partner with Mayfair, a team with an impressive track record of rapidly scaling businesses, to transform the corporate travel experience.”
Mayfair specialises in technology and consumer investments and has assets under management of more than £2 billion.