Ritesh Raj, CO-Partner & COO-CuddlyNest.
The Orlando-based travel tech startup announces an additional US$6 million in investor funding. The funds will be used to scale operations, to expand workforce, and to further develop the agility of the team in line with emerging customer patterns in the travel market.
FLORIDA – CuddlyNest has announced that it has raised US$6 million in new funding from its existing private investors. Since its inception in early 2017, the travel tech startup has raised over US$10.5 million.
As a one-stop travel booking platform, CuddlyNest offers all accommodation types, including hotels, hostels, vacation homes, penthouses, and even RVs, heralding their slogan “Travel is for Everyone.” CuddlyNest offers the lowest aggregate commission fee on the global Online Travel Agency (OTA) market, setting out to revolutionize the booking system by cutting unnecessary travel fees using its booking fee-sharing model.
The funding comes at a time when COVID-19 uncertainty had threatened the travel industry. “Continuous capital injection into the industry – whether to CuddlyNest or other startups in travel tech – is the clearest indication that investors and stakeholders are optimistic in their forecasting of what is to come,” said Ritesh Raj, CuddlyNest’s Co-Partner and COO.
The funding will be partially used to expand its global workforce across 2021 and to further strengthen the agility of its team who will continuously be evaluating scaling priorities based on fast-paced market developments paired with exhaustive market research into shifting traveler patterns.
While the travel industry had suffered extensive furloughs and layoffs, the startup maintained its workforce and continued to expand with new hiring largely thanks to its diversified accommodation network that ensured local bookings, thus maintaining a healthy operating performance due to “lockdown fever”.
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