Updated 11/2/2018 10:00 CST – Travel Labs CEO Parker Schlank says that they have capped & closed it at $500k, double what the original report noted; Tempore is the name of the product expected to beta in Q1 2018.
A stealthy new Minnesota tech startup called Travel Labs is raising $600k in a first round of convertible debt, with $256k closed as of 4/10.
Travel Labs was formed last year by entrepreneur and CEO Parker Schlank to “completely re-imagine the business travel experience” with a focus on corporate cards and expense management.
“We’ve been asking ourselves a question, ‘Why do business travelers still book trips?’” mused Travel Labs’ Co-founder, and CEO, Parker Schlank. “When you start to think about it, the whole act of going to websites to research flights, book overnight accommodations, and arrange for ground transportation, is both time consuming, frustrating, and well… archaic.”
“We’re building an AI profile engine for business travel,” Schlank says. “We have a vision for the future whereby people don’t have to book trips, especially when it comes to making separate reservations for air, lodging, car, etc. Particularly with business travelers, we believe there is enough habitual behavior and preference with to do this both individually and effectively.”
Originally published on 3/6, this article has been updated to reflect the increase in funds received from $182k to $256k, per founder/CEO Schlank on 4/10.