Fatal mistake: COVID-19 destroyed 90% of revenue in 30 days; Series B in due diligence when lockdowns began; no bridge financing available in travel sector
Evaluating only TravelES’s profile at its peak — without knowing the outcome — the model ranked Market collapse as the #1 likely cause. Documented cause: External shock.
Key Events Timeline
FOUNDING
FUNDING
PRODUCT LAUNCH
DOWN ROUND
SHUTDOWN
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Documented cause
TravelES built corporate travel expense and booking management for Spanish and European companies, raising €8M and reaching €2.4M ARR. The Series B was in advanced due diligence when COVID-19 hit. Corporate travel globally collapsed — the company's revenue dropped 97% in 30 days. No bridge financing was available in the travel sector. The company survived on skeleton staff until 2023, hoping for recovery, before dissolving.
Lesson
“”
Failure anatomy
Collapse type
Market Exit
📉 MEDIUM
Hype cycle
Peak
Moat type
Technology
Fatal mistake
COVID-19 destroyed 90% of revenue in 30 days; Series B in due diligence when lockdowns began; no bridge financing available in travel sector
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