Corporate events and travel startup Planned secures $35 million in Series B funding and adds Hopper CEO to its board

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Montréal-based corporate events and travel company Planned has successfully secured $35 million CAD in Series B financing to accelerate its product development and support its plans for international expansion. Co-founder Marc-Antoine Bonin envisions leveraging artificial intelligence (AI) to streamline the coordination of events ranging from large-scale conferences like Google’s I/O developer event to smaller gatherings such as company Christmas parties.

Founded in 2017, initially under the name Entr, Planned developed an online marketplace and platform aimed at assisting enterprise events and procurement departments. The platform enables these departments to plan company meetings, track vendors, book travel, and monitor spending, all while ensuring compliance with company policies.

Frederic Lalonde, founder and CEO of Montréal-based travel tech company Hopper, who has joined Planned’s board of directors, expressed strong support for Planned’s innovative approach. He highlighted the company’s potential to revolutionize an industry that remains largely traditional and manual.

Bonin pointed out that events represent the second largest expense for most enterprises, following payroll. He emphasized the manual nature of the current $1.4-trillion events and travel market, which relies heavily on external travel management companies. Bonin believes that Planned’s AI capabilities can automate many of the functions performed by these companies.

The all-equity Series B round was led by Drive Capital from Columbus, Ohio, and included participation from existing investor Outsiders Fund based in New York. An undisclosed institutional investor and a fourth financier also contributed to the round, though Planned did not disclose their identities. With this new capital, Planned’s total funding to date has reached $65 million. Since its previous funding round, the company has seen its revenue grow by a factor of 30, achieving annual recurring revenue in the “multiple millions,” according to Bonin. Inovia Capital, which invested in Planned at the seed stage, sold its stake during the company’s $24.5-million CAD Series A round in 2022.

Planned launched its AI capabilities in June of the previous year, and Bonin intends to use the recent funding to enhance product development, particularly in improving the platform’s travel booking functionalities. The platform’s AI agent can provide recommendations for hotels based on factors such as cost, wheelchair accessibility, and dietary menu options, and can compile these suggestions into a comparison table for users. The support and involvement of Frederic Lalonde, founder and CEO of Hopper, are seen as significant endorsements of Planned’s potential to transform the corporate events and travel industry. Lalonde, a prominent figure in the travel tech sector, brings a wealth of experience and insight that can greatly benefit Planned as it navigates its next phase of growth.

Lalonde’s backing underscores a strong vote of confidence in Planned’s innovative approach and strategic vision. His decision to join the company’s board of directors highlights his belief in Planned’s ability to revolutionize how enterprises manage events and travel logistics through advanced AI-driven solutions. With his extensive background in building and scaling tech companies, Lalonde is expected to provide invaluable guidance and support to Planned’s leadership team.

Planned, which was co-founded by Marc-Antoine Bonin, aims to streamline the process of organizing corporate events and travel. The platform offers an online marketplace and tools that help enterprises plan meetings, track vendors, book travel, and monitor spending—all while ensuring compliance with company policies. Bonin envisions a future where AI plays a central role in automating many of the tasks currently handled manually by travel management companies.

This latest endorsement from Lalonde comes on the heels of Planned securing $35 million CAD in Series B financing. The all-equity round, led by Drive Capital and supported by existing investor Outsiders Fund, as well as an undisclosed institutional investor, brings Planned’s total funding to date to $65 million CAD. This capital injection will be used to further develop the platform’s AI capabilities and enhance its ability to book travel efficiently. Since launching its AI features in June last year, Planned has seen substantial growth, with revenue increasing by a multiple of 30 and its annual recurring revenue reaching multiple millions. The company’s innovative approach has already made a mark in an industry that Bonin describes as “almost tragically old school.”

Lalonde’s support is expected to help Planned capitalize on its momentum and expand its footprint in the corporate events and travel market. His involvement is likely to attract further attention and investment, positioning Planned for substantial growth and impact in the coming years. With Lalonde’s expertise and the new funding, Planned is well-equipped to continue innovating and leading the charge in transforming how enterprises manage their events and travel logistics.