Anyone who has ever attempted to secure a venue for a corporate event understands the challenges involved. The process requires contacting various vendors, awaiting quotes, assessing options, negotiating competitive rates, and obtaining necessary approvals. Therefore, it is understandable that organisations, based on group size, may opt for platforms like Airbnb or Booking.com or collaborate with an agency.
Naboo, a French startup, aims to enhance visibility within this disjointed market by introducing an Airbnb-like marketplace specifically for corporate retreats. This platform not only offers accommodation but also integrates additional services, such as catering, activities, and transportation.
Moreover, the company provides a SaaS component designed for MICE events (Meetings, Incentives, Conferences, and Exhibitions), which are large-scale gatherings. This platform allows significant corporate clients to establish procurement policies, create approval workflows, manage invoices and payments, and much more.
The comprehensive nature of Naboo’s marketplace likely facilitates attracting major corporate clients. Publicly listed companies consistently seek platforms to centralise spending within specific categories so they can budget effectively and monitor expenses.
This strategy appears to be effective: Naboo reports that its booking volumes surged to €60 million in 2024, a significant increase from €15 million the previous year. As a marketplace, the vast majority of this booking value is attributed to its accommodation and catering partners; however, the company shared with media sources that it maintains an average take-rate of 17%—receiving a 10%-12% commission from providers and an additional 5%-6% from clients. In 2024, Naboo achieved revenue of approximately €10 million.
The company disclosed that 10% of French public companies listed on the CAC40 index have utilised its platform, with 10 contracts generating over €1 million in booking volume each year. Notable clients include Google, Société Générale, Veolia, Arkema, Thales, and Qonto.
Recently, the startup secured a €20 million (approximately $21 million) Series A funding round led by Notion Capital. This round of funding comes a mere 11 months after its initial seed round.
With this new capital, Naboo intends to automate many manual tasks currently managed by its project managers. The company has a workforce of 140, including 20 freelancers.
Additionally, the company plans to expand into other countries, with the U.K. as the starting point, where its product is already operational. The U.K. currently accounts for 10% of Naboo’s revenue, and initial indications suggest positive growth.
