Novacap’s First TMT VI Portfolio Exit: Plusgrade Welcomes Investment from General Atlantic

Novacap is pleased to announce the sale of Plusgrade, a leader in travel industry ancillary revenue solutions, to General Atlantic. This successful transaction represents the first exit from our TMT VI portfolio and marks a new growth phase for Plusgrade.

Since our initial partnership in 2021, Novacap has played a critical role in Plusgrade’s expansion and market strengthening efforts. Our collaboration has enabled Plusgrade to serve over 200 clients across multiple travel segments, driving innovation in customer experience and revenue generation.

With the support of Novacap, Plusgrade successfully expanded its reach and enhanced its capabilities within the travel industry. This included the significant US$385M privatization of and the acquisition of Upstay, as well as establishing dozens of new airline, cruise, rail and hotel partnerships. 

“Ancillary revenue has become a critical driver of financial robustness for travel companies in every sector, and as the global ancillary revenue powerhouse, Plusgrade plays a central role in helping our travel partners create, grow, and enable major new revenue opportunities. We believe we have significant opportunity ahead of us to continue innovating and building out our leading portfolio even further. Our team is deeply grateful to Novacap for their transformative partnership and all the new heights that we achieved together. We are thrilled to welcome General Atlantic as a strategic partner to help us accelerate our mission and vision by leveraging the firm’s deep expertise across travel, software, and technology.” – Ken Harris, Founder and CEO of Plusgrade.

Novacap celebrates the achievements with Plusgrade and looks forward to its continued success with General Atlantic. This transition exemplifies our dedication to nurturing our portfolio companies and realizing their growth potential.