8 min read
by Diogo Correia, Co-founder & COO
Published July 30, 2021
| INVESTMENT | STARTUP | FUNDING |
Lisbon, 21st November 2023. LUGGit, a company that offers professional luggage management services, has sealed a €1.8 million financing round with three investment funds focused on Portuguese companies. The deal has been led by GED Ventures Portugal and Caixa Capital, funds that were accompanied by Portugal Ventures, an investor that has previously backed the company.
LUGGit is a Portuguese company dedicated to picking up, storing and delivering luggage at the time and place its users choose. Founded in 2019 and recognised as the second most innovative idea by the World Tourism Organization in 2020, a solution that started to give service in Lisbon and Porto and that from then on, has grown in all aspects.
After redesigning and redefining its approach in 2021, LUGGit has achieved agreements with more than 2,000 owners and managers of tourist accommodations and expanded its services to five European cities located in three different countries. In 2022, it began operating in Prague and Barcelona, an international expansion that culminated with the opening in Madrid in July 2023. An expansion, with which it managed to reach more than 10,000 users, and to obtain more than double of the 2022 revenue during this financial year.
Having managed more than 50,000 pieces of luggage since its beginning, LUGGit offers a quality service that allows owners and managers of tourist accommodations that lack warehousing to offer a complete experience to their guests, who will be able to explore the city like a local without luggage being an impediment.
Ricardo Figueiredo, CEO and Co-founder of LUGGit, highlighted that “the key to our success consists of keeping excellence and customer satisfaction as our essence. A principle that investors have valued and that, thanks to their collaboration and trust, allows us to continue advancing in our expansion plan, which aims to open markets in seven new European cities located in three different countries and increase our staff with eight more people over the next year".
After this financing round, LUGGit reaches €2.2 million of investment and support from investment funds focused on Portugal, such as GED Ventures Portugal and Caixa Capital as well as Portugal Ventures, a fund that led its first financing round in 2019 and allowed the business to expand.
Francisco Lino Marques, Partner and member of the Board of Directors of GED Ventures Portugal, points out that "LUGGit is one of the most promising Portuguese start-ups in Logistics Tech, so this investment will allow us to accelerate its technological development, positioning this solution as one of the most innovative in the tourism sector".
Pedro Rangel, Chairman of the Board of Directors of Caixa Capital, underlined that, "with this investment, Caixa Capital reinforces its strategy of supporting national entrepreneurs whose projects are focused on the development of innovative and high potential products and services oriented to the global market. In the specific case of LUGGit, we have identified a differentiating opportunity to transform and improve the tourist experience, associated with the transport and storage of luggage through an app".
Pedro Mello Breyner, Executive Board Member of Portugal Ventures, says: "Portugal Ventures invested in LUGGit in 2019, shortly after they started operating in Lisbon and Porto. Since then, we have been proud to accompany the team, an example of resilience and overcoming even in pandemic years. With a presence in some of the most touristic cities in Europe, this investment round is an important step for the team of promoters to implement the reinforcement of its internationalization strategy, which will allow the company to grow in qualified human resources and will contribute to improve the visibility of Portugal as an example of good practices in the promotion of entrepreneurship"..
With the funding obtained, LUGGit will be able to continue with its strategy of expansion into more markets, as well as the expansion of the services it provides to its users in the different locations where it operates, without leaving behind its excellence, rated 4.9 out of 5 on Trustpilot, based on more than 1700 reviews.
LUGGit founders - Hugo Fonseca (left), Ricardo Figueiredo (centre) and Diogo Correia (right)
For more information: https://luggit.app/
About GED Ventures Portugal
About Caixa Capital
About Portugal Ventures