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Funding & Investment in Travel

Travel startup funding and M&A activity in Q1 2024

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After a down year, funding for travel startups has increased in the first quarter of 2024, even as the number of actual rounds is down.

Phocuswright’s Travel Startups Interactive Database put the funding that went into new entrants in the first three months of the year at around $1 billion, a big step up from 2023’s first quarter figure of around $420 million.

Significant rounds went into mobility companies such as ride-hailing company InDrive, $150 million, and in Nigeria-founded Moove, a company providing finance to purchase vehicles, which received $100 million in Series B. Meanwhile, Heart Aerospace landed $108 million to help develop its hybrid-electric plane and Cosmic Aerospace announced a seed round of $4.5 million.

In micromobility, Voi attracted a further $25 million for its e-bike and e-scooter operations, although other companies in the space, including Bird, which entered Chapter 11, did not fare so well.

Another area that continued to attract investors was the vacation rental space with technology-led apartment rental company Bob W getting €40 million in a Series B round while vacation rental startup Overmoon announced $80 million in equity and real estate debt financing. Blueground, a provider of flexible, furnished rentals, announced $45 million in a Series D round just as the quarter was drawing to a close.

Hotel technology also got a look with Mews landing $110 million at a valuation of $1.2 billion.

On the current funding environment for travel startups, Mia Morisset, principal at Inovia, said: “So far, deal flow activity in travel and hospitality for 2024 has definitely rebounded compared to last year, especially at the later-stage front. Now that companies have strengthened their business fundamentals, they are ready to proactively push for efficient growth. We’ve seen more actionable growth opportunities in the past three months than in the entire last year, including our recent investment in Guesty’s Series F.”

Akhil Chainwala, investment director at Kinnevik, agreed with Morisset, and said: “We have seen a thawing in the market for late-stage private companies driven by three factors – increased scale as businesses have grown into their valuation marks, improved efficiency and profitability following two years of cost management, and a more normalised travel macro environment with greater predictability. Companies that can show they benefit from a post-AI future are particularly seeing greater interest from investors.”

Kinnevik led the recent round in Mews and participated in TravelPerk’s Series D1 round of $104 million.

The corporate travel space has been undergoing interesting changes in the past couple of years with newcomers entering the fray, distribution developments and significant consolidation. Spain-based TravelPerk announced its Series D1 funding of $104 million, while Tumodo, based in the United Arab Emirates, raised $35 million in a pre-seed round. Seeru, also based in the UAE, raised undisclosed pre-seed funding.

Further notable rounds in Q1 of 2024 include €100 million for Visit Group from PSQ Equity, which now holds a majority stake, $10 million for Daytrip and $8 million for social commerce service Joyned. Smaller rounds were peppered throughout the quarter including Lokalee ($5.6 million), Holdbar ($3.5 million), Nicer ($2 million) and Runnr.ai with €1 million.

One further bright spot in Q1 was the announcement of a travel technology fund for Europe called TravelTech.vc. The company announced in January that it was looking to invest €50 million in 10 companies.

Acquisition trail

Consolidation was also a big part of Q1 with American Express Global Business Travel’s announcement of its plan to acquire rival CWT for $570 million the standout news. Some have already said 2024 could be the biggest year ever for mergers and acquisitions in travel technology.

“A wave of inevitable consolidation following COVID needs to take place whilst at the same time high interest rates have stalled startup fundraising, leading to people having to merge or face closing,” Morgan Lesné, travel lead and partner at Cambon Partners, said recently. “Meanwhile record tourism figures for 2023 and a very positive outlook for 2024 are leaving many players feeling confident that now is the right time to acquire competitors.”

Reports from Morgan Stanley and PWC, while not specific to travel, also indicate the likelihood of increased M&A activity in 2024. PWC said improvement in financial markets, pent-up demand for deals and “the need for many companies to adapt and transform business models” is driving dealmaking.

Regarding hospitality and leisure it added, “While hospitality and leisure dealmaking showed declines in both deal volumes and values in 2023 compared to the prior year, we expect the return of tourism to pre-pandemic levels and consumer preferences for experiences will increase the flow of businesses coming to market in 2024.”

