Mayfair Equity Partners invests €35m in BizAway to fuel global expansion

Dubai: Mayfair Equity Partners ("Mayfair"), a dedicated consumer and technology investor with over £2 billion in assets under management, has announced its €35m investment in BizAway, an award-winning tech-enabled B2B travel management company.

Founded by Luca Carlucci and Flavio Del Bianco, BizAway combines a proprietary and intuitive travel management software platform with 24/7 multilingual in-house customer service. The company also offers a white-label software platform for enterprise customers and, in April 2023, acquired the business travel division of Next Generation Travel.

Since 2015, BizAway has grown from a two-person startup into a multinational business serving over 1,600 customers. Its innovative digital platform and commitment to customer service have enabled the company to achieve 100% annual revenue growth over the past three years. In 2022, BizAway became the first business travel management company to achieve B Corp certification, recognizing its commitment to high standards of social and environmental performance and accountability.

In 2023, BizAway expanded its global presence by opening its first branch in Dubai through a strategic partnership with Seed Group. This expansion marked a significant milestone, as BizAway achieved outstanding results across the MENA region.

Mayfair will partner with BizAway's founders and their team to accelerate growth in existing and new markets. Mayfair’s investment will also enable BizAway to design and implement new AI and data strategies and develop additional products and services to address the challenges faced by corporate travelers. The company will also explore potential M&A opportunities.

"Corporate travel can be a deeply frustrating experience. Legacy systems, processes, and behaviors all contribute to the frustration of travelers and the companies they work for. Our proprietary software was created with our customers in mind, allowing them to quickly plan and book trips while significantly controlling and reducing costs," said Luca Carlucci. "Our success is the result of our team's dedication, drive, and ability to bring the best B2B travel management software to market, and I’m humbled by our incredible growth over the past decade. We have ambitious plans, especially for the UAE and the MENA region, and we are excited to partner with Mayfair, a team with an impressive track record of rapidly scaling businesses, to transform the corporate travel experience."

"Anyone who has traveled for work understands the appeal of making business trips easier, quicker, and more reliable. Luca, Flavio, and their team recognized this need and developed an intuitive software platform paired with exceptional customer service, which has built a loyal base of repeat customers," said Yusuf Hoballah, Partner at Mayfair Equity Partners. "While consumer travel has seen significant innovation to enhance the customer experience, corporate travel still lags behind. We’re excited to partner with BizAway in their mission to transform this trillion-dollar industry."

Mayfair was advised on the transaction by Clearwater (corporate finance), and BizAway shareholders were advised by Lazard (corporate finance).