This Plusgrade company profile covers the company's valuation, revenue, funding rounds, investors and history. Plusgrade works in travel technology, with a focus on ancillary revenue software. It was founded in 2009 and is headquartered in Montreal, Quebec, Canada. Its latest valuation on record is Above US$2 billion implied (reported; terms not disclosed) (March 2024). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Partners | Over 200 airline, hospitality, cruise, passenger rail and financial services companies | March 2024 | CDPQ |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Mar 2024 | Majority investment | Over US$1 billion invested (reported) | Implied above US$2B (reported) | General Atlantic (majority); CDPQ remains a significant shareholder; Novacap exited | The Logic |
Plusgrade timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2009 — Plusgrade is founded in Montreal by Ken Harris (CEO).
- Mar 2024 — Majority investment: Over US$1 billion invested (reported), valuing the company at Implied above US$2B (reported). Investors: General Atlantic (majority); CDPQ remains a significant shareholder; Novacap exited.
- March 2024 — Partners: Over 200 airline, hospitality, cruise, passenger rail and financial services companies.
Investors
Overview
If you've ever been offered the chance to bid for a business-class upgrade after booking an economy ticket, there's a good chance Plusgrade's technology was behind it. The Montreal company builds software that helps airlines and other travel companies sell extras to customers they already have: upgrades, extra seats, lounge access and similar "ancillary" products. It has since expanded into hotels, cruise lines, passenger rail and financial services.
Ken Harris founded Plusgrade in 2009 and leads it as CEO. It's one of Montreal's quieter success stories, well known in the travel industry but less visible to the public than consumer brands.
How Plusgrade makes money
Plusgrade's model aligns its revenue with its customers' revenue. Broadly, when a passenger buys an upgrade or another extra through a Plusgrade-powered offer, the travel company earns new revenue, and Plusgrade takes a share. That makes it an easy sell: an airline adds a new income stream without large upfront software costs.
The appeal for travel companies is obvious. Premium seats that would otherwise fly empty become revenue, and customers get a better trip at a price they choose. The company says more than 200 airline, hospitality, cruise, rail and financial services companies use its products.
Ownership and funding
Plusgrade has followed a private equity and growth equity path rather than a classic venture capital one.
Before 2024, its major investors included Montreal private equity firm Novacap and CDPQ, the Quebec pension fund manager.
In March 2024, growth investor General Atlantic acquired a majority stake. Novacap sold its entire position, and CDPQ stayed on as a significant shareholder. Financial terms weren't officially disclosed, but The Globe and Mail reported that General Atlantic invested more than US$1 billion for a stake of more than 50%, implying a valuation above US$2 billion. The Logic reported that this was more than twice what the company was worth in 2021.
General Atlantic said it planned to support Plusgrade's growth through new business segments, go-to-market expansion, strategic acquisitions and operational initiatives.
Revenue: what's public
Plusgrade doesn't publish revenue. Some data aggregators list figures, but they're estimates and, in at least one case, internally inconsistent, so we don't repeat them. Because Plusgrade earns a share of the extra revenue it generates for partners, its own revenue rises and falls with travel volumes and with how many partners adopt its products.
If you're trying to size the business, the clearest public signal is the reported valuation: an implied value above US$2 billion in a control deal suggests investors saw substantial, profitable revenue. See our guide to valuation multiples for how buyers typically think about deals like this.
Why the deal structure matters
A majority investment by a growth equity firm is different from a venture round. The new owner gains control, usually brings an operating playbook, and plans an eventual exit, through a sale to another investor or strategic buyer, or through an IPO. For a company like Plusgrade, that often means a push into adjacent markets and acquisitions. Our guide on add-on acquisitions explains how owners use acquisitions to accelerate growth.
