Upgrade Pack, a London, UK-based provider of a travel upgrade platform, raised £1.75m in new funding.
The company, which has raised over £5m in seed funding, intends to use the funds to launch its travel tech platform and expand into the North American market, with the opening of a Toronto office in H1 2020, and accelerate APAC operations. The funding increased Upgrade Pack’s market cap to £23m 18 months after being established.
Led by CEO Craig Unsworth, Upgrade Pack provides an app that offers exclusive flight and hotel upgrades as part of a loyalty-based membership. Its closed online marketplace connects directly to airline and hotel APIs, providing users with access to live and exclusive premium seat and room upgrades at a typical saving of 15% to 35%.
Upgrade Pack is exclusively distributed through banks and credit card issuers as a premium customer reward, and through corporations as an innovative employee benefit.
The company will launch its platform this year after onboarding its first banking client, which will roll out the app to its high-net-worth (HNW) customers.