Traveltek adds £1.3m to coffers for packaging technology development

Travel packaging technology specialist Traveltek has attracted an investment of £1.3m.

Funding for the Scotland-based company comes from funds managed by YFM as well as FTI.

YFM has invested in Traveltek in the past with a £5.3m funding announced in 2016 aimed at kick-starting the company’s international expansion.

According to a statement, the latest investment will allow further development of the company’s product portfolio.

It will also go towards Traveltek’s expansion into the US where it launched in 2018 with an initial focus on cruising.

As part of the funding, Phil Aird-Mash, CEO of ITC Travel Group and a travel industry veteran who previously held roles at Thomas Cook and MyTravel, is joining the board as chairman.

Mal Barritt, CEO of Traveltek, said: “The announcement of the £1.3 million investment allows us to accelerate the journey to not only reinvent and rebuild our core product, but also to create the industry’s first technology platform. of travel in the world.

He adds that YFM has provided strategic support and helped with networking opportunities in recent years.

Steve Harrison, Partner at YFM, adds: “This latest investment will allow him to boost his activities around the construction and development of new products.”