Tuesday 28 January 2020 12:25 am

Fintech startup Upgrade Pack raises $5m seed round for travel rewards

Upgrade Pack has today surpassed £5m in seed funding after securing fresh investment.

The Richmond-based startup provides flight and hotel upgrades as part of a travel-focused rewards app by connecting directly to airline and hotel software.

It did not disclose its investors, though Havisham Group led an earlier part of the fundraise last year.

The startup expanded into the Asia Pacific region in August and will soon enter the North American market with plans to open an office in Toronto in the first six months of this year.

Founded in 2018, the firm is now valued at £23m. The round was partially crowdfunded on Seedrs last year, leapfrogging its target to raise £587,000 in just five days.

“With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond,” said group chief executive Craig Unsworth.

“Alongside launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto.”

David Brownlow, who is vice chairman of campaigning for the Conservative party and a co-founder of resourcing firm Huntswood, joined Upgrade Pack as its chairman last year.

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