Planning for group travel can be a cumbersome process with so many differing personalities. The task isn’t easy for travel planners as well as most options available are catered towards smaller groups. Reposite is a software platform focused on managing the needs of group travel planners. At its core, the platform offers a Supplier Marketplace that allows planners to offer a wide assortment of itinerary options from vetted suppliers. The marketplace is smart in the sense that it takes a data-driven approach to match the right suppliers to the right itineraries. Complementing the marketplace is a set of tools that are designed for travel planners to centralize their group booking workflows, handling everything from contracting to invoicing to proposal generation. Reposite charges suppliers an annual subscription fee for lead generation and charges planners a portion of fees on itineraries booked.
AlleyWatch caught up with Reposite Cofounder Heather Stupi to learn more about the business, the company’s strategic plans, latest round of funding, which brings the total funding raised to $13.5M, and much, much more…
Who were your investors and how much did you raise?
Our investors included Greycroft, Liberty City Ventures, MATH Venture Partners, and BDMI Fund. We raised a $7.5M round
Tell us about the product or service that Reposite offers.
Reposite provides software to professional group travel planners. One of Reposite’s most popular feature is the Supplier Marketplace, which gives planners the ability to discover new suppliers and receive proposals for their active trips, saving them time. The Marketplace enables suppliers (activity providers, restaurants, hotels, venues, transportation, etc.) to be notified of trips happening in their area, so they can proactively connect with planners to win new business.
What inspired the start of Reposite?
Alexa Berube (cofounder) and I were on the early founding team Vettery, a NYC tech startup building a marketplace for the recruiting industry. After Vettery was acquired in 2018 for over $100M, we founded a tourism sightseeing business in NYC. It attracted the attention of massive group travel planners, helping the company to scale and grow quickly. This gave us a window into the group travel planning industry. When we realized just how big the industry was ($352B), and that none of these planners had efficient tools, we decided to apply the marketplace model to the group travel planning industry (and so Reposite was born!).
How is Reposite different?
Most travel tech tends to focus on the end traveler. However, professional travel planners only have tech systems and tools for small groups of less than 10 people. They spend most of their time building complex itineraries in Excel, and managing suppliers and organizing information in offline, manual systems. Reposite is the only tool built specifically for group travel planners – helping them to build custom itineraries, discover new suppliers, and coordinate everything related to the project.
What market does Reposite target and how big is it?
Reposite targets the professional group travel planning industry, which is $352bn in the U.S. alone.
What’s your business model?
Reposite has a SaaS-based model for planners, who can use the software to discover new supplier and build custom itineraries. Suppliers (hotels, restaurants, activities, etc.) looking to grow their business can sign up for an annual subscription, during which they receive unlimited personalized group lead from travel planners on Reposite.
How are you preparing for a potential economic slowdown?
Reposite was founded in the early days of the pandemic – during that time, we invested in the business, and utilized the slowdown in the travel industry to focus on building an incredible product that users didn’t want to live without. That investment paid off, and we maintain this level of discipline today. It’s in our DNA to take calculated, responsible bets to grow market share in the travel industry during slow periods. The user experience and building a best-in-class product will always remain the focus.
What was the funding process like?
We are lucky to be backed by existing investors in both Liberty City Ventures and Greycroft. Over the past few years, we’ve developed new relationships with new investors, and are excited to be adding MATH Venture Partners and BDMI Fund into the Reposite journey as well. Above all else, we believe in the power of relationships to fuel the fundraising process, and it makes for a much better experience for everyone than the traditional “spray and prey” approach.
What are the biggest challenges that you faced while raising capital?
We closed the round just as the economy was starting to enter into rocky territory, which was a bit nerve-wracking as we heard horror stories from other founders of their deals falling apart. Thankfully, our investors had built strong conviction in the team and the company!
We closed the round just as the economy was starting to enter into rocky territory, which was a bit nerve-wracking as we heard horror stories from other founders of their deals falling apart. Thankfully, our investors had built strong conviction in the team and the company!
What factors about your business led your investors to write the check?
Our investors are most excited about Reposite’s trajectory to bring the $352B group travel planning industry from offline to online. There simply aren’t many industries that remain untouched by technology, and they feel that we are the right team to tackle this problem.
What are the milestones you plan to achieve in the next six months?
Over the next six months, the team will work on refining matching algorithms and our recommendation engine to ensure that the right supplier is identified and matched with each itinerary. We’ll also be launching into new markets with a data-driven approach.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Focus on product and users always. If you can make users happy, find a way to keep going.
Where do you see the company going now over the near term?
Onwards and upwards! We’ve build such a strong team, and I’m so excited to take these next steps forward with them.
What’s your favorite outdoor dining restaurant in NYC?
We have so many incredible restaurant partners in New York City, that it’s impossible to narrow down to a single favorite!
