Naboo, a French startup, has successfully raised €20 million in a Series A funding round led by Notion Capital. This achievement comes merely 11 months after its initial seed round, marking a significant milestone in the company’s trajectory. Naboo specializes in offering a SaaS component that serves as a comprehensive platform for MICE (Meetings, Incentives, Conferences, and Exhibitions) events. With 140 team members, including 20 freelancers, the company is poised to expand its operations beyond France into the U.K., where its product is already operational.
Naboo's innovative all-in-one marketplace provides a seamless experience for clients, bundling essential services such as catering, activities, and transport. The company has successfully quadrupled its booking volumes from €15 million in 2023 to an impressive €60 million in 2024. This growth is partly attributed to its strategic pricing model, which includes a 10%-12% cut from providers and an additional 5%-6% from clients, resulting in an average take-rate of 17%.
The startup's client portfolio is impressive, featuring industry giants like Google, Société Générale, Veolia, Arkema, Thales, and Qonto. Furthermore, 10% of the French public companies listed on the CAC40 index have utilized Naboo's platform for their corporate events. Naboo also boasts 10 contracts that each generate more than €1 million in booking volume annually.
Naboo's financial performance reflects its robust business model, with the company generating approximately €10 million in revenue in 2024. The recent funding round will enable Naboo to accelerate its growth plans, starting with expanding its presence in the U.K. and potentially other international markets.
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