French startup Naboo has raised €20 million in Series A funding to further develop its innovative corporate event booking platform, which aims to simplify the complex process of organizing company retreats and events. The round, led by Notion Capital, comes just 11 months after Naboo's seed round, demonstrating the startup's rapid growth and potential in the market.

Naboo's platform is designed to bring visibility and efficiency to the fragmented corporate event booking market, which often involves contacting multiple vendors, waiting for quotes, and evaluating options. By offering an Airbnb-esque marketplace for corporate retreats, Naboo provides a one-stop-shop for companies to book accommodations, catering, activities, and transportation in a single platform. This comprehensive approach has resonated with clients, with Naboo reporting a quadrupling of booking volumes to €60 million in 2024 from €15 million the previous year.

In addition to its marketplace, Naboo offers a SaaS component that enables large corporate clients to define procurement policies, create approval workflows, manage invoices and payments, and more. This all-in-one platform has proven attractive to publicly traded companies seeking to centralize their spending and set budgets. Naboo's strategy appears to be paying off, with 10% of French public companies listed on the CAC40 index having used its platform, and 10 contracts generating over €1 million in booking volume per year.

Naboo's client roster boasts notable names such as Google, Société Générale, Veolia, Arkema, Thales, and Qonto. The startup's average take-rate of 17% – comprising a 10%-12% cut from providers and 5%-6% from clients – has contributed to its revenue of around €10 million in 2024.

With the new funding, Naboo plans to automate manual tasks currently handled by its project managers, which will enable the company to scale more efficiently. The startup also intends to expand its operations to other countries, starting with the U.K., where its product is already live and accounts for 10% of its revenue. Naboo's rapid growth and expansion plans demonstrate the significant potential of its innovative approach to corporate event booking.

The success of Naboo's platform highlights the need for a more streamlined and efficient approach to corporate event planning. As the global events industry continues to grow, Naboo is well-positioned to capitalize on this trend and establish itself as a leader in the corporate event booking space.

With its unique blend of marketplace and SaaS components, Naboo is poised to revolutionize the way companies approach event planning, making it an exciting player to watch in the startup ecosystem.