Private Equity Backs Travel Upgrade Startup Plusgrade to Do Acquisitions
Photo Caption: Air Canada Signature Class cabin on the 787 Dreamliner. Source: Air Canada.
Skift Take
Expect more travel tech companies to mimic Plusgrade and get private equity backing to be able to do the acquisitions they need to grow during the recovery.
Plusgrade, a company that helps travel businesses persuade travelers to spend more, has a new major investor. Novacap, a private equity firm with more than $6 billion (more than $8 billion Canadian) invested in companies, has taken an undisclosed stake in the upgrade technology vendor based in Montreal.
"Plusgrade is growing a new billion-dollar category where it's the market leader," David Lewin, a senior partner at Novacap, told Skift Monday. "We're well-aligned with Plusgrade and excited not only to support the business as it continues to grow organically, but it's not a secret that we're going to be on the hunt for M&A [mergers and acquistions], both strategic and transformationa
