Refundit raises $9.8 million
Amadeus Ventures is leading an investment round of $9.8 million in Refundit , an Israeli startup that allows tourists visiting Europe to claim their VAT refund in a quick and efficient manner. Additional investors include Portugal Ventures and other returning seed round investors.
Founded in 2017 and led by Ziv Tirosh and Waze cofounder Uri Levine, the startup’s digital solution aims to allow tourists from around the world who are visiting Europe to claim their VAT refund at times when around 90% of VAT refunds – €23 billion – is not returned to tourists throughout the EU.
“The existing VAT reclaim process is cumbersome and inefficient for all stakeholders. By offering its innovative end-to-end digital solution, Refundit creates real value for all stakeholders. Our solution benefits everyone: the tourist, the retailer, the tax authorities and the country’s economy by making shopping even more appealing.” – Ziv Tirosh, cofounder and CEO of Refundit.
“At Amadeus, we constantly look for opportunities to take friction out of travel. We’re very excited to welcome Refundit into the Amadeus family and we look forward to working together with the team to bring this much-needed improvement to travelers.” – Stefan Ropers, president, Strategic Growth Businesses, Amadeus.
“Refundit and its people tick all the right boxes in terms of what we look for in strategic investments. The app improves the traveler experience enormously and adds value at every step of the VAT reclaim process” – Suzanna Chiu, Head of Amadeus Ventures.
Bottom Line: We’ve said it before and we’ll say it again – your next travel insurance partner.