Naboo Secures $21M Funding for Event Booking Platform

Streamlining Corporate Event Planning with Naboo

Organizing a venue for a corporate function can often be a complex and time-consuming undertaking. It typically involves contacting numerous suppliers, awaiting price quotations, carefully assessing these quotes, negotiating favorable terms, and securing necessary approvals.

Consequently, businesses, particularly those with larger groups, may opt for simpler solutions like Airbnb or Booking.com, or collaborate with specialized event agencies.

Naboo's Integrated Marketplace Approach

French company Naboo is addressing the challenges of this fragmented market by introducing an Airbnb-style marketplace specifically designed for corporate retreats. This platform goes beyond simply providing accommodation.

It also integrates additional services such as catering, organized activities, and transportation options, offering a comprehensive event solution.

A SaaS Platform for MICE Event Management

In addition to the marketplace, Naboo provides a SaaS (Software as a Service) component. This functions as a centralized platform for managing all MICE (Meetings, Incentives, Conferences, and Exhibitions) events – large-scale professional gatherings.

The platform empowers large corporate clients to define their purchasing guidelines, establish approval processes, oversee invoicing and payments, and manage other crucial event logistics.

Benefits of an All-in-One Solution

Offering a unified marketplace is strategically advantageous, facilitating the sale of Naboo’s platform to major corporate entities. Publicly listed companies consistently seek platforms that consolidate spending within specific categories.

This centralization allows for effective budget setting and monitoring of potential overspending.

Impressive Growth and Revenue

Naboo’s strategy is demonstrably successful. The company reports a fourfold increase in booking volume, rising to €60 million in 2024 from €15 million the previous year.

While a significant portion of this booking value is distributed to accommodation and catering partners, Naboo maintains an average commission rate of 17%. This is comprised of a 10-12% fee from providers and an additional 5-6% from clients.

In 2024, Naboo generated approximately €10 million in revenue.

Key Clients and Market Penetration

The company states that 10% of publicly traded companies listed on the French CAC40 index utilize its platform. Furthermore, Naboo has secured 10 contracts each generating over €1 million in annual booking volume.

Notable clients include prominent organizations such as Google, Société Générale, Veolia, Arkema, Thales, and Qonto.

Recent Funding and Expansion Plans

Naboo recently completed a €20 million (approximately $21 million) Series A funding round, spearheaded by Notion Capital. This investment arrived just 11 months following the company’s seed funding round.

The newly acquired capital will be allocated towards automating manual tasks currently handled by its project managers. The company currently employs 140 individuals, including 20 freelance professionals.

International Growth Strategy

Naboo also plans to expand its operations internationally, beginning with the United Kingdom, where the platform is already operational. The U.K. currently accounts for 10% of Naboo’s revenue, and initial performance indicates positive market reception.