-77%

est. 2Y upside i

Series B

Any business – from travel startups to financial enterprises - can build with Duffel to search and book flights, stays add ancillaries, charge customers, manage orders and more.

Rank

#3923

Sector

Travel Technology

Est. Liquidity

~4Y

Data Quality

Data: Medium

Duffel operates in a large travel tech market with a compelling API-first approach, evidenced by partnerships with major airlines and tech platforms like Rippling.

Last updated: March 10, 2026

Bull (9%)+200%

Duffel successfully scales its transaction-based revenue model, leveraging key partnerships like Rippling and major airlines to drive significant GMV through its platform. Revenue accelerates to $50M+ by 2028, justifying a $450M+ valuation at a 9x+ revenue multiple as the company proves its monetization strategy and market leadership in modern travel distribution.

Base (48%)+30%

Duffel continues to grow its platform adoption and expand partnerships, but faces ongoing pressure from incumbents and slower-than-expected monetization. Revenue reaches $15M-$20M by 2028, leading to a modest valuation increase to $195M, which still represents a high multiple given the competitive landscape.

Bear (43%)-75%

Duffel struggles to convert its platform adoption into substantial revenue, with the low transaction fees proving insufficient to cover high operating costs. Incumbents like Amadeus and Travelport effectively counter Duffel's NDC advantage, leading to slower growth and a down round to $37.5M or lower, significantly eroding common stock value due to the $56.4M liquidation preference.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Investors hold $56.4M in liquidation preferences ahead of common stock on an assumed $150M valuation.

Dilution Risk

high

As a Series B company actively considering future funding, there is a high likelihood of additional rounds leading to further dilution.

Secondary Liquidity

limited

Pre-IPO shares can be traded on secondary markets like UpMarket for accredited investors, but liquidity is not active for all employees.

Questions to Ask at the Interview

Strategic questions based on Duffel's data — designed to show you've done your homework.

  • 1

    “Given the significant market presence of established GDS players like Amadeus and Travelport, how does Duffel plan to differentiate and capture market share beyond its current NDC and API-first advantages, especially as incumbents also evolve their offerings?”

  • 2

    “The reported 2023 revenue of ~$455,000 seems very low for a company that has raised $56.4M and has major partnerships. Can you elaborate on the company's current revenue model, its growth trajectory since 2023, and how it plans to scale monetization to justify its funding?”

  • 3

    “With the last funding round in 2019 and the company 'actively considering options' for future fundraising, how does Duffel envision the timeline for a potential liquidity event (IPO or acquisition) and what are the company's plans to manage potential employee equity dilution from future rounds?”

Community

Valuation Sentiment

Our model estimates -77% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.