Traveltek, a specialist in travel packaging technology, has attracted a £1.3 million investment.
The financing for the Scotland-based company comes from funds managed by YFM as well as FTI.
YFM has invested in Traveltek in the past with £5.3 million in funding announced in 2016 aimed at kickstarting the company’s international expansion.
According to a statement the latest investment will enable further development of the company’s product portfolio.
It will also go towards Traveltek’s expansion in the U.S. where it launched in 2018 with an initial focus on cruise.
As part of the funding, Phil Aird-Mash, CEO of ITC Travel Group and a travel industry veteran who formerly held roles at Thomas Cook and MyTravel, joins the board as chairman.
Mal Barritt, CEO of Traveltek, says: “The announcement of the £1.3 million investment allows us to expedite the journey to not only reinvent and rebuild our core product, but also create the world’s leading travel technology platform.
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 enable it to turbo boost its activities around new product build and development.”