Distribution giant Amadeus has had an active quarter on the acquisition front with its purchase of biometrics specialist Vision-Box for €320 million in late January and payments specialist Voxel for €118 million in March.

Further M&A activity in Q1 included IBS Software’s acquisition of Above Property Services for $90 million, AirDNA’s purchase of Uplisting, Gray Dawes’ acquisition of Dutch travel management company VCK Travel, Lighthouse’s acquisition of Stardekk, Busbud’s acquisition of Buson and the merger of micromobility players Dott and Tier.

A final word on funding and M&A activity in the quarter is devoted to the companies that didn’t make it. Journera, which was founded in mid-2016 as Dihedral and had raised about $36 million, announced it was shutting in early February. Its story, as told by founder Jeff Katz, can be read here. Meanwhile, Cabana, a camper van rental startup that raised more than $10 million, suspended operations in early January. Its founder Scott Kubly shares lessons learned here.

Phocuswright Europe 2024

Join us in Barcelona to hear investors discuss the current appetite to fund travel startups with Lucile Cornet, partner at Eight Roads, Bobby Demri, managing partner at ROCH Ventures, and Christoph Schuh, partner at Lakestar, in a session titled Executive Panel: The Investor View.



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Negotiators Seek To Travel To Yemen; Supreme Court Asks Them To Approach Centre For Permission

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The Supreme Court on Friday allowed the private organisation, which is taking efforts for the release of Malayali woman Nimisha Priya, to approach the Central Government seeking permission to travel to Yemen for negotiations to stall her execution for the murder of a Yemeni national.

The organisation is seeking permission to allow a few of its members and a representative of Kerala Sunni Islamic leader Kanthapuram AP Aboobacker Musaliyar – whose interventions reportedly led to the stay of the execution – to travel to Yemen to meet the victim’s family to further the negotiations. Efforts are underway to negotiate with the victim’s family to persuade them to pardon her after accepting ‘blood money’ as per the Shariat Law.

A bench of Justices Vikram Nath and Sandeep Mehta was hearing a writ petition filed by Save Nimisha Priya International Action Council.

Senior Advocate Ragenth Basant, for the petitioner, informed the bench that the execution, which was scheduled for July 16, was postponed. He submitted that without permisison from the Centre, no Indian can visit Yemen as there is a travel ban in place.

“First step is that the family forgive us, then second stage is blood money. Somebody needs to negotiate with the family. Yemen is a country where not just anybody can go. There is a travel ban unless the government relaxes it. Let 2-3 members of the petitioner and a representative of Kerala Islamic cleric be permitted to go to Yemen. As of now, execution has been stayed. We are thankful to govt of India for all efforts. But we need to go there, there was a revered [Islamic cleric] who intervened…” Basant submitted.

“Ideally, one representative from the government also. If the government deems fit,” Basant added. Attorney General for India R Venkataramani however remained non-committal about Government intervention. “I don’t think anything can formally happen at this time. We will consider but dont put it on record. There is no next date fixed for execution that means something is working.The family and power of attorney only should be concerned with negotiations. I don’t think it will be a different story if the organisation goes there,” the AG said.

We don’t want something counter-productive happening. We want this woman to come out safely,” AG added.

The bench said that it was not expressing anything on the demand and allowed the organisation to file a representation before the Government. The bench adjourned the hearing, posting the matter for August 14.

To recap, 36-year old Nimisha Priya is facing death sentence for the murder of a Yemeni national in 2017, who allegedly tortured and assaulted her. To retrieve her documents, including passport, from the Yemeni man’s possession, Priya apparently tried to sedate him using ketamine, but unfortunately, an overdose caused his death.

Earlier, Priya was scheduled to be executed on July 16. On July 14, the petitioner-organization prayed before the Supreme Court for Union’s support to negotiate a pardon for Priya through diplomatic interference. The Union, however, categorically said that its role in the matter was limited, given where Priya is lodged (Houthi-controlled Sanaa). Be that as it may, it assured that “utmost possible” efforts were being made by the government at private level to prevent Priya from the gallows. During the hearing, Justice Mehta noted that the case was “sensitive” in nature and indeed a “sad” one.

