Lanes & Planes, a prominent Germany-based provider of Software-as-a-Service (SaaS) solutions for corporate travel within Europe, made a significant announcement on Monday, October 16. They have successfully secured €33 million in a Series B round of funding.
U.S.-based Smash Capital spearheaded the funding round, with active participation from existing investors such as Battery Ventures, coparion, DN Capital, and AllIron.
Headquartered in Munich, the company, Lanes & Planes, is committed to delivering innovative solutions that enhance the corporate travel experience, all while emphasizing growth and efficiency. Fueled by the Series B investment, the company is poised to extend its footprint and further refine its inventive corporate travel solutions, in response to the surging demand in the business travel sector.
Daniel Nolte, CTO, and co-founder of Lanes & Planes, reflects on their journey: “We continually receive feedback, especially from our new clients, about how Lanes & Planes has not only made them more cost-effective but also streamlined their internal administrative processes, making them less arduous and more seamless.”
He adds, “We have developed a compelling product that has generated remarkable customer loyalty, and now, we find ourselves in an excellent position to rapidly and efficiently scale within the European corporate travel market.”
Optimizing Corporate Travel Efficiencies
Lanes & Planes offers a comprehensive corporate travel solution that streamlines travel booking, approvals, and expense management through a user-friendly digital platform seamlessly integrated into existing company systems.
Moreover, the company boasts an in-house support team based in Germany, readily available 24/7 to address user inquiries, concerns, or emergencies. Their remarkable revenue growth since the inception of 2022 has positioned them as a standout entity in the European corporate travel sector.
Bradley Twohig, Managing Partner at Smash Capital, comments on the industry: “Spending on business travel is set to surpass pre-pandemic levels by 2024, but the management and booking of business travel remain riddled with dysfunction and inefficiency.”
Twohig underscores the value of Lanes & Planes’ customer-centric approach, emphasizing its role in simplifying the booking and management of business travel. “Investing in Lanes & Planes was an obvious choice for us, and we eagerly look forward to collaborating with them during their expansion.”
Lanes & Planes CEO Veit Blumschein expresses their enthusiasm in welcoming Smash Capital as a strategic partner: “We are thrilled to have Smash Capital on board as a strategic partner. The firm’s strong track record in backing tech-market leaders, coupled with their laser-focused growth mindset, aligns seamlessly with our vision for Lanes & Planes.”
The Endurance of Business Travel
Despite the surge in video conferencing during the COVID-19 pandemic, Veit Blumeschein highlights the enduring significance of business travel for numerous industries. In a recent interview with Wirtschaftsforum, Blumeschein emphasized that by the start of 2023, nearly 95% of the pre-pandemic volume of business trips had been reinstated. He attributed this resurgence to the fact that several tasks simply cannot be executed remotely.
Moreover, Blumeschein noted the irreplaceable human factor, asserting that many professionals in white-collar roles will continue to travel for work. This human element cannot be solely replicated through digital means. Interestingly, several companies primarily reliant on remote work structures have now begun to organize on-site retreats and workshops, leading to a growing trend in group travel.
In June of last year, Lanes & Planes strategically partnered with All for One Group, a prominent German IT and consulting organization. This collaboration empowers medium-sized clients to implement tailor-made travel and expense management solutions, particularly beneficial for companies with intricate IT infrastructures and established SAP system landscapes.
Stefan Land, CFO of the All for One Group, shared his positive experience, stating, “We have been utilizing the Lanes & Planes solution since 2022 and have a high degree of confidence in this comprehensive digital approach from travel planning to invoicing. An equity investment in such a promising young company, coupled with a strategic partnership, is a significant milestone as we embark on our transformation journey to become a holistic digitalization partner for medium-sized enterprises. The market is vast and continues to rapidly digitize.”