LUGGit Secures €1.8 Million Funding to Fuel Expansion Plans

Professional luggage management service provider LUGGit has successfully closed a €1.8 million financing round, a significant milestone in its ambitious expansion strategy. The round was led by GED Ventures Portugal and Caixa Capital, both renowned investment funds with a focus on Portuguese enterprises. Portugal Ventures, a previous supporter of LUGGit, also participated in the funding.

Founded in 2019, LUGGit initially operated in Lisbon and Porto, offering a unique service dedicated to collecting, storing, and delivering luggage at the convenience of its users. Following a strategic overhaul in 2021, the company has solidified agreements with over 2,000 owners and managers of tourist accommodations. Expanding its footprint to five European cities across three different countries, LUGGit’s services now extend to Prague, Barcelona, and Madrid, achieving remarkable success with over 10,000 users and more than doubling its 2022 revenue during the current fiscal year.

Ricardo Figueiredo, Co-founder and CEO of LUGGit, expressed gratitude for the investors’ collaboration and trust, emphasizing the company’s commitment to excellence and customer satisfaction. Figueiredo revealed plans for further expansion, targeting seven new European cities in three different countries, and an increase in staff by eight personnel over the next year.

Francisco Lino Marques, Partner and Board Member of GED Ventures Portugal, praised LUGGit as one of Portugal’s most promising logistics tech startups. He highlighted the investment’s aim to accelerate the company’s technological development, positioning it as an innovative force in the tourism sector.

Pedro Rangel, Chairman of the Board of Directors of Caixa Capital, underscored the strategic importance of supporting projects like LUGGit, focusing on innovative and high-potential products and services with global market orientation. Pedro Mello Breyner, CEO of Portugal Ventures, echoed this sentiment, emphasizing the company’s resilience and growth even during pandemic years.

LUGGit plans to utilize the newly secured funds to propel its expansion strategy into new markets and enhance the services it currently offers in existing locations. With this recent financing round, LUGGit’s total funding to date stands at €2.2 million, building upon its previous success with a €400,000 pre-seed round in December 2019, led by Portugal Ventures.