Thereafter, a day before Priya’s scheduled execution, reports came in that the execution had been postponed with the help of private interventions. The reprieve however was short-lived, as the family of the victim-Talal Abdo Mahdi, whom Priya is accused of killing, came out with a statement that theyvwill not grant pardon to Priya.

Nimisha Priya, an Indian origin nurse from Kerala, was sentenced to death in 2018 for the murder of Yemeni national Talal Abdo Mahdi. As per claims, Talal was Nimisha Priya’s business partner but forged documents to show that she was his wife. Allegedly, he even seized her passport and subjected her to physical and mental torture. One day, in 2017, she injected him with sedatives to retrieve her passport. Unfortunately however, Talal died and Nimisha Priya was sentenced to death.

Pursuant to a challenge, Nimisha Priya was tried again. But in 2020, she obtained the same verdict. At that point, the petitioner-Council was formed by her relatives and supporters to secure her release. In 2023, Yemen’s Supreme Judicial Council rejected an appeal preferred by Nimisha Priya. Last year, the Yemeni President approved her death sentence.

Recently, the petitioner-organization filed the present petition seeking directions to the Union Government to secure her release from Yemen through diplomatic channels. The petitioner highlighted that as per Shariat law, a person can be released if the relatives of the victim agree to accept “blood money” and negotiations can be held to explore that option.

Lately, Nimisha Priya’s family offered to pay 1 million dollars (Rs.8.6 crores) to Talal’s family as ‘blood money’, a compensation for pardoning her and sparing her life.

Earlier, Nimisha Priya’s mother had approached the Delhi High Court seeking permission to travel to Yemen to make efforts for her release. Responding to that petition, the Central Government informed the High Court in November 2023 that the Supreme Court of Yemen had dismissed her appeal. Taking note of that development, the High Court directed the Central Government to take a decision on the mother’s representation. The mother had sought permission to travel to Yemen despite a ban on Indian nationals to travel there.

Case Title: SAVE NIMISHA PRIYA INTERNATIONAL ACTION COUNCIL Versus UNION OF INDIA AND ANR., W.P.(C) No. 649/2025





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Incheon Airport tells passengers to arrive 3 hours early as peak travel season arrives

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Travelers move through Incheon International Airport on Jan. 23, ahead of the Lunar New Years holiday. [YONHAP]

 
With the peak summer travel season around the corner, Incheon International Airport is gearing up for a rush of passengers, warning travelers to arrive 30 minutes to an hour earlier than usual — about three hours before departure — to avoid missing flights. 
 
Between July 25 and Aug. 10, an estimated 3.87 million travelers are expected to pass through Incheon, averaging 228,000 passengers per day, the Incheon International Airport Corporation (IIAC) said Thursday. That’s a 4 percent jump from the Lunar New Year holiday rush, typically one of Korea’s busiest travel periods. 
 
 
To manage the surge, airport authorities will open several security checkpoints earlier than usual. From July 23 to Aug. 4, Terminal 1’s Departure Gates 2 and 4 and Terminal 2’s Gate 2 will begin operating 30 to 60 minutes ahead of schedule. Terminal 2’s Gate 1 will get two new security screening machines, and 67 additional security staff will be deployed.
 
Other measures include expanding “Smart Pass” fast-track lanes, which are only available for Korean passports, adding self-service bag drop stations and running select airport shops around the clock. Parking management will be more flexible, and late-night bus services will be increased to ease crowding. 
 
“We will operate the summer peak period with a focus on passenger convenience and safety,” said Lee Hag-jae, CEO of the IIAC. “We are preparing for an era of 100 million annual passengers by advancing digital transformation and expanding our global network.”
 

Incheon International Airport Terminal 1's parking lot is packed on Jan. 23, ahead of the Lunar New Year holiday. [YONHAP]

Incheon International Airport Terminal 1’s parking lot is packed on Jan. 23, ahead of the Lunar New Year holiday. [YONHAP]

 
Domestic airports, including those serving popular destinations like Jeju Island, are also rolling out special travel plans. The Korea Airports Corporation (KAC) estimates 4.31 million passengers and 24,067 flights will move through local airports over the same period. That averages out to 1,416 flights and 253,000 travelers per day, up slightly from the 1,365 flights and 238,729 travelers in the same period last year.
 
