Fairjungle raises €4 million to become Europe's leading low-carbon business travel management solution
After raising €2 million in 2019, Fairjungle has announced that it has completed a new €4 million round with Galion.exe and renowned investors such as Michele Attisani (ESL FACEIT), Ghassan Rachid (A&G Invest) and Bertrand Mabille (ex Managing Director CWT). Thanks to this operation, Fairjungle is positioned as a major player in the digital and sustainable transformation of the business travel management market in France and now in Europe. A market estimated at €260 billion and whose digital revolution is only just beginning.
Fairjungle was created in 2017 by Saad Berrada (Polytechnicien, ex-Goldman Sachs and McKinsey), Samir Idris (Centrale/HEC Paris, ex-McKinsey and Schlumberger) and Bertrand Guiheneuf (INRIA, ex-Apple and CTO of Fotopedia). After launching its web platform and app in 2019, Fairjungle has become a reference in its market. The French startup now has 20,000 active users in more than 300 companies - SMEs and Scale up - in 28 countries and has recorded a 400% growth 2022.
"We are benefiting from a favorable economic climate following the COVID-19 epidemic, which has reshuffled the cards in the sector and created a new demand from companies. The need for more automated and sustainable travel management has never been stronger. Our goal is to achieve ambitious and healthy growth while achieving profitability. The fundraising will be used to accelerate our business development, strengthen our product and tech teams and launch international expansion. Our ambition is to become the leading travel management solution for small and medium-sized businesses over the next 5 years.” said Saad Berrada, CEO of Fairjungle.
Fairjungle combines innovation and sustainable development to reinvent the business travel market
It all started from a simple observation from the founders: while the business travel activity is structural for most companies, its management is still archaic, costly and unsustainable. Indeed, until now, there has been no boldly innovative solution to manage business travel that combines state of the art technology and true impact.
"Travel habits, both personal and professional, are changing and environmental awareness is growing. Sustainability is central to our value proposition and we enable companies to actively participate in reducing their carbon footprint. This is what sets Fairjungle apart from all other players in the market. We engage business travellers in eco-consciousness throughout their journey, not just at the end when all is consumed and done. For example, we enable our clients to compare multiple modes of transport with a single search and optimise each trip in terms of its carbon footprint. We have also built green travel policies that allow us to favour the least carbon-intensive routes and track the carbon avoided in real time. So far, no other player on the market is able to offer this kind of impact, and we are in fact the only business travel company with the Bpifrance Coq Vert label." adds Saad Berrada, CEO at Fairjungle.
The cutting-edge technology developed by the startup simplifies and customises business travel experience the management of business travel by aggregating the content of more than 450 airlines, 1 million hotels, a dozen European train companies and car rental companies. For business travellers, the experience becomes seamless and enjoyable, they can choose from the most complete inventory, with negotiated preferential rates allowing them to save 20-30% compared to traditional agencies.
From a technology perspective, the platform integrates seamlessly with HR and Finance tools, allowing teams to control employee spend in an automated way, with granular and flexible control and real-time cost visibility.
On average, Fairjungle saves its customers:
- 10 hours of work per month for finance teams
- 43,000 euros on the travel budget over 3 years
- 12 tons of CO2 per year
For Kevin Kuipers at Galion.exe : "Companies are radically reviewing their organisation and management methods in the face of a tougher economic context and the climate emergency that they cannot ignore. Despite this new situation, business travel management has remained in the stone age! Anticipating the technological mutation of an entire sector before it even happens: it's a bold move and it's the card Fairjungle has chosen to play. We are confident in the founders' vision and the company's development potential, and are happy to support them in their international development.”
Using innovative technology, Fairjungle is able to aggregate content from over 450 airlines, 1 million hotels, a dozen European train companies and car rental companies, allowing its customers to choose from the most complete inventory, at the best rates and with the best experience, while optimising the overall carbon footprint.
Fairjungle already has more than 40 employees, was voted Startup of the Year at the tourism trade show and selected in the Top 30 of Station F. It is also the only business travel company labelled by Bpifrance Coq Vert for its FairCarbon solution.
Prestigious investors such as Whitestones Partners, Thibault Elzière, Eduardo Ronzano and Bertrand Mabille have put their trust in Fairjungle since the beginning.