The business travel industry in Benelux is a vibrant sector characterized by companies that facilitate corporate travel and streamline logistics. This sphere includes travel management firms, technology startups, and service providers offering a range of solutions, from booking accommodations to managing travel expenses. The industry has seen a significant shift towards digitization, with an increasing demand for seamless travel experiences. Enhancements in mobile technology and travel platforms are reshaping traveler expectations, making innovations crucial for maintaining competitiveness. With rising corporate travel budgets projected, sustainability and adaptability remain key driving forces influencing the future direction of this industry.


The investors highlighted in this list showcase a spectrum of types, ranging from venture capital to private equity. Headquartered across Benelux in cities like Amsterdam, Luxembourg, and Antwerp, their sizes vary from small firms to large corporations. Funded since 2006 onward, these investors collectively engaged in several deals in 2024, exemplifying an active interest in the business travel sector. Their involvement reflects both growing opportunities and strategic approaches in addressing the demands of corporate travelers, suggesting continued growth in this dynamic market.


Top 17 Business Travel Investors in Benelux


1. HOWZAT Partners

  • Website: howzatpartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: howzat-media

HOWZAT Partners is a venture capital investment fund based in Luxembourg, founded in 2006. The firm specializes in investing in digital businesses and provides funding and strategic advisory services to early-stage companies. Their clientele primarily consists of entrepreneurs and startups seeking investment and guidance. Among their notable transactions, HOWZAT Partners invested in Impala, a TravelTech API service that raised $1.75 million in a Seed round in April 2018, highlighting their commitment to the travel technology sector. Additionally, they have been involved in multiple funding rounds for itravel, which raised significant amounts in Series A and Series B rounds, indicating their support for companies that enhance travel services. Furthermore, their participation in the funding of Nezasa, which focuses on travel solutions, further emphasizes their relevance in the business travel context.


2. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm specializing in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. Founded in 2005 and based in Luxembourg, CVC has made significant strides in the travel sector. Noteworthy transactions include the acquisition of Etraveli, a global flight-centric online travel agency, for €508 million, aimed at expanding its international presence in the travel market. Additionally, CVC participated in a funding round for HappyEasyGo, an online travel agency, which is working to regain momentum post-COVID. Their acquisition of Shearings Holidays Ltd and Samsonite also highlights their broader interest in travel and hospitality-related businesses, making them a key player in the business travel investment landscape.


3. BCD Travel

  • Website: bcdtravel.com
  • Type: Corporate
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2006
  • Headcount: 10001+
  • LinkedIn: bcd-travel

BCD Travel is a leading travel management company founded in 2006, headquartered in Utrecht, Netherlands. With over 10,000 employees, BCD Travel specializes in corporate travel solutions, offering services such as corporate travel management, meeting and event planning, and travel consulting. The company serves a diverse range of businesses and organizations, helping them streamline travel processes and achieve cost savings while enhancing employee travel experiences. BCD Travel has been active in expanding its footprint in the business travel sector through strategic acquisitions. Notable transactions include the acquisition of World Travel Service Inc., a major corporate travel agency in Tennessee, and the formation of BCD Travel Italy through the acquisition of Ventura Spa, which had annual sales of approximately $400 million. Additionally, BCD Travel has strengthened its Nordic presence by acquiring Ticket Biz and expanded into the Polish market with the acquisition of Air Club Travel. These acquisitions reflect BCD Travel's growth strategy and commitment to enhancing its corporate travel services.


4. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Among its notable transactions, EIB has invested in FlixBus, raising over $563 million in 2019, which is significant for the business travel industry as it enhances intercity travel options. Additionally, EIB provided debt financing to Cabify, raising approximately $42 million in 2022, further supporting transportation services that cater to business travelers. EIB also funded Autonom Services with EUR 15 million to expand its e-car fleet, promoting sustainable travel options. These transactions highlight EIB's engagement in sectors that directly impact business travel.


5. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology and operates across various sectors, including online classifieds, food delivery, payments, and education technology. Prosus has a strong commitment to partnering with local entrepreneurs to create valuable products and services. Notably, Prosus has made significant investments in the travel sector, including a $330 million investment in MakeMyTrip.com, a leading online travel agency in India, and a $1.7 billion acquisition of Despegar.com, a prominent online travel agency in Latin America. Additionally, their investment in Ibibo Group aims to expand its reach in the Indian hospitality sector, showcasing their strategic interest in the travel industry. These transactions highlight Prosus's active role in the business travel market, making it a relevant investor in this category.


