Credo Ventures, a venture capital company focused on investments in Central and Eastern Europe, has acquired a stake in dc plus, a travel technology company through an investment.
Credo Ventures joins previous investor, Earlybird Venture Capital, the European-based venture capital firm which initially invested in dcs plus in 2015, increasing the total amount invested in dcs plus so far to US $6.2 million.
“Travel tech category has experienced massive growth over the past few years, reflecting the fact that travel and tourism industry makes up to 10% of global GDP and accounts for nearly as many jobs,” said Ondrej Bartos, Partner with Credo Ventures. “Surprisingly the sector is extremely fragmented, and inefficient from the customer’s point of view. We strongly believe that dcs plus has developed a very strong suite of products for travel industry, and has the potential to not only become a leading provider of travel software, but also make the market more efficient and transparent for the travelers.”
Cristian Dinca, CEO & Founder at dcs plus, commented: “This investment will open up new possibilities for dcs plus and will allow us to develop and provide innovative products and services to more companies than ever before. We are already preparing the launch of some game-changing technologies quite soon.”
The funding will also support the company to expand its distribution more rapidly in new markets.
“We plan to strengthen our presence in existing markets and to expand our international operations in new regions,” added Dinca. “Our focus areas for the following period are represented by the Middle East, Central and North Africa and Southeast Asia – these being key regions, full of opportunities and with an increased appetite for scalable travel technology.”
Dan Lupu, Partner with Earlybird Venture Capital and member of dcs plus Supervisory Board, said: “Today, the corporate travel technology sector is one of the fastest growing within the global tourism industry. This fresh capital will allow dcs plus to better respond to international TMCs’ challenges and needs by launching new technological platforms for this segment. dcs plus will enable the simplification of the self-booking flow and will improve the overall travel experience for the modern business travelers.”
The first step in the firm’s expansion strategy is the opening a new office in Dubai during the second quarter of 2017, a move expected to allow dcs plus to better serve travel agencies in GCC countries – that is Bahrain; Kuwait; Oman; Qatar; Saudi Arabia and United Arab Emirates (UAE).
Recently, several large travel agencies from Middle East have joined dcs plus customer portfolio.
Founded in 2002, dcs plus is a travel technology company that provides enterprise technology solutions for the travel and tourism industry currently serving customers in more than 45 markets across the globe.