Archer Aviation has recently raised over $1.3 billion in funding, with investments from companies such as Stellantis, United Airlines, and Southwest Airlines. The company has plans for route networks in California and has secured contracts worth billions of dollars from aircraft operators interested in purchasing their product. If mass production can be ramped up successfully and there is enough consumer demand, flying taxis could become a reality before the end of the decade.
One of the recent fundraises in the travel industry includes Archer Aviation raising $230 million in equity capital since July. The company is developing a flying taxi for urban use called Midnight, designed to hold a pilot and four passengers for short trips at speeds of up to 150 miles per hour. With manufacturing contracts valued at $6 billion, including an order from Future Flight Global for 116 units, Archer Aviation is poised for significant growth in the industry. They have also announced plans for an air taxi network in Los Angeles ahead of major events like the World Cup and the Summer Olympics.
Oyo, a budget hotel operator, has raised $172.7 million in Series G funding, completed at a valuation of $2.4 billion. This is a drop from their previous valuation of $1.5 billion in 2019. Oyo, based in India, has raised an estimated $3.3 billion over the years, with a focus on expanding different sectors of the business and building software products for hotel owners. The company recently reported its first-ever profit, indicating positive growth and financial stability.
Fresh Bus, an electric bus operator in India, has raised $10.4 million in Series A funding from Ixigo, an online travel agency. The company operates a fleet of 20 electric buses and plans to expand to 1,000 buses in the next four years. They offer online booking, an app for bus tracking, a loyalty program, and customer service. The funding will be used to add more routes and buses to their network, catering to the growing demand for eco-friendly transportation options.
Coras, a Dublin-based company that provides software for travel companies to sell ticketed events, has raised $1.4 million led by DataOp. The company serves clients in 300 cities across 50 countries, including major airlines like RyanAir, Wizz Air, and Lufthansa Group. The funding will help Coras scale their product and introduce a loyalty program, further solidifying their position in the market.
Overall, the recent fundraises in the travel industry highlight a growing interest in innovative transportation solutions and technology-driven services. From flying taxis to electric buses and event ticketing software, companies are positioning themselves for growth and expansion in the evolving travel landscape. With significant investments and partnerships, these companies are poised to make a mark in their respective sectors and capitalize on emerging opportunities in the market.
