Guesty, the property management platform for short-term rental businesses, said Wednesday that it has raised $130 million in series F funding.
22.03.2024 - 20:27 / skift.com / Justin Dawes
Mobility is the theme for this week’s travel startup funding roundup.
The top two biggest fundraises were for rideshare startups, one focused on African countries and one that’s been rapidly expanding worldwide.
The third-largest raise was for an electric boat that flies above the water.
In total, four travel startups announced fundraises of over $280 million in the past week.
Moove, which provides financing to help rideshare drivers purchase cars, has raised $100 million in series B funding at a company valuation of $750 million.
Uber invested in the round alongside Mubadala, an investment company owned by the Emirati government. Other investors included The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.
The company has now raised a total of $250 million in equity from investors including BlackRock, as well as $210 million in debt, since it was founded in 2020.
Moove’s customers are potential rideshare drivers who have been denied access to traditional vehicle loans. Drivers select a vehicle and loan provided by Moove, and then work for a partner rideshare app to pay back the loan in weekly payments for up to 48 months.
The startup said it connects with those rideshare platforms to analyze driver performance and revenue as a way to underwrite loans. Moove works with rideshare apps including Uber, Glovo, and Sendy.
Moove said it has provided financing to more than 20,000 drivers, enabling more than 30 million trips. The company said it has an annual recurring revenue of over $115 million and is on track to reach profitability during the next financial year.
Founded in Nigeria, the startup primarily operates in several African countries, as well as India, the U.K., and the U.A.E. The startup has since moved its headquarters to Dubai.
Moove plans to expand from nine to 16 markets by the end of 2025 and add 45,000 vehicles to its platform. Much of that expansion will be focused on electric vehicles.
InDrive, a rideshare and delivery services app, has raised $150 million from General Catalyst.
The deal is an extension of $150 million that General Catalyst invested in 2023, which is eligible for another additional extension.
The funding will go toward product improvements, expanding service offerings, and entering new markets.
The California-based company said it had a 54% growth in net revenue in 2023.
The app is active in 749 cities and has host 2 billion rides, according to its website.
Candela, which has developed an electric boat, has raised $26.5 million (€24.5 million).
Groupe Beneteau, which builds 8,000 yachts annually, was a “key partner” in the round. Other investors included EQT Ventures, Ocean Zero LLC, and Kan Dela AB.
The company has now
Guesty, the property management platform for short-term rental businesses, said Wednesday that it has raised $130 million in series F funding.
The U.S. Travel Association revealed a sneak peek of the return its Daily Getaways program, which is set to officially launch on April 15.
With more than 300 sunny days per year, daytime temps that rarely dip below 65, and an armada of resorts, Phoenix, Arizona is a great getaway for any group gathering that prioritizes pool time, day drinking, and a few rounds of golf. But the city's appeal goes deeper: The area's natural beauty inspired designers and artists like Frank Lloyd Wright, Maxfield Parrish, and Paolo Soleri. And despite its enormous growth (the metro area topped 5 million last year), the increasingly diverse city still retains a frontier spirit: Newcomers are reinventing everything from its food scene to its art circuit, making Phoenix one of America's best under-the-radar destinations.
This as-told-to story is based on a conversation with Allie Hubers , a 29-year-old freelance travel writer. It's been edited for length and clarity. Business Insider verified Hubers' expenses.
A passenger aboard a New Zealand Air flight from Auckland to Sydney has been fined for urinating into a cup during a delay in deplaning.
Much of the travel industry around the world is changing rapidly. The variety of startups that raised money this week is an example of how much opportunity there could be to capitalize on those changes.
The magic of hospitality is staying in a place that isn’t anything like home. A castle, a treehouse, a farm, a yurt: all such places promise an escape from the every day, especially when combined with luxury flourishes that boggle the mind. I am still wondering how ice showed up in the Gobi desert at the Three Camels Lodge in Mongolia or how blueberries came to be served at breakfast at the Explora Lodge on Easter Island. Or, in the case of the Four Seasons in Madrid, how a hotel combined seven historic properties into one sensational art destination.
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Alaska Airlines said in a regulatory filing Thursday it received $160 million from Boeing as initial compensation to make up for the lost profits caused by the sudden blowout of a door plug on a 737 Max 9 in January.
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On the short-list of items that require special care when traveling, jewelry is somewhere close to the top. Their precious metals and delicate settings are just a few of the characteristics that make them more susceptible to damage both while en route and once you arrive at your destination. Whether you’re traipsing around a tropical island and need to protect your pieces from tarnishing or just trying to keep them clean after a long day of traveling through an airport, where they could be exposed to bacteria or accidental bangs and bends, it’s best to stay prepared.
A landmark development for air and sea transport in South-Eastern Europe set to bolster societal cohesion and facilitate travel between Romania, Bulgaria and other Schengen Zone countries.