LUGGit, a Lisbon-based startup, secures €1.8 million from three investment groups that target Portuguese businesses. Portugal Ventures, an investor who has previously supported the company, alongside the funds led by GED Ventures Portugal and Caixa Capital in this purchase.
Following this funding round, LUGGit secured €2.2 million in funding and support from Portuguese investment funds, including GED Ventures Portugal, Caixa Capital, and Portugal Ventures, which led the company’s first funding round in 2019 and enabled it to grow.
With the funds it has raised, LUGGit will be able to carry out its plan to grow into new markets and increase the range of services it offers customers in the various regions in which it operates—all while maintaining its exceptional reputation, which has earned it a 4.9 out of 5 rating on Trustpilot based on more than 1700 reviews.
Ricardo Figueiredo, CEO and Co-founder of LUGGit, said: “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”.
Francisco Lino Marques, Partner and member of the Board of Directors of GED Ventures Portugal, commented: “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, added: “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, said: “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”.
A Portuguese business named LUGGit is committed to delivering, storing, and picking up luggage at the time and location that its customers specify. Founded in 2019, this solution started offering services in Lisbon and Porto and has since grown in all directions. In 2020, the World Tourism Organisation identified it as the second best idea.
Following a revamp and definition of its approach in 2021, LUGGit has expanded its services to five European cities across three countries and secured collaborations with over 2,000 owners and managers of lodging establishments.