Yesterday, Endeit Capital’s portfolio company Navan Inc. rang the opening bell on the Nasdaq stock exchange in celebration of its IPO listing, going public at a market cap of more than (US) $6 billion.
Navan Inc. is the global leader redefining corporate travel and expense management with LTM revenue of $613M and $7.6B in gross booking volume (≈34% YoY increase), underscoring its strong scale and growth.
Endeit is among a distinguished group of investors, including Andreesen Horowitz, Lightspeed Venture Partners, and Goldman Sachs, who have supported the company’s rapid growth to over 3,400 employees, expansion of its market leadership, and delivery of comprehensive services to clients such as Unilever and Zoom, alongside partnerships with global brands including Hertz, Virgin Atlantic, and Marriot.
The relationship between Navan and Endeit began in 2022, building on Endeit’s earlier involvement from 2019 when it identified Berlin-based travel management platform Comtravo as a disruptor to Europe’s stagnant corporate travel sector. This recognition led Endeit to spearhead a €21M funding round to accelerate Comtravo’s technology-driven growth.
Comtravo’s team showed exceptional resilience during the pandemic - which halted global travel shortly after Endeit’s investment - by pursuing a bold strategy of acquiring multiple travel agencies during lockdown to strengthen its position ahead of the industry’s rebound. The assertive ‘buy & build’ approach mirrored the tactic used by Endeit’s founders to successfully scale Endemol.
In 2022, Comtravo joined forces with Navan Inc., supporting its expansion in the European market, and kickstarting the initiation of Navan as one of Endeit’s portfolio companies through the conversion of its Comtravo holdings into Navan stocks.
As of yesterday, Navan is trading on the Nasdaq ticker under the symbol ‘NAVN’.
Hubert Deitmers, Founder & Managing Partner, Endeit Capital, said:
Endeit Capital is proud to be part of Navan’s success story. The company’s relentless drive in scaling towards its Nasdaq listing and pursuit of a valuation over $6 billion exemplifies the calibre Endeit seeks in its investments. Its inspirational journey further reinforces our team’s commitment to identify and back Europe’s most innovative and ambitious growth-stage companies.