The busiest days are forecast to be July 25 at Gimpo Airport, July 26 at Gimhae Airport and Aug. 4 at Jeju International Airport.
 
To cope with the expected surge, KAC will open check-in counters earlier, increase security and ID verification operations and expand staffing at immigration checkpoints. It has also secured 5,910 additional parking spaces and plans to boost on-site personnel by 40, bringing the total to 2,046 staff during the peak season.
 
“We’ve prepared an emergency safety plan in anticipation of increased passenger traffic during the peak summer travel season,” said Son Jong-ha, head of operations at KAC. “We’ll do our best to ensure travelers experience minimal inconvenience by deploying additional on-site staff.”
 

Travelers move through Incheon International Airport on Feb. 27. [NEWS1]

Travelers move through Incheon International Airport on Feb. 27. [NEWS1]

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY PARK YOUNG-WOO [[email protected]]





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Visa-free visits and outbound travel boost mutual understanding

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Cai Meng / China Daily

Still hesitating about traveling to, studying in or doing business with China? The following numbers might help change your mind.

In the first half of 2025, foreign nationals made a total of 38.05 million trips to or from China, an increase of 30.2 percent year-on-year, the National Immigration Administration said on Wednesday. Of these trips, 13.64 million were visa-free entries — which is more than the population of a megacity — up 53.9 percent from the same period last year.

These trips accounted for 71.2 percent of all inbound trips made by foreigners in the first half of the year.

Thanks to a growing list of unilateral visa-free agreements with countries across Europe, Southeast Asia and beyond, it is easier than ever to enter China without excessive paperwork. China’s 240-hour visa-free transit policy allows travelers from 55 countries to transit through China without a visa for up to 240 hours.

On the other hand, the number of Chinese citizens traveling abroad has also risen rapidly. This increased two-way movement of people is helping other countries better understand China.

The impact is already visible in international perceptions. A new Pew Research Center survey, released on Tuesday and based on responses from more than 30,000 people across 25 countries, reveals several key shifts in global attitudes toward China. Conducted between Jan 8 and April 26, the study found that compared to last year views about China have turned favorable in 15 of the 25 countries surveyed.

One of the most notable trends is generational. In most countries, younger people are more positive about China than older respondents. This younger demographic is also more likely to form opinions based on direct experiences, social media content and peer networking, rather than through legacy media narratives or assumptions.

In addition, more people now see China as the world’s leading economic power, a marked change from Pew’s 2023 survey and a reflection of China’s growing global influence through innovation, trade and high-quality development.

These changing views reflect a reality many are discovering firsthand. The China of today is dynamic, forward-looking and deeply engaged with the world. From high-speed rail networks and AI-driven cities to vibrant cultural festivals and thriving innovation hubs, China offers not only modern infrastructure but a new model of development, one that emphasizes quality, sustainability and openness.

And this openness is intentional. China is advancing high-level opening-up not just through policy, but through action. It is about more than trade and investment, it is about encouraging people-to-people exchanges, educational partnerships, tourism and shared innovation. Whether it is easier visa access, multilingual services at airports and train stations, or international cooperation zones, the door to China is wide open and increasingly welcoming.

What is also helping is China’s role as a source of stability and certainty in a turbulent global landscape. At a time when many regions are facing economic headwinds and geopolitical tensions, China’s long-term development strategies, policy consistency and emphasis on peaceful cooperation stand out. Its approach to modernization, rooted in national conditions, yet globally connected, is being recognized as both effective and inspiring.

The result? A growing number of international visitors are not just impressed, they are surprised. Many describe the China they encounter as “unexpected”, “fascinating” or even “cool”. This is a country breaking through cliches and showing the world what modernization with Chinese characteristics really looks like and how it can offer new ideas for global development.

So, if you are still wondering whether it is time to explore China, the signs are clear. People are coming. Views are shifting. Connections are deepening.



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