Aarhus-based startup Understory, an AI-driven platform for experience management, has raised €12 million (DKK 90 million) to accelerate its growth in the global experience market, which McKinsey & Company estimates is worth over $3 trillion and growing around six percent annually.
- Launched in 2023 by Lasse Kjær and Lars Daniel Blom Rasmussen, Understory is a Danish TravelTech startup that provides an AI-driven platform uniting booking, payment, and marketing for experience providers.
- The platform enables providers to streamline operations, automate workflows, and unlock new revenue streams, helping them attract more guests and focus on delivering memorable experiences.
- The startup serves customers in ten countries. Understory combines its technology with strategic growth services, such as paid media, hyper-personalized outbound campaigns, and CRM optimization, to drive measurable results.
Details of the deal
- The Series A round was led by Smedvig Ventures, a London-based venture capital firm that backs B2B tech startups with ticket sizes ranging between €4 million and €8 million in funding rounds of up to €20 million across Europe.
- The investment also saw participation from People Ventures, Sequel, Seed Capital, and Firstminute Capital.
- Understory plans to use the €12 million Series A funding to develop its AI-driven platform, expand into new international markets, and support initiatives like the Female Founders Lab that empower experience-based entrepreneurs.
“We are incredibly proud. This is an important recognition of the work we have put in over the past few years and of the vision we are pursuing. The investment gives us the opportunity to take Understory to the next level. Let there be no doubt: our ambition is to revolutionise the experience industry,” explains Lasse Kjær, CEO and co-founder.
