skift take
Investing in air travel was one of the themes seen among the seven startups that raised funding in the past two weeks.
— Justin Dawes
Seven travel startups from a variety of sectors have raised more than $150 million in the past two weeks.
The largest was hotel technology company Muse, with $110 million. There was also funding from three startups looking to modernize the air travel industry.
Below is the latest funding status for the industry.
Voi: $25 million
Voi, which provides public access to electric scooters and bikes in Europe, has raised $25 million in an oversubscribed funding round.
Investors include VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital, and individuals including founders and employees.
The company also secured debt financing in partnership with venture capital firms.
The company has now raised more than $540 million in equity and debt, according to a report compiled by Crunchbase.
Sweden-based Voi partners with cities and transport companies to provide vehicles for public use. Through the Voi app, users can find nearby vehicles and unlock them by scanning their QR code on the handlebar.
The funds will be used to expand the company's fleet of electric scooters and electric bicycles.
“This funding puts us in a great position to expand amid the rapid restructuring of the European market,” Voi CEO Fredrik Hjelm said in a statement.
Voi said it achieved a record 68 million rides in 2023 and expanded to cities including London, Vienna, Oslo, Milan and Marseille.
Over the past two years, the company's revenue has increased by nearly 50%, gross profit has more than doubled and overhead costs have decreased by nearly 50%, Hjelm said.
“Looking to the future, we see many promising opportunities as cities pivot away from car-centricity and towards promoting sustainable mobility, and as consumers increasingly integrate micromobility into their daily lives. ,” Hjelm said.
NLX: $12 million
NLX, which provides customer service technology to airlines and other customers, has raised $12 million in Series A funding.
Mr. Cercano led the round, with support from Thayer Ventures, HL Ventures, IAG Capital Partners, JetBlue Ventures, and Tech Square Ventures.
New York City-based NLX said its generative AI-based software can provide personalized customer service through voice or chat, aimed at reducing the burden on call centers. Clients can also manage and analyze customer conversations through the NLX platform.
Customers include Copa Airlines and United Airlines.
Traveljoy: $10 million
TravelJoy, an AI-based platform that helps independent travel agents plan their trips, has raised $10 million in Series A funding.
The round was led by Theresia Gouw of Acrew Capital, also a former director of Hotel Tonight and Trulia, and was supported by NFX, Founder Collective, Forerunner, and Concrete Rose.
San Francisco-based TravelJoy said its platform includes tools for customer relationship management, workflow automation, messaging, invoicing, payments, proposals, itineraries and group travel management. The company also has a booking partnership with travel insurance startup Faye and his Viator, a tour and attractions marketplace owned by TripAdvisor.
“Our goal is to enable the next generation of travel curators to create the kind of magical travel experiences that I had at my mother's agency, while at the same time creating the experiences that my mother had to experience. It’s about eliminating undue stress and overhead,” said Dayo Esho, co-founder of TravelJoy. statement.
TravelJoy said its platform drives more than $1 billion in travel spending annually.
The funds will go toward product enhancements and hiring.
Hunting land rental fee by owner: $1 million.
Hunting Land Rentals By Owner, which connects hunters and landowners, has raised $1 million in seed funding.
The round was led by Great North Ventures with support from Comeback Capital, Gopher Angels and Right Side Capital.
The Minnesota-based company said its website connects hunters and landowners for free, allowing them to complete a site visit and seal a deal. The company generates revenue through services such as rental property searches and land advice.
The funding will be used to expand its landowner and user base, as well as launch a mobile app.
Aingul: $1 million
Airnguru, which provides pricing software for airlines, has raised $1 million in pre-Series A funding from a group of angel investors.
The Chile-based startup said its software can automatically and continuously set and manage fares based on the latest market information.
Customers include Qatar Airways, British Airways, Avianca, Copa Airlines, LOT Polish Airlines, Finnair and SKY Airlines.
The investment will be used to enhance the startup's existing services and add products.
Muse: $110 million
Mews, which provides asset management systems for hotels, has raised $110 million at a valuation of $1.2 billion.
(See Skift story.)
Mr. Kinnevik led the round, with support from LGVP, Revaia, Goldman Sachs Asset Management, and Notion Capital.
Muse raised $185 million at the end of 2022.
Prague-based Muse said its platform, which manages tasks such as check-in and housekeeping, is used by 5,000 hospitality brands in 85 countries.
Indicio
Indicio, which provides software aimed at simplifying the identity verification process during air travel, has raised an undisclosed Series A funding round.
The lead investor was SITA, a traditional company that provides much of the operational software for the air travel industry.
Seattle-based Indicio said its software allows passengers to create digital versions of their physical passports, which can be stored in the app along with digital versions of visas, boarding passes and frequent flyer IDs. .
Indicio partnered with SITA and the Aruba government in 2023 to allow travelers to pre-clear entry requirements before leaving home.
Company Stage Lead Raise Voy Unspecified Unspecified $25 million NLX Series Asel Cano $12 million Travel Joy Series A Teresia Gow $10 million Owner Hunting Land Rental Seed Great North Ventures $1 million E Angle Unspecified Pre Series A $1 million Muse Unspecified Kinevik $110 million Indicio Series ASITA Unreleased
Skift cheat sheet
Seed capital is the money used to start a business, often led by angel investors, friends, and family.
Series A funding typically comes from venture capitalists. The round is aimed at helping startup founders make sure their product is something customers actually want to buy.
Series B funding is primarily aimed at venture capitalist firms to help companies grow faster. These funding rounds will help recruit skilled labor and develop cost-effective marketing.
Series C financing is typically aimed at supporting a company's expansion, such as through acquisition. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.
Series D, E, and Beyond These primarily mature business and financing rounds can help companies prepare to go public or be acquired. Different types of retail investors may participate.
Photo credit: Three startups looking to modernize air travel raised funding this month.
