Each week, we bring together travel startups that have recently received or announced funding. Please email Sean O’Neill, Travel Technology Editor, at [email protected] if you have any news about the financing.
This week, travel industry startups announced more than $ 95 million in funding.
GIC, Singapore’s sovereign wealth fund, led the way, Economic times first reported. Ixigo told Skift he had not released an official statement regarding the news articles.
Info Edge Ventures, White Oak, Bay Capital, Trifecta Capital, Malabar Investments and Orios Venture Partners participated. Sequoia Capital has already invested in the company.
The travel startup is looking to go public later this year, according to media reports.
>>Exotic, a startup that offers multi-day packages, closed a $ 30 million Series C funding round.
14W and Mangrove Capital Partners led the round. Aldea Ventures and existing investors Milano Investment Partners SGR, K Fund, Bonsai Partners, Kibo Ventures and Sabadell Venture Capital also participated. This startup has raised $ 53 million to date.
Barcelona-based Exoticca organizes package tours to over 50 destinations around the world, using experts to design the itineraries. A mix of manually selected products with extensive use of automation to make janitors more efficient allows Exoticca to offer cost savings.
Despite the pandemic, the company increased its sales. Sales of Exoticca are currently 50% higher than before the pandemic overall and are tripling the volume in the United States in particular. The startup said it was generating positive earnings before interest, taxes, depreciation and amortization, which is a measure of profit.
“We are very pleased to partner with 14W and Mangrove due to their experience in creating global category leaders in the technology space,” said Exoticca CEO Pere Vallès.
Exoticca aims to digitize the long-standing agent-led model to create travel packages that include flights, hotels, activities and ground transportation with the help of experts on the ground.
“We believe this is the right time to build a global leader in the package travel category,” said CEO Pere Vallès. The company is currently present in Spain, UK, France, Germany, US, Canada and Australia, offering packages to approximately 50 long-haul destinations around the world.
Exoticca plans to invest in technology and products and possibly make an acquisition. Its model is similar to other startups, with varying degrees of overlap, including: Evaneos, Tourlane, Audley Trip, World travelers, Travel counter, and Explora project.
>>Mr.Fly, a Paris-based online travel agency and travel technology company, closed an $ 11.8 million (€ 10 million) funding round.
Bpifrance led the round through its France Investissement Tourisme 2 fund. Former investor Montefiore, Iris Capital and its founders also participated.
“We are very proud that Bpifrance has joined our historical investors in this stage of our development”, declared Nicolas Brumelot, president and co-founder of MisterFly.
The startup has raised around 47 million dollars (40 million euros) since its inception in 2016. It started as an online travel agency, but is now generating significant revenue as a booking platform for travel professionals. travel.
“We have proven the effectiveness of the model we have created for travel professionals and the general public,” said Brumelot. “We want to continue to promote innovations that redefine the way travel professionals research, compare, book and process travel for their customers. “
MisterFly also offers business-to-business offers where it provides travel reservation services on behalf of partners Veepee, Carrefour Voyages, Cdiscount, Paris Aéroport and Leclerc Voyages.
The company plans to use the funding to boost the automation of some of its processes, according to The TourMag report.
>>Mototourism, a motorcycle travel reservation service, raised around $ 1.1 million (€ 1 million) in an initial funding round.
Motorcycle clothing brand Rev’it! invested in the cycle, as did angel investors, the US motorcycle community ADVrider and IFB Innovationsstarter. Howzat Ennea Group also took part in the round.
The startup aims to focus more on providing tourism services to international travelers once pandemic restrictions are relaxed. It’s a mix of a price comparison booking platform and an online travel agency, often referring customers sometimes to dozens of travel partners around the world for transactions.
It helps consumers research, find and purchase travel experiences, ranging from small day trips to long-distance travel packages lasting several weeks. The company was launched in German-speaking countries in 2019 and has since expanded to English-speaking markets. The company said there are several hundred million motorcyclists around the world as the total addressable market.
Skift cheat sheet:
We define a startup as a company formed to test and build a repeatable and scalable business model. Few companies meet this definition. The few that often attract venture capital. Their fundraising rounds come in waves.
Seed capital is the money used to start a business, often run by angel investors and friends or family.
Series A funding usually comes from venture capital firms. The cycle aims to help the founders of a startup make sure that their product is something that customers really want to buy.
B series funding is primarily for venture capital firms that help a business grow faster. These rounds of funding can help recruit skilled workers and develop profitable marketing.
C series financing usually involves helping a business grow, for example through acquisitions. In addition to VCs, hedge funds, investment banks and private equity firms often participate.
D series, E and beyond These predominantly mature companies and the round table can help a company prepare to go public or be bought out. Various types of private investors could participate.