Aug 10, 2024

Skift Take One startup fundraise this week — the largest yet this year — also outdid the top two deals in 2023 by GetYourGuide and Klook. Justin Dawes Travel Startup Funding This Week Four travel startups raised nearly $240 million this week, but one raise accounted for the vast majority of that. With a series D round of $225 million in venture capital, Flyr’s fundraise this week was the largest for a travel tech company this year or last year. It even outdid two major equity-debt raises last year by tours and activities platforms GetYourGuide and Klook, underlining the level of opportunity for modernizing airline retail. Flyr: $225 Million Flyr , a modern retail platform for airlines, has raised a series D round of $225 million. WestCap led the round, with support from BlackRock, Streamlined Ventures, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and the airline Avianca. Flyr also raised $70 million in debt financing led by Vista Credit Partners. Flyr said it has now raised over $500 million. San Francisco-based Flyr says its AI-powered platform helps airlines offer dynamic pricing, personalized offers, and other digital products. The company has also been rolling out similar products for hotels. Sora Fuel: $6 Million Sora Fuel , which is developing renewable jet fuel, has raised $6 million in an oversubscribed round of seed funding. Engine Ventures led the round, with support from Wireframe Ventures and other investors. Massachusetts-based Sora Fuel says it develops sustainable aviation fuel (SAF) using only water, air, and renewable electricity produced in-house. The startup captures atmospheric carbon dioxide with a process that it says is cheaper than existing methods. It then uses water and renewable energy to convert it to a combustible fuel called sygnas. “Sora Fuel’s technology eliminates 90% of the energy currently required in standard [direct air capture] processes, opening up an entirely new and more sustainable path for producing carbon negative fuels,” said Gareth Ross, co-founder and CEO of Sora Fuel, in a statement. ​“Our patented, closed-loop system enables the direct generation of an economical product and overcomes widespread feedstock constraints, allowing us to produce SAF at prices comparable to current Jet A fuel.” The funding will go toward expanding the Boston team, advancing the tech, and developing commercialization partnerships. Wanderboat: $6 Million Wanderboat , an AI trip planner founded by former Microsoft and Meta employees, told Skift that it has raised $6 million in seed funding from undisclosed investors. San Francisco-based Wanderboat said its platform includes an AI-generated chat along with interactive maps, containing pins for nearby attractions that users can click on for more information. The website’s proprietary search engine draws from websites, video content, social media photos, and review sites, designed to offer personalized recommendations and visuals for users planning trips. Users can also interact with each other on the site and share itineraries with friends for group travel. The platform is in the beta phase. Developers are focused on strengthening the product and releasing updates based on user feedback. The CEO and co-founder is You Wu , a former AI scientist with Microsoft. YGO Trips: $2.7 Million YGO Trips , a booking platform for vacation packages, has raised $2.7 million (€2.5 million). The lead investor was GetAway Group , a holding company for several booking platforms in the region of Germany, Austria, and Switzerland. Supporting investors included HomeToGo CEO Patrick Andrae, HomeToGo co-founder Wolfgang Heigl, GetAway Group CEO Jan Seifried, and others. The Berlin-based startup said it allows users to book flights, hotels, and ticketed events within a single platform. The funding will go toward strengthening the platform, including by further integrating AI into the trip planning experience. Company Skift Cheat Sheet Seed capital is money used to start a business, often led by angel investors and friends or family. Series A financing is typically drawn from venture capitalists. The round aims to help a startup’s founders make sure that their product is something that customers truly want to buy. Series B financing is mainly about venture capitalist firms helping a company grow faster. These fundraising rounds can assist in recruiting skilled workers and developing cost-effective marketing. Series C financing is ordinarily about helping a company expand, such as through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate. Series D, E, and, beyond These mainly mature businesses and the funding round may help a company prepare to go public or be acquired. A variety of types of private investors might participate. Share