Brazil-based travel and expense platform Onfly has raised $40 million in its latest funding round, which the company plans to use to accelerate technology development and fuel sales and marketing efforts.
Onfly, which reports more than 2,000 companies as clients, was founded in 2018 and claims to be one of the five largest corporate travel management firms in Brazil. CEO and cofounder Marcelo Linhares said it is building on “rapid digital transformation” for corporate travel and expense management in Latin America.
“Most players [in Latin America] have been around for over 40 years and operate as service-oriented businesses with minimal technology adoption,” Linhares said in a statement. “Today’s workforce expects the same seamless, intuitive experience from corporate software that they get from consumer apps.”
The latest investment round was led by California-based growth equity firm Tidemark and was the firm’s first investment in Latin America. Other participants included Endeavor Catalyst and New York-based Left Lane Capital, which was one of the leaders on Onfly’s previous $16 million funding round in 2023.
Technology investment from this newest funding round will focus on AI integration, and marketing and sales expansion will include international growth, particularly the company’s expansion into Mexico, according to the company. Onfly said it plans to bring on 2,500 clients in Mexico by 2027 as a part of that expansion.
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