Competitive landscape
Ancillary revenue is a big priority for airlines, which earn a large share of profit from extras rather than base fares. Plusgrade competes with in-house tools built by large carriers, with airline IT vendors and with other upsell specialists. Its advantages are a long track record, a large partner network, and data on what offers actually convert. Expanding into hotels, cruises, rail and banking reduces its reliance on airlines alone.
Risks to watch
- Travel cyclicality: a downturn in travel reduces upgrade volume directly.
- Customer concentration: large airline partners can represent a big share of revenue.
- Build vs buy: large travel companies may decide to build their own upsell tools.
What to watch next
With General Atlantic in control, the most likely developments are acquisitions and expansion into new travel and financial segments. Watch for announcements of new partner categories beyond airlines, acquisitions of smaller upsell or loyalty technology providers, and international growth.
Exit planning is the other thread. Growth equity owners typically hold a company for several years before selling to another investor or a strategic buyer, or pursuing an IPO. Plusgrade's mix of steady partner revenue and exposure to global travel makes it the kind of company that could attract any of those buyers. When that day comes, its sale price will be one of the most useful public benchmarks for Canadian travel software.
Finally, keep an eye on the travel cycle. Upgrade revenue rises when airlines are flying full and premium cabins have spare seats to sell. A slowdown in travel demand would show up quickly in Plusgrade's numbers.
Key facts at a glance
Plusgrade is a Montreal company founded in 2009 by Ken Harris that powers upgrade and upsell programs for travel and financial services companies. In March 2024, General Atlantic acquired a majority stake, reportedly investing more than US$1 billion, which implies a valuation above US$2 billion. Novacap sold its stake in the deal, and CDPQ remained a significant shareholder. More than 200 companies across airlines, hotels, cruise lines, rail and financial services use its products.
Questions to ask before partnering with an upsell provider
- How is revenue shared, and are there minimum fees?
- How long does integration with your booking and loyalty systems take?
- What conversion rates have similar companies seen, and can you speak to them?
- Who owns the customer data generated by upsell offers?
The answers will tell you far more about likely results than a vendor's headline claims, so ask for references from partners similar to your own business.
What this means if you're…
Selling to Plusgrade: a growth-equity-owned company focused on expansion and acquisitions typically buys data infrastructure, integration tooling, and finance and compliance systems that scale internationally. See selling to PE-backed companies.
A travel company: Plusgrade's model means you can test upsell programs with little upfront cost. Compare revenue-share terms and integration effort with alternatives.
An analyst: Plusgrade is a strong example of a Canadian company reaching a multi-billion-dollar value through growth equity rather than repeated venture rounds.
Latest developments (October 2026)
Plusgrade, majority-owned by General Atlantic since 2024, acquired hotel upselling platform Oaky in October 2025, with Oaky's chief executive becoming Plusgrade's president for hospitality upsell. The Montreal company sells upgrade and ancillary revenue software to airlines, hotels, cruise lines and rail operators, and owns loyalty platform Points. No new valuation has been disclosed.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Plusgrade do?
Plusgrade is a travel technology / ancillary revenue software company headquartered in Montreal, Quebec, Canada. It was founded in 2009.
What is Plusgrade's valuation?
Plusgrade was valued at Above US$2 billion implied (reported; terms not disclosed) as of March 2024, according to The Logic (citing The Globe and Mail). Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Plusgrade make?
Plusgrade is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Plusgrade's latest funding round?
The most recent financing we have verified is a majority investment in Mar 2024: Over US$1 billion invested (reported), at a valuation of Implied above US$2B (reported). Source: The Logic.
Who are Plusgrade's investors?
Investors named in public announcements include General Atlantic, CDPQ and Novacap (former).
Who founded Plusgrade?
Plusgrade was founded in 2009 by Ken Harris (CEO).
Is Plusgrade a public company?
No. Plusgrade is a private company (private, majority owned by growth equity (general atlantic)), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Plusgrade headquartered?
Plusgrade is headquartered in Montreal, Quebec, Canada. See our guide to raising money in Canada for context on the Montreal startup ecosystem.