TROOP, the Spain-based Meeting, and Event Planning Platform has secured €10M to further develop its tool aimed at simplifying the organization of in-person meetings and gatherings for businesses.
The Madrid-based business now has plans to develop its platform and introduce TROOP:One, a new offering.
With employees spread across the globe and in various time zones, many businesses today function in a connected, globally distributed environment. The demand for in-person meetings and activities has increased since the pandemic’s days, which presents logistical challenges for businesses.
The mission of Madrid-based TROOP is to address the difficulties presented by the modern workplace by bringing teams together for in-person cooperation in an economical, practical, and sustainable manner.
Recently, the company received €10 million to support its goals. All Iron Ventures and Conexo Ventures also participated in the round, which was jointly headed by Durable Capital Partners LP and Madrona Venture Group.
Dennis Vilovic, TROOP’s founder and co-CEO said:
“Expressing excitement, we announce our partnership with Durable Capital Partners, Madrona, and other investors. This collaboration will enable us to expand our capabilities, drive growth, and better serve our valued customers. As businesses adapt to the constantly evolving nature of the future of work, we have witnessed the enormous effect that technology-enabled meeting planning has had, and we are proud to help deliver solutions for them.”
In 2017, TROOPS established a tech-enabled meeting and event planning platform. Its purpose was to assist companies in organizing, booking, expensing, and managing logistics for in-person meetings, all in one place.
Spanish innovators are targeting the lucrative Meetings, Incentives, Conferences, and Exhibitions (MICE) market. The market is predicted to hit a value of $1.8B by 2030. In-person collaboration solutions are more crucial than ever in the modern workplace. And for that reason, TROOP wants to make it easy.
The adoption of a hybrid workplace by about 60% of businesses has increased the complexity of planning sessions. TROOP aims to help businesses cut down on meeting costs and travel time while prioritizing sustainability. Additionally, it seeks to foster in-person connections amidst a more remote working environment by streamlining planning processes. Customers of TROOP enjoy average expense, time, and CO2 savings for their in-person meetings of up to 22%.
Henry Ellenbogen, managing partner, and CIO at Durable Capital Partners LP:
“Creating meaningful in-person encounters is more difficult than ever as businesses become more hybrid or even completely remote. I think TROOP is in the vanguard of the quickly evolving workplace. Moreover, it is ideally situated to add value for businesses setting up in-person meetings in a more remote environment.
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From its inception, the company has transformed a laborious and time-consuming manual process into a self-serve tool. This tool optimizes meeting schedules based on corporate objectives, using basic inputs. The platform promptly presents the group’s most convenient meeting location and a range of venue options in an easy-to-use format. The dashboard also allows meeting planners to visualize and combine data to quickly and intelligently decide on group travel and work with colleagues and participants.
The business is getting ready to introduce TROOP:One, an end-to-end meeting management platform, to expand its offering. By integrating with established service providers like Spotnana and Center, this offering has enhanced its planning capabilities. The added features include booking, meeting cost management, and other tools to provide a more comprehensive solution.
This additional funding will help TROOP:One get off the ground and support the business’s expansion across Europe and the US as well as its expanding international footprint.
Steve Singh, Executive Chairman of TROOP and MD at Madrona added:
“The meetings and event planning market has traditionally been underserved. The few tools available required large internal teams to produce respectable results. The demand for an intuitive, all-inclusive solution to schedule, reserve, handle expenses for, and plan meetings and events of any size has grown significantly as a result of the pandemic-driven acceleration of distributed workforces. The troop meets that need with a platform that is simple to set up, accessible to all users, and uses local specialists to create distinctive meeting and event experiences.”
