February 17, 2020

Flying past £5m in funding. What it means?

By
Vicky Oakes
,
VP of Planning

This week we were thrilled to announce fresh funding – to the tune of more than £1.5m – at Upgrade Pack. The investment continues our strategy of working with private investors and takes total funds raised in the business past the £5m mark, just over 18 months after we established Upgrade Pack.

When we opened up the new funding round to our existing investors and network, we were inundated with interest and support – swiftly reaching the seven-figure sum in a matter of days. And whilst we were understandably delighted in how quickly we were able to raise new investment, we were always confident we would.

Since we first introduced the concept of Upgrade Pack – powered by our unique and proprietary technology – to the investment community, we’ve consistently heard just how unlike anything else Upgrade Pack is. It ticks many of the boxes an investor looks for – it’s disruptive, it’s highly innovative, demand is proven, and it’s (perhaps most importantly) scalable. All of which investors tell us makes for a highly compelling opportunity.

But aside from the fantastic press we’ve seen on the company this week, what does our new fund raise mean for our users, clients, and partners? We break down what to expect from Upgrade Pack in the months ahead and what the funds enable us to achieve this year and beyond.

1.    Launch

The new investment enables us to accelerate and expand our launch plans and speed of integration with airline and hotel partners. We’re ‘done’ on our end in terms of creating the underlying platform, but each new airline and hotel partner does need individual onboarding and integration. We now have additional capacity to work on more integrations concurrently.

As with any disruptive idea or technology, it takes a little time for the industry to adopt something so new and revolutionary. From long procurement procedures to high(er) priority technical projects, the airline and hotel industries are some of the oldest and most complex in the world. Whilst our launch journey has taken a little longer than we’d hoped, we knew when we established the company that ‘some things are worth the wait.’

We’re now in touching distance of launching our app and platform globally. With our first financial services clients ready to go, and our inaugural airline and hotel partners confirmed (with dozens more very close behind), we’ve never been more excited about our product and how it will empower millions of travellers to enjoy luxury for less in 2020 and beyond.

2.    Developing our technology

What if our app could notify you, in real-time, when new and discounted upgrades are available in your most popular destination or most travelled route?

This is just one example of the 100+ features and functionalities that sit on our product roadmap. Whilst our platform is highly disruptive and is the first of its kind, we know we’re just scratching the service of the technology’s capabilities.

In the future, we’ll be able to leverage artificial intelligence (AI) to learn from our users’ behaviour and tailor their Upgrade Pack experience to deliver them with the most exclusive travel upgrades best suited to their travel tastes. 

Air miles and points are a staple in the travel world and we’ve already started working on how we can implement the use of airline, hotel, and other loyalty points for our users to secure valuable travel upgrades.

3.    Growing our team

Whilst we are just over 18 months old, we’ve already built a fantastic team (all of whom own a piece of the company) in London and Singapore, serving our EMEA and APAC businesses respectively. Establishing a North American base is next on the plan.

We’ve identified Toronto as our ideal location and will shortly be opening our office in the city with an experienced team to cover all of North America.

We’re also growing our teams in London and Singapore. If we look like the type of company you’d thrive in, check out our latest roles.

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