Latest Lanes & Planes News
Oct 15, 2020
Munich-based business travel platform, Lanes & Planes, raises $10 million in Series A financing Published The business travel and expense solution provider, Lanes & Planes, just announced the completion of their $10 million series A financing. The round is led by Battery Ventures, as the first announced investment in their recently raised $2 billion family of funds. DN Capital also joined the round alongside current investor Connect Ventures. Lanes & Planes’ holistic, end-to-end platform is better adapted to solving business travel needs than alternative solutions. While Lanes & Planes is a globally available solution, the current target market is Germany which represents approximately a €40 billion annual revenue opportunity. As such, the platform is localized to SMEs’ integration needs while providing a holistic solution for trip expense management. The product enables both good corporate citizenship while providing a consumer-like user experience and streamlining back-office processes around post-trip expensing. This investment will be used primarily to continue the strong customer growth and improving the product offering. “The first couple of years we focused entirely on product development and will use this investment primarily to expand our customer portfolio in Germany; we chose to partner with Battery and DN as strong partners to help us grow even faster in the longer term.” said Veit Blumschein, CEO and co-founder of Lanes & Planes. In less than a year, the start-up has migrated up both ‘German Mittelstand’ companies, as well as venture backed growth companies to the Lanes & Planes platform. “We have screened the market for some time and know how difficult it is to develop software that meets the high expectations of both companies and business travelers. Businesspeople today expect a consumer-like experience when booking travel for work. Veit and Daniel have achieved this impressively with Lanes & Planes’ holistic solution and they continue to push the envelope in online, corporate travel”, said Itzik Parnafes, General Partner at Battery Ventures. Nenad Marovac, Managing Partner at DN Capital adds: “We quickly realized that this experienced founding team possesses a vast and at the same time unique domain knowledge, with a product-market strategy that matches our own management philosophy: one market at a time.” Founded in 2017 by Dr. Veit Blumschein and Daniel Nolte, Lanes & Planes is the first holistic travel management solution that covers all areas of business travel digitally: Search and book (all means of travel with the largest inventory in Europe) Cancellation, refunds, and rebooking Expense and receipt management Roles, travel policies and approval Integration with any ERP system (DATEV, SAP, etc.) 24/7 service from trained travel agents Lanes & Planes provides medium to large-sized companies (from 10 regular travelers or more), with an intuitive solution for the booking, processing and expensing business trips. Travel and approval policies can be customized and individually adapted to the traveler or department, while always taking compliance guidelines into account. The Lanes & Planes unique workflow consolidates all the business trip information for the accounting department to easily provide final sign-off. The end offering also provides complete VAT indication, audit trail archiving and automatically syncs with the company’s ERP system.