Dubai-headquartered business travel platform Tumodo on Thursday announced that it has raised $35 million in a pre-seed round co-led by MENA-focused angel investors.
In a statement, the company said that the new capital will be used to fuel the company’s presence in the UAE market, further product development, and scout for new partnership opportunities in the MENA market.
Founded in 2023, Tumodo is an online B2B travel platform that helps businesses control travel processes including bookings, payments, and optimising travel expenses.
“It is important for us to contribute to the MENA business travel market and make its recovery not only one of the fastest in the world but also to make this market the most technologically advanced,” said Stan Klyuy, Chief Commercial Officer of Tumodo.
“We help companies set up business processes and optimise the management of travel expenses, enhancing employee productivity and ensuring compliance with travel policies. This allows us to reduce the costs on business travel of our clients by 35% on average,” he added.
Tumodo said it currently has over 100 businesses as customers and that it plans to scale its platform to 25 more countries worldwide by 2026.
The company also claimed that its platform has no hidden fees for users. It is currently developing an AI feature that will simplify the process of trip organisation, and its technology can supposedly be integrated into companies’ HR systems.
Tumodo also cited data from the Global Business Travel Association, showing that the worldwide business travel market is making a post-pandemic recovery and reached $933 billion in 2022.