I was an avid traveler long before I had children. Now, one of my greatest joys is sharing my love of exploration and adventure with my family. Yet, traveling with my four kids has been an adjustment.
26.08.2024 - 21:37 / skift.com / Justin Dawes
This month, an 11-year-old startup called Flyr raised the largest single round of venture capital for a travel tech company in years: A total package of nearly $300 million.
It’s a tough time for startup funding, and the Flyr deal is a shining example of what investors are willing to bet on: Tech that promises to modernize outdated industries and has a real business model with recurring revenue.
Flyr’s basic pitch is to help airlines transform the retail experience into something more like online shopping with an AI-powered platform for dynamic pricing and personalized offers.
“We do deals that are tens of millions of dollars a year, and we do contracts that are five to 15 years in length,” Flyr CEO Alex Mans told Skift. “So that makes it a very, very strong business model with very high recurring revenue. And that, in turn, attracts great investors — especially long-term focused investors.”
Whether early or late stage, investors are more focused than ever on finding worthy startups.
“The number of companies that were raising in 2020 and 2021, it was just enormous compared to what we’re seeing today,” said Gaurav Tuli, partner of F-Prime Capital, the fund affiliated with Fidelity Investments. “It’s far, far fewer companies raising, and also of much higher quality today.”
F-Prime Capital has invested in travel tech companies including Lighthouse, Canary Technologies, ConnexPay, and AvantStay.
Skift has been tracking startup funding in weekly columns for years and the change is all too clear. We’ve spoken with founders who’ve run out of money and those who’ve made it through several funding rounds. And we’ve spoken with investors about what they’re looking for now. From after the go-go period post-pandemic to the depths of 2022 and 2023, they all tell a similar story: There’s money to be had, but the bar is much higher.
For startups, the early 2020s felt a lot like the late 1990s.
During that first Internet stock boom, investors flooded the market with billions of dollars, betting on unproven tech startups that promised to become gold mines with the genesis of the world wide web. Many of those startups did not have much more of a business plan than adding “.com” at the end of their names. Stock prices soared.
But reality set in by the year 2000 as many of these companies failed to generate profits. Share prices tanked and numerous tech startups went bankrupt.
Companies like Apple and Amazon managed to weather the storm, however, emerging stronger and more dominant as many others faded into obscurity.
In the travel sector, the recent funding cycle is no different. As capital dries up, only the most resilient travel tech startups will survive.
John Tertan founded the streaming platform Heygo in
I was an avid traveler long before I had children. Now, one of my greatest joys is sharing my love of exploration and adventure with my family. Yet, traveling with my four kids has been an adjustment.
Six decades after hosting the 1964 Tokyo Summer Olympics — when Japan rapidly rolled out new infrastructure like its Shinkansen bullet train and accommodations like Hotel New Otani Tokyo to welcome the anticipated influx of foreigners — the country remains one of the most beloved leisure destinations in the world. According to the Japan National Tourism Organization, 17.78 million foreign visitors arrived in the first half of 2024, breaking 2019's previous record of 16.63 million. And there are no signs of a slowdown: Japan aims to nearly double 2019's end-of-year record of 31.88 million tourists to a staggering 60 million annually by 2030.
We’re continuing our discussion of Skift Research’s State of Travel 2024 report with a look at the aviation industry. It has shown enormous progress in its recovery from the pandemic. But ultra-low-cost carriers still face their share of challenges.
The Skift Travel Health Index has continued to trend upward: The latest reading of 104 indicates 4% growth over July 2023. Countries in the Asia Pacific dominate and China showed the biggest jump – 21% above a year ago.
There’s a lot to dislike about dating apps: people’s repetitive profiles (let me guess—you’re also passionate about “food”); the déjà vu conversations (him: “hey”; me: “heyy”); how Hinge’s algorithm puts the people it deems hot behind its paywalled “standouts” feature (or the “rose jail,” as the internet has dubbed it). When I discuss such matters over Sunday lunches with my astrological twin (i.e., we share the same sun, moon, and rising signs), she sometimes encourages me to take a break from the apps. Then I do another dating app detox. But what’s the first thing I do when I travel solo? Yeah, I download them again.
Traveling during hurricane season, which spans from June to November, can be both thrilling and precarious.
Dozens of global carriers have secured more than 550 orders for Airbus' newest narrowbody plane, the Airbus A321XLR, since its 2019 launch.
The Skift Research team recently unveiled its State of Travel 2024 report, a 400-page that documents the consumer and business trends in various sectors of the travel industry — including hotels and online travel agencies.
New Jersey Transit is making it easier to get to the beach this Labor Day holiday weekend by offering free tickets for all customers.
Founded by the Tata Group in 1932, Air India was once the gold standard for air travel — so much so that Singapore Airlines modeled its business after it.
Savute Safari Lodge, part of the Desert & Delta Safaris portfolio of luxury lodges, has officially reopened after a complete rebuild. A highlight for travellers for the past 25 years, the new Savute Safari Lodge elevates the safari experience to new luxury standards. Each of the 11 standard rooms and one family room features a combination of natural thatching and canvas, to envelop guests in a stunning natural environment and welcome temperature control during the hotter months. Guest rooms have been designed to offer breathtaking views of the prolific amounts of wildlife that congregate around the famous waterholes along the Savute Channel. The rooms feature private outdoor showers offering guests the magic of a starlit shower or a brisk cool-down after an exhilarating morning on safari. The sophisticated yet simple interior décor blends elements of traditional safari lodge design with a clean, contemporary feel. The colour palette draws inspiration from the striking contrasts of the Kalahari, blending earthy greens and the vibrant colours of the life-giving rains.
Regent Seven Seas Cruises is unveiling two additional August incentives for travel advisors in North America.