The AI-based firm received backing from four venture capitalists
Social revenue platform Joyned secures $8M in Series A funding
Joyned, an award-winning travel tech startup with an innovative social revenue technology platform, has just announced the completion of an $8 million Series A funding round.
The funds raised will fuel Joyned's mission to become a global growth engine for travel and hospitality brands, including product development, consolidating growth in international markets as well as business development and driving sales and growth processes in new verticals.
The round was led by Australian private equity and financial services company Reach Markets and Sentor Investments, a private investment firm based in Australia.
Velocity Ventures, a Singaporean investment fund focused on investing in innovative solutions in the tourism and hospitality sectors also led the round, alongside Lucerne Investment Partners, an Australian private investment group, who also participated.
Joyned’s AI-based social revenue platform identifies critical data such as price perception and sentiment analysis, giving travel sites access to a comprehensive overview of the customer booking journey, which then allows them to offer users personally tailored deals.
With clients reporting increases across a wide range of metrics (KPIs), such as conversion rates, average transaction size, organic traffic and more, Joyned generates improvements in the business performance of travel sites.
By using its social revenue platform, the average booking value of users grows by an impressive 25%, and the conversion rate increases fourfold.
Jonathan Abraham, CEO of Joyned, said: "The platform we have developed addresses the travelers’ need to experience the holiday booking process together. We are the first to bridge the gap between users' desire for shared experiences and the possibility of doing so.
"Together with our partners, we are making a significant difference to the global hospitality industry, which is expected to roll over $4.6 trillion by the end of the year.
"The power of our solution is evidenced by the agreements we have signed with the world's leading travel brands and the impact the solution has had on their businesses.
"We are proud of the support we received from leading funds joining our journey."
Jonathan Cocks, partner of Velocity Ventures, added: “Joyned’s innovative approach to collaborative travel booking experiences and its ability to drive engagement and conversions make it a standout player in the market.
"This investment will help catalyse Joyned's expansion efforts and create lasting value for both customers and stakeholders."
Joyned has made significant strides in its global expansion with commercial agreements with dozens of international travel brands, including a strategic commercial agreement with Amadeus, OYO Vacation Homes and TravelUp.