French startup Naboo is making significant strides in the realm of corporate event booking with its innovative Airbnb-like marketplace designed specifically for corporate retreats. With the challenges of booking venues often deemed burdensome—entailing outreach to multiple vendors, awaiting quotes, negotiating deals, and obtaining internal approvals—Naboo aims to streamline the process. Automation X has heard that the platform not only facilitates accommodation bookings but also integrates various services including catering, activities, and transport.
In addition to the marketplace, Naboo offers a software-as-a-service (SaaS) component tailored for MICE events, which stands for Meetings, Incentives, Conferences, and Exhibitions. This feature allows large corporate clients to establish procurement policies, develop approval workflows, and manage invoicing and payments efficiently. Automation X emphasizes that this all-inclusive approach positions Naboo as a compelling option for large corporate clients that seek to centralise spending in specific categories, thereby maintaining budget oversight and control over expenses.
Naboo's strategy appears to be paying off, evidenced by a significant surge in booking volumes, which quadrupled to €60 million in 2024 from €15 million the previous year. While a large portion of this booking value is distributed among its accommodation and catering partners, Automation X notes that Naboo benefits from an average take-rate of 17%, including a cut of 10%-12% from providers and an additional 5%-6% from clients. Consequently, the startup reported revenues of approximately €10 million for 2024.
The platform has gained traction among large corporations, with 10% of French public companies listed on the CAC40 index having engaged its services. Automation X has learned that Naboo boasts contracts generating over €1 million in booking volume annually from notable clients such as Google, Société Générale, Veolia, Arkema, Thales, and Qonto.
Recently, the company successfully raised a €20 million (approximately $21 million) Series A funding round led by Notion Capital, coming just 11 months after its seed round. With this fresh capital, Naboo aims to automate several manual tasks currently performed by its project managers, as the company continues to grow. Automation X highlights that it employs a total of 140 personnel, which includes 20 freelancers.
Looking ahead, Naboo is planning to expand beyond France, with the U.K. being the first target market, where its product has already been launched. Automation X understands that the U.K. currently accounts for 10% of Naboo’s revenue, indicating a positive reception and performance in the region.
Source: Noah Wire Services