6. Ferrovial

  • Website: ferrovial.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1952
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: ferrovial

Ferrovial is a corporate investor based in Amsterdam, Netherlands, founded in 1952. The company specializes in infrastructure and construction, providing services in highway construction, airport management, and energy solutions. Ferrovial has made significant investments in the airport sector, including the acquisition of Bristol Airport, the largest airport in Southwest England, and a 95-year concession for Sydney Airport, Australia's largest airport, marking the largest airport privatization ever. Additionally, they acquired Belfast City Airport, further solidifying their presence in the UK airport management sector. These strategic investments highlight Ferrovial's focus on enhancing transportation infrastructure, which is essential for business travel, while also emphasizing their commitment to sustainable development and innovative solutions.


7. VentureFriends

  • Website: venturefriends.vc
  • Type: Venture Capital
  • Headquarters: Netherlands
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 8
  • LinkedIn: venturefriends

VentureFriends is a venture capital firm based in the Netherlands, founded in 2016, that specializes in early-stage investments in startups. The firm provides financial backing and strategic support to ambitious founders, particularly in sectors like FinTech and PropTech. Notably, VentureFriends has been actively involved in the travel sector through its investments in Welcome Pickups, a global travel transportation startup based in Athens, Greece. They participated in multiple funding rounds for Welcome Pickups, including a €3.3 million Series A round in 2019 and a €5.3 million funding round in 2022, aimed at expanding the company's geographical reach and improving customer experience. This focus on a travel-related startup highlights VentureFriends' interest in the business travel industry, making them a relevant player in this space.


8. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has made significant investments in the travel sector, including the acquisition of Sunweb Group, a leading European online tour operator with a turnover exceeding EUR 600 million, and Corendon Holiday Group's tour operating activities, which serve over 750,000 customers annually. Additionally, their acquisition of Dantaxi 4x48, Denmark's largest taxi company, highlights their commitment to the transportation aspect of business travel. These strategic investments position Triton Partners as a key player in the business travel industry.


9. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. In recent years, Exor has made significant investments in the business travel sector, including a notable investment in BizAway, which raised over $38 million in 2024 to support business travel management solutions. Additionally, Exor participated in funding rounds for Via, a company specializing in algorithms for shared and on-demand transportation, which raised substantial capital to expand its services. These transactions highlight Exor's commitment to investing in innovative solutions that cater to the needs of business travelers.


10. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, that specializes in early-stage investments in innovative technology companies. With a focus on empowering startups in Europe and Israel, they provide financial support and strategic guidance across various sectors. Notably, they have invested in Exoticca, a Barcelona-based tour operator, which raised significant funding to enhance its technology and automate the booking process, directly impacting the travel experience for customers. This investment highlights Mangrove's interest in the travel sector, particularly in companies that leverage technology to improve business travel services. Additionally, their past investments in companies like Quintura, a visual search engine, showcase their broader technology focus, but the recent activity in the travel industry positions them as a relevant player in the business travel investment landscape.


11. Sgh

  • Website: sghcapital.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: sghcapital

SGH Capital is a venture capital firm based in Luxembourg, founded in 2015. The firm specializes in investing in early and mid-stage disruptive companies across various sectors, including fintech and blockchain. SGH Capital provides capital and strategic support to innovative businesses primarily in the US and western Europe, helping them to grow and succeed in competitive markets. Notably, SGH has invested in several companies relevant to the business travel sector, such as WIJET, which raised $15 million in a Series B round in 2016, and OpenJet, which raised over $3.4 million in a Seed round in 2016. These investments highlight SGH's engagement with the travel industry, particularly in providing services that facilitate business travel.


12. Samsonite

  • Website: samsonite.com
  • Type: Corporate
  • Headquarters: Oudenaarde, Flanders, Belgium
  • Founded year: 1910
  • Headcount: 1001-5000
  • LinkedIn: samsonite

Samsonite International S.A., founded in 1910 and based in Oudenaarde, Flanders, Belgium, is a prominent corporate investor in the travel industry, particularly known for its high-quality luggage and travel accessories. The company has made several strategic acquisitions to bolster its presence in the travel-retail market and expand its product offerings for business travelers. Notable transactions include the acquisition of eBags.com for $105 million in 2017, which allowed Samsonite to enhance its online retail capabilities and reach a broader audience of travelers. Additionally, the acquisition of High Sierra Sport Company for $110 million in 2012 marked a significant step in strengthening their portfolio in the casual bag market, which complements their business travel products. Other acquisitions, such as Rolling Luggage and Hartmann, further demonstrate Samsonite's commitment to expanding its multi-brand retail platform and catering to the needs of business travelers.


