Just days after launching its equity crowdfunding campaign on Crowdcube, Travala, a service that lets users pay for hotel reservations with digital currencies, has successfully secured its initial £200,000 funding target from more than 230 Crowdcube investors.
Founded in 2017, Travala claims it has become the world’s leading blockchain-based traveling booking platform that is trusted by thousands of customers worldwide. The platform currently offers over 2,000,000 hotels and accommodation covering 90,124 destinations in 230 countries and territories.
“Travala.com’s vision is to align travel booking with the ethos of decentralised technology. That being, promote accessibility to anyone, anywhere, offer censorship resistant and peer-to-peer transactions, and build open-source technology controlled by software and governed by users. We aim to be 15% cheaper than the rest of the market, travellers can use 21 different cryptocurrencies in addition to credit/debit cards to pay for accommodation bookings on the website, whilst having the option of earning real-world valued rewards with every booking.”
Travala noted that it generates revenue from multiple areas including booking commission at 5% to 16% of the booking value, listing fees for cryptocurrencies, and business & corporate accounts.
“Looking ahead, we plan to release our native iOS and Android apps in early 2020, improve our platform Geo Location services, increase customer support operations worldwide, increase our marketing activities and implement significant SEO improvements, along with securing more high-profile partnerships from both the blockchain and travel space.”
Funds from the Crowdcube, which is set to close at the end of February, will be used to continue the growth and development of the Travala platform. The company is currently offering 2.84% in equity at a £8,028,000 pre-money valuation.
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