Ortharize, a UK-based business travel platform, has successfully secured its initial £500,000 equity crowdfunding campaign target on Crowdcube. The funding round has so far attracted nearly 175 Crowdcube investors. Ortharize describes itself as a b2b travel management self-service platform that enables users to book their own flights, hotels, trains and other business travel requirements.
“Ortharize provides a solution to this problem with a business travel booking platform that incentivises staff to spend less with rewards and gamification. By being more price-savvy travellers earn a share of the savings that they generate for their company. Our customer pricing is another source of differentiation. Unlike most competitors in the corporate travel sector we don’t charge booking fees or have annual charges. We feel that this, combined with our innovative incentives platform will lead to rapid take-up.”
Ortharize also noted it has partnered with travel provider, Travel & Transport, to give its platform access to global airline and hotel inventory with pre-negotiated discounts, and commissions from launch.
“Our business model is proven. We plan to generate revenue from a combination of commissions and discounted travel which we mark-up (a similar model to Expedia and many consumer travel sites).”
Funds from the Crowdcube round will be used for an expanded sales team as well as help to accelerate Ortharize’s growth towards its next revenue milestone. The company added:
“We are aiming to exit within 5 years and expect this to be through a trade sale.”
The campaign is set to close at the beginning of March.
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