Dublin-headquartered travel software firm Roomex has raised €8m in funding that will be used to develop its booking platform and drive expansion into new markets.

The Series A funding round was led by Draper Esprit, with support from existing shareholders Frontline Ventures and Harmony Capital.

The Roomex platform provides SMEs with an automated, frictionless way for companies to manage their corporate travel, from booking to billing.

99% of all their bookings are processed without any human intervention from Roomex.

The platform was initially focused on Ireland but has since grown to other markets and serves more than 50,000 business travellers across the UK and Ireland.

The company’s customers include Musgraves, Dairygold, Kepak, Mitsubishi, and Muller.

This latest investment follows the €2.5m raised by Roomex in 2016, led by Frontline Ventures and backed by technology entrepreneurs Paddy Holahan and Bobby Healy, together with ongoing support from both Enterprise Ireland and Bank of Ireland.

Roomex was co-founded by Jack Donaghy (CEO) and Karl Glennon (CTO).

Commenting on the funding, Mr Donaghy said: "We’re really only at the tip of the iceberg in terms of what we can achieve in the global travel industry market, which is worth over €1.3 trillion per year.

"We’re thrilled to be working with the team at Draper Esprit who bring with them a wealth of experience and expertise and are looking forward to building on the strong momentum we have generated in recent years."