Traveltech1 SCR - Top Seeds Lab

Travel Tech 1 SCR is a 7 million euros fund focused on early-stage travel tech startups of Europe (excluding the UK) and LATAM, which achieves a more balanced risk-return trade-off by only investing in companies with B2B models that could be supported by the world-class Advisory Board of Top Seeds Lab.

Legal Name

TRAVEL TECH 1 SMART INVESTMENTS SCR PYME SA (self-managed) (aka, Travel Tech 1 SCR).

Legal Structure

Limited Partnership authorized by the Spanish Stock & Exchange Commission (ISIN: ES0180541007 and CFI: CPCGLQ). “EU Regulated Venture Capital Firm”. Its bylaws are not only compliant with the Spanish 2015 VC Law & EU Directive, but also follows the guidelines of AXIS, which supposes the highest reporting and transparency requirements to safeguard the interests of public & private investors.

Managing partners

Ignacio Macias Zaldivar &
Dr. Javier González-Soria y Moreno de la Santa

Leading Investor

Fond-ICO Global FCR, the fund of funds of the Kingdom of Spain, holds the 49% of the capital as Travel Tech 1 SCR won Fond-ICO’s 9th Call and was then selected by AXIS as one of their funds to invest. It acts as a blind investor.

Fund Type and Size

VC Multistage (Seed-Acceleration, Early Growth, Series A). Total Fund Size: 7 Million Euros.

Portfolio

11 startups of the vertical named «TravelTech» with B2B or/and B2B2C models: Beonprice, Chekin, Doinn, myHotel, Staymyway, Servantrip, Triporate, TroopTravel, Turismoi, Venuesplace, Visor.ai

Fund Term and Fee Structure

Four years, ending in November 1st, 2021 (2 more years extension maximum). 2 years of investment, until December 31st, 2019, and 2 years of disinvestment. 2,75% of the objective capital as Management Fee; 25% carry.

Return for Limited Partners

88% accumulated in 4 years (107,83% total). If it is not reached by then, the life of Travel Tech 1 SCR will be extended two more years. Hurdle Rate for Limited Partners: 8% per year, calculated per each different disbursement.

Status

Fundraising is closed.. The Limited Partners must be accredited investors, only by invitation. Investors are Family Offices, Angel Investors and top travel leaders, from Spain, LATAM and USA. The selection and first funding in the 11 startups is completed, and now all the remaining funds will be allocated into follow ons.