13 Travel Startups Raise $600 Million in 2 Weeks

30.09.2024 - 17:45 / skift.com / Justin Dawes

Two of this year’s 10 biggest startup fundraises so far happened in the past two weeks. 

Between $200 million in venture capital and other financing, the alternative jet fuel company Twelve completed one of the largest rounds ever for its sector. And Engine, a business travel platform, raised $140 million in a sector that’s seeing fast growth worldwide.

Skift has now reported on 16 travel startups that have raised over $100 million so far this year.

The past two weeks was also one of the busiest periods of the year so far: 13 travel startups raised over $600 million in venture capital.

Twelve, a renewable jet fuel production startup, has raised $200 million in series C funding.

The round was led by TPG Rise Climate, Capricorn Investment Group, and Pulse Fund, with support from multiple firms: Fifth Wall, Northstar.vc, Toppan Global Venture Partners, Alaska Airlines, DCVC, Munich Re Ventures, Emerson Collective, Microsoft’s Climate Innovation Fund, Carbon Direct Capital, and Elementum VC.

Twelve has also secured $400 million in project equity from TPG Rise Climate, which will go toward building production facilities, starting with a plant in Washington slated to begin production in 2025. 

In addition, the company has secured loans totaling $45 million from Fundamental Renewables and Sumitomo Mitsui Banking Corporation.

At a combined $645 million, this is one of the largest financing rounds for a sustainable aviation fuel (SAF) startup to date. The company raised $130 million in series B funding in 2022.

California-based Twelve says its tech generates jet fuel by converting a mix of carbon dioxide from either tanks or the atmosphere, along with water and renewable energy. 

“Using electricity to convert carbon dioxide into fuels and materials is the only solution we’ve seen that can scale large enough to truly wean the world off of its fossil fuel addiction,” said Greg Smithies, Investment Partner at Fifth Wall, in a statement.

Airline customers so far include Alaska Airlines and International Airlines Group (IAG), the parent company of British Airways. 

“Together we are building a multi-level partnership to expand supply, mature the market for SAF, and to soon use their E-Jet fuel in our operations,” said Diana Birkett Rakow, senior vice president of public affairs and sustainability at Alaska Airlines, in a statement. 

Engine, a business travel platform, has raised $140 million in series C funding at a valuation of $2.1 billion.

The round was led by a growth equity fund under private equity firm Permira. Alex Melamud, Permira Principal, has joined the Engine board.

The company raised $65 million in 2021 at a $1.3 billion valuation. 

Denver-based Engine provides a tech platform that travel managers of