Instant Space has announced the closing of an investment round led by Early Game Ventures in which Sparking Capital and a business angel participated. The legal assistance of the transaction was provided by the law firm DLA Piper.
Instant Space will use the funds to build and test a technology platform through which hotels will provide customers with rooms, facilities, and services dedicated to events, similar to what platforms like booking.com or Expedia already do for accommodation.
The startup’s task is complicated and involves building a technological infrastructure that connects in a single data source all the management systems used by different hotels. The data thus collected and structured are put at work through a marketplace platform, getting demand and supply in contact. Customers will be able to discover new places and facilities to organize their events, and hotels will have access to a much broader base of corporate and non-corporate clients.
“Tourism and the events industry (MICE – Meetings, Incentives, Conferencing, Exhibitions) have been severely affected by the pandemic and its adverse economic effects. But it is precisely these unfavorable circumstances that open up new opportunities for technology startups such as InstantSpace, which will reshape tourism and other industries that need to adapt quickly, “said Alex Stanescu, Founder and CEO of Instant Space.
“Romania needs APIs (Application Programming Interface); in other words, structured data sources; they are vital for the digitalization of industries and represent the backbone on which other startups, other services, and other products will be based. InstantSpace is building such an API for the travel and events industries, and we see future value in such an effort,” said Cristian Munteanu, EGV Managing Partner.
“We are investing in a highly experienced team that develops an innovative digital platform that will disrupt, through technology, the traditional way of planning events, making the process more transparent, faster, and more affordable,” stated Vlad Panait, Sparking Capital Partner.
Early Game Ventures is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.
Sparking Capital is a venture capital fund investing in early-stage startups in industries as consumer internet, marketing-tech, fin-tech, supply-chain tech, property-tech, travel-tech and circular economy.