Onfly Secures $40 Million in Series B to Advance Corporate Travel Tech in Latin America
Deal News | Apr 15, 2025 | Left Lane Capital
Onfly, a corporate travel and expense management platform headquartered in Brazil, has successfully raised a $40 million Series B round led by Tidemark to further its growth in Latin America. Significant investments are directed towards technological advancements and expanding market reach, with an eye on regions like Mexico, Colombia, Argentina, and Chile. With the introduction of tools leveraging AI, Onfly aims to enhance customer service and operational efficiency. This expansion is set against a backdrop of a relatively under-digitized Latin American market, where Onfly currently holds only a 2% market share. The robust growth trajectory of Onfly, which aims for $250 million in annual sales by 2025, parallels a resurgence in venture capital investment in corporate travel tech.
Sectors
- Travel Technology
- Venture Capital
Geography
- Latin America – Onfly is planning significant expansion across Latin America, aiming to digitize corporate travel with a focus on Brazil, Mexico, Colombia, Argentina, and Chile.
- Brazil – As the headquarters of Onfly, Brazil is central to the company's operations and strategic growth plans.
Industry
- Travel Technology – The article discusses Onfly's platform for corporate travel management, which integrates booking and expense management via digital and AI-driven solutions.
- Venture Capital – The funding round for Onfly, led by Tidemark, showcases venture capital involvement in scaling emerging tech companies within the Latin American travel sector.
Financials
- $40 million – Series B funding raised by Onfly for expansion and tech development.
- $250 million – Projected annual sales (gross merchandise volume) of Onfly by 2025.
- 110% – Compound annual growth rate for Onfly in the past four years.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Onfly | Target | Company | A corporate travel and expense management platform operating in Latin America. |
| Left Lane Capital | Fund | Company | Private equity firm involved in the investment round. |
| Tidemark | Investor | Company | Led the Series B funding round for Onfly. |
| Drew Patterson | Board Member | Person | Venture partner at Tidemark, joining Onfly's board. Former VP of marketing at Kayak and co-founder of Jetsetter. |
| Marcelo Linhares | CEO and Co-Founder | Person | CEO and co-founder of Onfly, overseeing its expansion and tech development initiatives. |
| Mendel | Competitor | Company | Another travel management competitor which recently secured funding. |
| TravelPerk | Competitor | Company | A competitor in the travel sector that also raised significant funding. |