13. Brabantse Ontwikkelings Maatschappij (BOM)


Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital firm based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM acts as a development agency that supports startups and scale-ups in the Brabant region by providing funding, expertise, and networking opportunities. They have been involved in various investment rounds, including notable transactions such as the €700K investment in Route42, a startup that aims to develop a transport intelligence platform, which is directly relevant to the business travel sector. Additionally, BOM participated in a seed round for Cloudprinter.com, which, while not directly related to business travel, showcases their engagement in innovative technology sectors. Overall, BOM's diverse investment portfolio and their involvement in transport-related startups position them as a potential player in the business travel investment landscape.


14. Market One Capital

  • Website: moc.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: m1c

Market One Capital is a venture capital firm based in Luxembourg, founded in 2017. The firm specializes in investing in innovative startups across various sectors, including FinTech, HealthTech, and AgriTech. Notably, Market One Capital has made significant investments in the travel sector, particularly in Welcome Pickups, a global travel transportation startup that raised €5.3 million in funding in December 2022 and €3.3 million in Series A funding in March 2019. These investments aim to enhance the company's geographical reach and improve customer experience in the travel industry. Additionally, they participated in the Seed Round for Arise Travel, further solidifying their interest in the travel sector. Market One Capital provides not only financial backing but also strategic support to help these businesses grow and succeed in their respective markets.


15. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across multiple sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, they have invested in Easyvoyage, acquiring a 46% stake in the travel website for EUR 31.6 million in 2009, which highlights their involvement in the travel industry. This transaction, along with their diverse portfolio, positions Gimv as a supportive partner for entrepreneurial companies seeking capital and expertise to navigate market challenges, including those in the travel sector.


16. Peak

  • Website: peak.capital
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: peak-capital

Peak Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2008. They specialize in investing in early-stage companies within the SaaS, marketplace, and platform sectors, providing funding and support to help these businesses scale. Notably, Peak has been involved in several transactions that have relevance to the business travel context. For example, their investment in Route42, a startup that develops a transport intelligence platform, aims to enhance logistics and data intelligence, which are crucial for business travel efficiency. Additionally, their funding of InvoiceFinance, a fintech startup, could indirectly support business travel by facilitating financial solutions for companies in this sector. Overall, Peak Capital focuses on backing innovative founders across Europe, which may include those in the business travel industry.


17. Axivate Capital

  • Website: axivate.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2012
  • Headcount: 1-10
  • LinkedIn: axivate-capital

Axivate Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2012. The firm specializes in providing investment and consulting services to a range of sectors, including digital media, e-commerce, leisure, telecom, travel, and horeca. Axivate Capital focuses on both innovative startups and established companies with growth potential, emphasizing collaboration with entrepreneurs to optimize operations and achieve market leadership. Notably, they have invested in Corendon Airlines, a key player in the travel industry, and Mews, a hotel management platform that enhances operational efficiency for businesses in the hospitality sector. These transactions highlight their commitment to supporting growth in the travel industry, aligning with their broader investment strategy.



Business Travel Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
HOWZAT PartnersLuxembourg1-1020062
CvcLuxembourg1001-5000200516
BCD TravelUtrecht, Utrecht, Netherlands10001+20060
European Investment Bank (EIB)Luxembourg1001-5000195899
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
FerrovialAmsterdam, North Holland, Netherlands10001+19521
VentureFriendsNetherlands1-1020168
Triton PartnersLuxembourg201-50019976
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
Mangrove Capital PartnersLuxembourg11-5020005
SghLuxembourg1-1020153
SamsoniteOudenaarde, Flanders, Belgium1001-500019100
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310
Market One CapitalLuxembourg11-5020177
GimvAntwerp, Flanders, Belgium51-20019808
PeakAmsterdam, North Holland, Netherlands11-5020088
Axivate CapitalAmsterdam, North Holland, Netherlands1-1020120


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