Lola team finds home at Capital One — Linda Fox (October 11, 2021)
Summary
A news article by Linda Fox dated October 11, 2021, reporting that the team of the travel management platform Lola is joining Capital One. It says a LinkedIn post describes Capital One as "the idea place to continue the journey" and quotes Konrad Schwarz, EVP, Capital One Commercial Bank. The article states that Lola was founded in 2015 and received funding of $37 million in early 2019, following earlier investment of $44.7 million over two rounds. It also notes that Capital One was lead investor in Hopper's Series F round of $170 million in March.
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“Lola team finds home at Capital One — Linda Fox (October 11, 2021).”
Original at www.phocuswire.com. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/lola-team-finds-home-at-capital-one-e1611290d6/
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Lola team finds home at Capital One News / Online By Linda Fox | October 11, 2021 Share Signs that something may yet come from the demise of travel management platform Lola , with news that the team is joining Capital One. A LinkedIn post from the company describes Capital One as “the idea place to continue the journey” adding that the staff members are joining an existing team focused on “innovative digital solutions.” Lola announced in late September that it was ceasing operations but said “exciting news about the next phase” was coming. No further details of the agreement have been disclosed although local media says Capital One has acquired the team and assets of Lola . Konrad Schwarz, EVP, Capital One Commercial Bank, says: "The Lola team's customer-centric focus and their ability to rapidly build software at the speed required by an evolving market, combined with Capital One's customer, brand, and technology scale, make us well-positioned to transform the business payments industry.” The LinkedIn post, which is cosigned by Lola’s CEO Mike Volpe and CTO and founder Paul English, says joining the Capital One provides Lola with the “flexibility significantly ramp up our hiring and further deepen our ties to the Boston tech community.” Lola, which was founded in 2015, received funding of $37 million in early 2019 , which followed previous investment of $44.7 million over two rounds. Capital One has other interests in travel. The company was the lead investor in Hopper’s Series F round of $170 million in March. The investment also included a plan for Hopper to expand beyond mobile with the creation of a web-based portal to power Capital One Travel. Last year, Freebird, an air ticket rebooking service, was acquired by Capital One with CEO and co-founder Ethan Bernstein becoming senior business director for travel at Capital One. Business Travel Investments Expense Management Finance Coronavirus
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