Entravel Group has raised $7.5 million to expand its travel technology infrastructure beyond the cryptocurrency sector and into the broader travel and consumer markets. The round included Finality Capital, Joseph Lubin, Ethereal Ventures, GSR Ventures, Varrock, G1 Ventures, Seier Capital, Veris Ventures, FunFair Ventures, and WTG Ventures.
Entravel initially built travel infrastructure used by cryptocurrency platforms including Kraken, MetaMask, and KuCoin. The company said its technology now powers travel services across more than 40 platforms that collectively reach approximately 300 million users.
According to Entravel, implementations of its technology have generated conversion rates exceeding 10%, compared with what the company describes as typical industry conversion rates of between 1% and 3%.
The company now plans to bring the infrastructure model developed for crypto platforms to traditional travel and consumer companies. Entravel sees an opportunity to provide the underlying technology for companies seeking to offer travel products without building their own booking infrastructure.
Entravel cited an online travel market approaching $1.2 trillion annually as a major opportunity for its expansion strategy. The company plans to position itself as an infrastructure provider rather than another consumer-facing booking platform.
KEY QUOTES:
“We started by building the travel engine behind Kraken, MetaMask and KuCoin. That is 40+ platforms, 300 million users, and conversion rates north of 10%. Now we are taking that same model into traditional travel.”
“Online travel is approaching $1.2 trillion this year. We see that the industry does not need another booking platform, but needs the infrastructure underneath it. That is what we are here to build.”
Entravel Group statement
