During forays to all seven continents, Brittany Laughlin was frustrated she couldn't more easily tap her friends' social network feeds for travel tips and recommendations.
After an extensive search of tech companies incorporating travel, Ms Laughlin found a site called Gtrot, which is accessible worldwide.
Following a few emails initialised by reporting a bug on the site, she met the site's founder and chief executive, Zach Smith. Ms Laughlin had some ideas to expand the business and, after a lengthy meeting with Mr Smith, was named a co-founder.
Gtrot, which marries travel with social networking by tapping into Facebook to organise travel plans shared by friends, started as an entry by Mr Smith in Harvard University's annual Innovation Challenge in 2009. Gtrot won and used the US$15,000 (Dh55,095) purse to launch the site in private beta.
"Facebook does a great job of showing you who your friends are. But figuring out where they are, and who's been where, is what we're trying to solve," says Ms Laughlin, 25, a New York University graduate who left a corporate job at American Express to become an entrepreneur. "In one click you can see and connect with your friends who live in the city you're going to."
Ms Laughlin believes Gtrot is unique in utilising Facebook, with users' permission, to gather travel data from friends. Users are informed of where their friends have gone in the past and where they're going in the future. In this way, Gtrot is "much more of a connection between people".
The site targets web-savvy 18 to 35 year olds who use social media as a means of communication, and who average two to 10 trips a year. Gtrot caters to each and every trip the user logs, whether it's international or a local tourist destination.
More than 10,000 users have registered online since the company was publicly launched last May.
At the same time Gtrot announced it had closed its first institutional funding round of "just under $1 million", from Lightbank, a venture capital firm based in Chicago whose first portfolio company was the online venture Groupon.
Since then Gtrot has started a campaign of geographically-targeted offers, from daily deal sites such as Groupon and Living Social, in 103 cities in the US, UK and Australia. The company is set to launch a new product with even more targeted offers from Groupon, says Ms Laughlin.
More than 114 million Americans will research travel online this year, and 94 million will book it, according to a recent report by industry research firm eMarketer. Online sales of leisure and business travel in the US is expected to increase 8.5 per cent this year to $107 billion, up from $99bn last year.
Gtrot is looking to attract 50,000 users by the end of the year.
"We'd love to see 10,000 trips added and up to a million trips added by the end of next year," says Ms Laughlin, who is focused on user acquisition rather than revenue at this point.
As part of its expansion plans, Gtrot is looking to add two more staff to its team of eight by the end of the year. Ms Laughlin admits that finding technically-adept employees who mesh with the small unit is difficult. The key is getting people who are "able to develop, design and think of big ideas and tackle big problems".
The company's major obstacle is "cutting through the noise" of the thousands of travel companies in cyberspace.
"I think one of the challenges is letting people know this is something different and worth checking out," Ms Laughlin says. "We're doing something different at Gtrot where we allow sharing, and this social component, that we haven't seen elsewhere on the Web on travel."
* Reuters
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now