10 travel tech startups announced more than $78 million in funding over the past two weeks.
>>Mental journeya startup developing a travel planning and booking app powered by generative AI, has raised $7 million in seed funding led by Costanoa Ventures.
The San Francisco-based startup said it will release a public beta version of its product before the end of the year, which will be developed with an AI assistant as a basis.
The company said the Mindtrip platform will allow users to plan and book destinations, flights, hotels, restaurants and tours in one place, starting with entering simple questions. It will also allow users to create and manage a complete route.
“By observing the evolution of who travels and how they plan…we saw an opportunity to create a unique place where people could combine the ability to discover, plan and book,” said Andy Moss, co-founder and CEO of Mindtrip, in a press release. . “Where ChatGPT stops at text suggestions, Mindtrip integrates photos, maps, pricing and availability data that allows someone to plan and book their entire travel itinerary leveraging AI generative.”
The startup was founded in 2023 by 12 people, including Moss and Trey Matteson, who co-founded vehicle e-commerce platform Roadster and I sold it to CDK Global for $360 million in 2021. The founding team also includes Garrick Toubassi, who previously led the Gmail engineering team at Google.
>>Lydian, a producer of sustainable carbon dioxide-based jet fuel, has raised $12 million in seed funding. It was co-led by Congruent Ventures and Galvanize Climate Solutions, with support from Grok Ventures, Voyager Ventures, Union Square Ventures, Overture VC and Overlap Holdings.
Lydian also raised $3 million in June 2022 from Congruent, USV, Voyager and Global Founders Capital.
The Massachusetts-based startup said its proprietary technology produces low-cost fuels based on carbon dioxide and renewable electricity.
The funds will be used to build a pilot plant in 2024, which the startup says will be capable of producing more than 5,000 gallons of fuel per year. Lydian already produces small quantities of fuel in its laboratory.
Lydian also aims to produce versions of other industrial chemicals using carbon.
“We believe that fuels produced with our technology will consume less energy per gallon than any other e-fuel,” said Joe Rodden, CEO of Lydian, in a statement.
“Lydian is the best-positioned technology we have encountered in this space,” said Joshua Posamentier, co-founder and managing partner of Congruent Ventures.
>>All seatedan event planning technology platform, raised $20 million in funding, led by Level Structured Capital with support from Magma Ventures, Vestech Partners, NYFF and WGG.
The San Francisco-based platform includes virtual replicas of event spaces that organizers can use to visit and plan events remotely. The platform also includes other event planning features, including guest list and seating chart management.
Allseated also plans to create a metaverse division, aimed at offering virtual events in corporate environments.
>>Point.Mea search engine for booking flights with loyalty points, raised $10 million in Series A funding.
It was led by Thayer Ventures, with support from PAR Capital Ventures, RiverPark Ventures, Plug and Play Ventures, MoreThanCapital and Gaingels, as well as David Baggett and Carl de Marcken, co-founders of the platform now known as Google Flights.
>>Change of tripan online travel agency based in Iceland, raised $10 million from existing shareholders, including GE Investment Management.
Travelshift has three travel planning and booking websites: Europe Guide, Iceland Guide, and Philippines Guide.
The company said its newest platform, Guide to Europe, allows travelers to book and manage all parts of a trip through a single app. It also includes thousands of European vacation itineraries and packages.
>>kiki (formerly EasyRent), an invitation-only platform for subletting apartments in New York, has raised $6 million in seed funding.
He was conducted with $4.5 million from Blackbird Ventures, with support from former Airbnb exec Harry Uffindell, Facebook Marketplace founder Bowen Pan, former Bumble exec Michelle Battersby, and former Canva exec and Phase One Ventures founder Mahesh Muralidhar, as well as former Uber executives Tyler Trerotola and Jaikumar Ganesh.
The startup plans to launch in New York in October, aimed at subleases lasting a minimum of one to three months.
Kiki was originally focused on Sydney, Australia, according to a blog post on the Blackbird website.
“Even though it was profitable, the team decided to close its Sydney operations to focus on launching in New York, with the belief that the global winner in this category will ultimately be defined by who wins the major state cities -United,” the message reads.
>>Branch spacean airline retail platform, has raised $6.2m (£5m) in growth capital from Gresham House Ventures.
The London-based company said its platform allows airline customers to create and manage e-commerce packages that include personalized purchases of products beyond just plane tickets. Customers include Aegean, Air Malta, British Airways, Lufthansa Group, TAP Air Portugal and Turkish Airlines.
The investment will be used to strengthen software products to improve the traveler experience in website and mobile app navigation, booking, ancillary offerings, check-in, self-service and payment.
>>Modern Adventurea tour operator for group travel, raised $4.8 million in Series A funding from Seal Rock Partners, Natty Zola of Matchstick Ventures and Nate Abbott of Mischief Ventures.
The Oregon-based company offers small-group tours that include partnerships with artists and designers, chefs, winemakers and more. Users can book and pay for tours on the startup’s website.
The funding will be used to add more private group retreats around the world, hire and expand operations.
>>WeSkywhich developed a lightweight device charger for airline passengers, raised $1.2 million ($1.1 million)
Lithuania-based WeSky said its product can be installed in every seat on an airplane and can quickly charge personal electronic devices via USB-A and USB-C ports.
THE the investment comes from Coinvest Capital, Baltic Sandbox Ventures, Notarc Management Group and angel investors.
The funding will be used for testing in the first quarter of 2024 and to expand international sales.
>>Maps Kogoa travel app powered by generative AI, has raised $1.1 million (90 million Indian rupees) from MapMyIndia.
The startup also raised $1.2 million (100 million Indian rupees) earlier this year from MapMyIndia.
The India-based startup said its app can produce bookable itineraries including flights, hotels and experiences.
| Business | Scene | Lead | Increase |
|---|---|---|---|
| Mental journey | Seed | Costanoa Ventures | 7 million dollars |
| Lydian | Seed | Congruent businesses and galvanizing climate solutions | 12 million dollars |
| All seated | Unspecified | Level Structured Capital | 20 million dollars |
| Point.Me | A-Series | Thayer Ventures | 10 million dollars |
| Change of trip | Unspecified | Unspecified | 10 million dollars |
| kiki | Seed | Blackbird Enterprises | 6 million dollars |
| Branch space | Unspecified | Gresham House Ventures | $6.2 million |
| Modern Adventure | A-Series | Unspecified | $4.8 million |
| WeSky | Unspecified | Unspecified | $1.2 million |
| Maps Kogo | Unspecified | MapMyIndia | $1.1 million |
Skift Cheat Sheet
Seed capital is money used to start a business, often run by angel investors and friends or family.
A-Series funding usually comes from venture capital firms. The round aims to help startup founders ensure their product is something customers actually want to buy.
Series B Funding is primarily about helping venture capital firms help a company grow faster. These fundraisers can help recruit qualified workers and develop profitable marketing.
C-Series financing generally involves helping a business grow, for example through acquisitions. In addition to venture capital firms, hedge funds, investment banks and private equity firms often participate.
Series D, E and beyond These are mostly mature companies and the round can help a company prepare for its IPO or acquisition. Various types of private investors could participate.
