Last week VCEE Startups attended the brightest international startup event – Seedstars Summit in Lausanne, Switzerland! We are happy to announce one of the global startup battle winners from CEE – Ukrainian TRIPMYDREAM. The project was nominated the Best Travel Startup of Seedstars World 2015 and awarded $500 000. The award was given by an equity investor lastminute.com group, one of the largest European online travel vendors and the top industry leader. Andrey Burenok and Taras Polischuk agreed to tell us more about their startup TRIPMYDREAM just before the jury made the legendary choice.
So what is TRIPMYDREAM?
TRIPMYDREAM is a search engine that inspires travelers for new adventures, suggests where to go and when, finds best flight and hotel offers. Our main goal is to save your money and propose good travel destinations. To realize this concept, we combined the existing travel experience possessed by a certain user and data mining, which finally evolved in a new technology. In other words, TRIPMYDREAM is more than a marketing solution, it is rather a tech solution adding value to customer relationship management.
There are many services for travelers who know where to spend their vacation. But it seems like nobody makes offers to travelers who have a problem choosing the next destination. In addition, it takes loads of time and effort to search for cheap flight tickets and practical hotels. This is how we came up with the idea of TRIPMYDREAM.
How does your service work? How do you analyze data?
We aggregate as many data as we can. We collect data from our partners (like airline companies) and also search for the information on the open Internet. Then a certain prediction is built on the acquired data. This way we know average monthly prices and can distinguish good deals. Taking this into account, we pick up the best flight destinations. The hotel choice is made within a special algorithm involving travelers’ experience and external ratings. Therefore, we define if there are any good hotels in terms of price and quality for the budget left. Finally, the suggestions are formed.
Travel startups are considered to be a trend in 2016. What makes TRIPMYDREAM different from competitors?
First of all, many travel startups have failed by now, thus, currently they are not so many. In general, developing a good travel product is a pretty complicated issue. To be competitive, your product has to be technically different from the others or provide some extra value. Our leadership concept can be identified with the following aspects:
Our team of 20 people has been collecting precious content about all cities for 2 years. This allows us to provide relevant results according to the uploaded criteria. The user can specify detailed requirements for the desired trip, apart from dates and the budget.
Technically we are extremely distinguished from the others because most travel platforms work by the principle “from-to”. TRIPMYDREAM only asks you “from” and then suggests potentially desired destinations for you taking into account a number of details you request.
This is a one-stop search: all the information is aggregated in one place. All the flight and hotel booking services are in one place.
What about the monetization scheme applied by TRIPMYDREAM?
The idea is pretty simple: we get commissions from the transactions that we have managed to organize for our partners. On average, it’s around $39 per one client. Meanwhile, our users pay no commissions at all. We get meta prices – the best prices provided by our partners.
What is the current traction achieved by TRIPMYDREAM?
To start with, TRIPMYDREAM is one of the top 10 startups selected from the global startup community and today we are also one of the 3 startups picked by lastminute.com group.
TRIPMYDREAM launched public testing in May 2015 when we approached the market in Ukraine and Russia and received a lot of useful feedback about our product. Since then, TRIPMYDREAM Facebook community has grown in number up to 77 thousand subscribers. For us, it’s a good result since around 70% of all the traffic comes from social networks. Therefore, we heavily invest in content: we have our own editorial office, our journalists, content managers etc.
In the latest months, we have reached almost $30K revenue. At some point, we got enough feedback from b2b and b2c markets, had another look at our product and decided to make it more powerful. So now we are mostly focused on the product itself rather than marketing and plan the next release in 3 months. Also, currently we are having negotiations with our potential partners among online travel agencies: we are interested in companies working in our market, possessing precious experience and ready to express their objective feedback about TRIPMYDREAM.
So what’s next? Can you please share your plans for the future? What about the target markets for example?
For sure, we will continue to work with Ukrainian and Russian markets. As we already mentioned, currently several partnership negotiations are being led. We will adapt TRIPMYDREAM according to their territory coverage and add a certain value to the services already offered by TRIPMYDREAM.
Congrats to TRIPMYDREAM – an innovative travel startup, giving you a chance to dream, find your best trip and buy everything without any commissions.
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