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Former Concur and Expedia executives backed Spotnana to rethink business-travel software

By TheFinanceBase Team 7 min read

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Spotnana is a New York-based travel-technology company founded in 2020 by Sarosh Waghmar and Shikhar Agarwal. It emerged from stealth on September 23, 2021, announcing a $34 million Series A led by Madrona Venture Group and ICONIQ and $41 million in total funding. Concur co-founder and former CEO Steve Singh became executive chairman, while former Expedia CFO Greg Stanger joined the board as an ICONIQ investor. The company’s pitch was broader than a new booking screen: it wanted to rebuild the cloud infrastructure connecting corporate travelers, travel-management companies (TMCs), suppliers and travel software.

That launch came while companies were still unsure when business travel would recover from COVID-19 disruption. Spotnana’s later funding, named customers and TMC products show that the idea developed into an operating platform, although the public evidence does not establish market leadership, profitability or universal customer savings.

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What Spotnana announced in September 2021

Spotnana’s public launch on September 23, 2021 combined a new financing with a product thesis. The company said it had raised $34 million in Series A funding from Madrona Venture Group and ICONIQ, bringing total funding to $41 million at launch. The launch announcement is available from Business Wire; contemporary coverage from GeekWire described the post-pandemic uncertainty surrounding the market.

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Spotnana said it already had more than 50 early corporate travel customers and was working with TMCs and technology partners. That was a launch-era company statement, not a measure of the entire market or an independently audited customer count.

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Milestone What was announced
2020 Spotnana founded, according to its current company facts page.
September 2021 $34 million Series A; $41 million total funding at public launch.
July 26, 2022 $75 million Series B led by Durable Capital Partners, with Madrona, ICONIQ Growth, Mubadala Capital and Blank Ventures participating.
March 2026 Spotnana reported more than $115 million in total funding on its official facts page.

The 2021 and 2022 figures describe separate financing milestones, so they are not contradictory. The Series B announcement is documented at Spotnana’s newsroom.

The executives behind the investment

Steve Singh

Singh co-founded Concur and served as its CEO before SAP acquired the travel-and-expense software company. At Spotnana he took an operating governance role as chairman or executive chairman, rather than appearing only as a passive investor. He was associated with Madrona Venture Group. Spotnana later quoted Singh expressing enthusiasm about investing after more than two decades leading Concur; that is a company-provided endorsement, not independent proof that Spotnana would succeed.

Greg Stanger

Stanger was Expedia’s chief financial officer and was an investor at ICONIQ when Spotnana launched. Spotnana’s launch materials identify him as a board member. His background added large-scale online-travel finance experience to Singh’s corporate-travel software history.

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Travel-operations experience

The launch announcement also named Bill Brindle, formerly chief operating officer of American Express Global Business Travel and HRG, as vice president of travel operations. The combination mattered because Spotnana was proposing both a software architecture and a way for agencies to operate travel programs.

The problem Spotnana said it was addressing

Spotnana’s argument was that corporate travel had accumulated a fragmented technology stack over decades. A single trip could touch an online booking tool, a booking engine, global distribution systems (GDSs), direct supplier connections, a system of record, mid-office controls, agent queues, expense software and traveler-profile systems. Travelers, corporate administrators and agents could consequently work in different interfaces with inconsistent data.

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The company positioned itself as a unified cloud layer connecting those functions. That is a description of Spotnana’s product thesis, not a finding that every incumbent system is obsolete or ineffective. Large legacy platforms can be deeply integrated into finance, procurement, risk and duty-of-care processes, which makes replacement an organizational project as well as a booking-software decision.

What “Travel-as-a-Service” meant

Spotnana used “Travel-as-a-Service” for a broader model than a conventional corporate online-booking tool. Its described scope included:

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  • Online booking and a booking engine.
  • A system of record for travel reservations.
  • Mid-office functions and agent servicing.
  • Connections to multiple travel-inventory sources.
  • Corporate travel-management capabilities for companies and TMCs.
  • APIs and white-label components for technology partners.
  • Distribution tools for airlines, hotels, rail, car-rental and other travel providers.

In its Series B-era materials, Spotnana described a consumption-based model tied to usage or API calls and said there were no service, technology or implementation fees. Those were historical company terms from 2022, not a published current price sheet; a buyer should verify every fee in a present contract.

How the platform was intended to differ technically

Spotnana emphasized an API-friendly, cloud-based architecture built from microservices and a single technology stack. The proposed environment combined GDS content with direct supplier connections, allowed travelers and agents to work from shared data, and exposed open APIs to partners. The company also emphasized consumer-style search, booking and self-service.

