Three startups involved in the travel industry announced fundraises this week totalling more than $316 million.
25.08.2023 - 13:56 / skift.com / Justin Dawes
Seven travel tech startups raised more than $102 million this week.
>>Cabify, a rideshare platform, has raised $66.4 million in capital from Orilla Asset Management, AXIS, and others. The amount reported includes an investment by Mutua Madrileña in July 2022.
The company also received a loan of €40 million ($43.6 million) from the European Investment Bank in May 2022.
Madrid-based Cabify users can book a ride in a branded or other taxi through the company’s mobile app. Cabify also partners with other companies to provide a taxi service for corporate transport, events, and shipping and logistics. Users with access to a corporate account and book on ride on the Cabify mobile app.
Founded in 2011, the company has more than 1,000 employees in Spain and Latin America. The company currently operates in more than 40 cities in seven countries and has more than 42 million registered users and 1.2 million drivers.
Cabify plans to expand to more than 25 cities in Latin America and Spain.
The company has set a goal that all the vehicles available through its platform will be zero-emission in Spain by 2025 and in Latin America by 2030.
“The project is experiencing a stage of maturity and sustainable growth that is unique in its sector. Our goal is to accelerate our strategic plan, and, in the coming years, we expect Cabify to significantly increase in revenue volume and profitability,” said Juan de Antonio, CEO of Cabify, in a statement.
>>Reeco, a platform that connects hospitality buyers and suppliers, has raised $10 million in seed funding and released its product to the public. It was led by Net Capital Ventures and Joule Ventures, with participation from Eynat Guez, CEO of Papaya Global, as well as other angel investors.
The Reeco marketplace displays thousands of products from hundreds of suppliers. When a buyer makes a purchase, the platform uses AI to automatically match the order with the optimal supplier based on price, availability, and delivery dates. That could mean splitting the order between up to four suppliers to ensure full availability and secure the lowest prices, while the buyer receives only one bill.
So far, this has resulted in an average savings of 19 percent per order and an 80 percent cut in time to place and receive orders, according to the startup.
As the industry continues to recover from financial and supply chain issues during the pandemic, hotels are still facing challenges with procurement due to inflation and ongoing shortages, the startup said.
“Unlike the guest experience, virtually no new technology exists for the back office,” said Omri Shalev, chief technology officer and co-founder of Reeco, in a statement. “One of the most important and complicated jobs in
Three startups involved in the travel industry announced fundraises this week totalling more than $316 million.
Five travel tech startups announced $62.1 million in funding this week.
>>Ukio, a Barcelona-based short-term rental platform focused on remote workers, has raised $28 million (€27 million) in a Series A round of funding.
Three startups working in travel tech announced nearly $17 million in funding this week.
Four travel tech startups raised $158.5 million over the last week and a half.
Sam Gilliland, who was the CEO of Sabre Corporation for 10 years, is taking the top role at Accelya.
Three travel tech startups raised $87.2 million this week.
Tech startups involved in the travel industry raised nearly $118 million this week.
Five tech startups in the travel industry have raised $258.6 in venture capital this week.
The hotel tech startup Mews has raised $185 million, a number high above typical venture capital fundraises in that industry.
Two tech startups involved in the travel industry raised $15.3 million this week.
Five travel tech startups announced $47.5 million in funding this week.