The travel industry continues to experience rapid growth, with another significant development emerging in the form of a major fundraise by B2B startup Lighthouse. The company has closed a Series C round of $370 million, catapulting its valuation over $1 billion.
Lighthouse’s Plans for the Funding
The newly raised funds will be utilized to continue expanding its datasets, analytics tools, and AI functionality. This injection of capital may also facilitate strategic acquisitions aimed at bolstering the company’s business. To date, Lighthouse has made four successful acquisitions, with the most recent one being Stardekk, which brought an all-in-one hotel software for managing reservations and more.
Record-Breaking Fundraise
The $370 million Series C round is notable not only for its size but also for being one of the largest fundraises by a London-based startup. This significant investment in Lighthouse comes amidst a challenging fundraising landscape, where European startups have been grappling with slower activity in various tech subsectors.
Lighthouse’s Core Offering
At its core, Lighthouse provides business intelligence solutions to hotels and other hospitality providers. The company leverages AI to analyze vast amounts of travel and market data, providing insights that inform business decisions. Its tools target both large hotel chains and smaller operations, with more than 70,000 hospitality providers utilizing its services.
Market Opportunity
The global travel market is estimated to be worth approximately $15 trillion annually, underscoring the vast potential for growth in this space. Lighthouse’s focus on providing data-driven solutions to hotels highlights the increasing importance of business intelligence in the industry.
Quotes from Lighthouse CEO Sean Fitzpatrick
"We’re just getting started in making hospitality data and tools more powerful, accessible, and affordable," said Sean Fitzpatrick, CEO of Lighthouse, in a statement. "I couldn’t be more energized by what we’re working towards."
Investors and Previous Raising Rounds
The recent Series C round saw participation from KKR and other notable investors who also participated in Lighthouse’s previous fundraising rounds.
Investors
- KKR: Led the Series C round
- Spectrum Equity: Participated in both Series A and Series C rounds
- F-Prime Capital: Participated in both Series A and Series C rounds
- Eight Roads Ventures: Participated in both Series A and Series C rounds
- Highgate Technology Ventures: Participated in the previous round
Previous Rounds
- Series A Round: Raised $80 million in 2021
- Previous Round (Series B or earlier): Details not available