Spotnana said it would not rely on GDS incentives and overrides. Its argument was that removing those incentives could reduce financial bias in search results. That policy describes Spotnana’s commercial approach; it does not independently prove better search quality, lower fares or higher traveler savings.

Customers and partners: what is actually public

At launch, Spotnana said it had more than 50 early corporate customers. By March 2026, its official facts page listed customer examples including Ciena, SAS, Qualtrics, Visteon, Tyler Technologies and ATPCO. It listed TMC partners Cadence, Direct Travel, JTB Business Travel, Solutions Travel and Teplis Travel, along with technology partners such as Brex, Expensify, Goodwings, Otto the Agent and Troop.

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These are company-provided examples, not a complete customer list, market-share evidence or an independent customer-satisfaction survey. The same page reports that Direct Travel onboarded more than 30 customers to Avenir, powered by Spotnana, after Avenir’s May 2025 launch. That figure refers to the Direct Travel rollout, not Spotnana’s total customer count.

What happened after the 2021 launch

Spotnana announced the $75 million Series B on July 26, 2022, saying the money would support engineering, product development and hiring. By March 2026, the company said it had raised more than $115 million in total. Its current leadership page describes Singh as CEO and executive chairman, Waghmar as founder, co-chairman and chief product officer, and Frank Pelzer as president and COO.

Spotnana also says it launched Spotnana Cloud for TMCs in 2025. Those milestones indicate commercial expansion beyond the original launch experiment, but they do not by themselves establish profitability, retention, customer concentration or superiority over established providers.

What Spotnana sells today

For corporations

Spotnana markets booking and travel-program management with traveler self-service, policy controls, global content and TMC-supported service.

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For TMCs

It offers operating software intended to modernize agency workflows and reduce servicing costs. Spotnana reports reductions of up to 50%; that is a company-reported maximum, not a guaranteed result for every agency.

For technology and financial-services companies

APIs and white-label capabilities are intended to let other software companies, banks and card businesses embed travel booking and related functions.

For travel providers and leisure agencies

Spotnana says airlines, hotels, rail operators, car-rental companies and leisure agencies can use the platform to distribute content and support direct or indirect sales.

The company directs prospective customers to request a demo rather than publishing standard public pricing. Its current overview is at Spotnana.com, and company facts are listed at the official facts page.

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Questions an enterprise buyer should settle before signing

  1. Content: Confirm which GDS, direct-airline, NDC, hotel, rail and car sources are available in each country, and whether fares, rules, loyalty benefits and refunds remain consistent across sources.
  2. Servicing: Ask what travelers can change or cancel themselves, when an agent must intervene, who handles disruptions and what after-hours coverage exists.
  3. TMC operations: Determine whether Spotnana works with the existing TMC, which partner handles queues and refunds, and how unused tickets and exchanges are managed.
  4. Implementation: Scope HR, identity, expense, finance and traveler-profile integrations; policy configuration; data migration; and rollout by country or legal entity.
  5. Economics: Request written transaction, API, TMC-service, implementation, integration and minimum-volume fees. Do not assume the 2022 no-fee description remains current.
  6. Data and controls: Review data residency, SSO, role-based access, retention, subprocessors, audit trails, security certifications and outage procedures.
  7. Reporting: Test global spend, carbon, duty-of-care, policy compliance, unused-ticket and agency-performance reporting using real sample data.

Where the model can work—and where it can disappoint

Open architecture versus integration burden

Multiple APIs and content sources can make partner expansion easier, but they also create more integrations to govern and more opportunities for inconsistent rules or data.

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Self-service versus complex service

Self-service may reduce routine agent work. Complex exchanges, group travel, visas and multi-segment disruptions can still require experienced agents.

Direct content versus consistency

Direct connections may broaden choice, yet buyers should test whether servicing, loyalty recognition, reporting and refunds behave the same way as GDS bookings.

Usage pricing versus predictability

A consumption model can align cost with activity, but transaction-driven bills may be harder to forecast during rapid growth or disruption.

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New stack versus embedded incumbent workflows

Replacing a booking layer can affect procurement, expense, finance, traveler behavior and duty-of-care processes. A successful pilot does not guarantee a smooth global migration.

Bottom line

Spotnana’s significance is not simply that famous Concur and Expedia executives invested in another booking interface. The company attempted to modernize the underlying connections among travelers, corporations, TMCs, suppliers and embedded-travel applications. The 2021 funding and executive appointments established that thesis; later funding, named customers and TMC products show continued development. Buyers should treat the architecture and customer references as reasons to evaluate Spotnana—not as substitutes for testing content, servicing, implementation, security and total cost in their own program.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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