Troop, global developer of corporate meeting technology and services, has announced that it has secured $11-million (R201-million) in Series B funding.
The funding will contribute towards expanding the company’s presence in South Africa and globally. Troop plans to engage with engineering and product talent in South Africa and double its current employee base in 2023, as well as build a team of 170 people globally by 2025.
Troop’s technology platform helps companies plan, book, expense, and manage logistics for in-person meetings. The demand for group meetings has increased due to the shift towards a distributed team environment. The company’s customer base ranges from start-ups to well-established global enterprises.
According to Troop co-founder Leonard Cremer: “Troop’s expanding presence in South Africa comes at a crucial time, with the South African economy expected to make an upturn, and its meetings, incentives, conferences and events (MICE) industry likely to grow considerably over the coming year. We look forward to establishing deeper roots in the country since we first established Troop in South Africa in 2021, as well as making our offerings and services more accessible across the continent.”
The global MICE industry was valued at $920-million pre-pandemic and is forecast to show steady growth reaching $1,8-billion by 2030. Approximately 60% of companies have embraced a hybrid working environment adding a further level of complexity to planning meetings.
Troop’s South African-based employees work remotely on a full-time basis. Troop also has a presence in the US and the UK, with plans afoot to also expand its presence and resources in Spain.
The Series B funding round was led by Durable Capital Partners and Madrona Venture Group, with participation from All Iron Ventures and Conexo Ventures. A portion of the investment will be allocated towards the continued growth of Troop’s technology, customer success and sales teams to support the broadening international footprint and rapid expansion across South African, Europe, and the US, and to deliver and launch Troop: One, the company’s end-to-end meeting management platform due to launch later this year.
Troop: One will incorporate enhanced planning capabilities and expand into booking, management, and meetings expenses with deep technology integrations into best-in-class service providers including Spotnana, Center and others, offering flexibility for customers to work with their service providers of choice, delivering a superior customer experience and workflow for corporates planning in-person meetings.