Last week was a significant week for fundraising in the travel tech industry, with four startups raising a total of nearly $358 million. This was the biggest week for fundraising in the industry so far this year, with the total reaching $500 million. The two startups that raised over $100 million were HysetCo, a company that rents hydrogen-powered cars to taxi companies, and Guesty, a business management platform for short-term rental companies.
HysetCo, based in Paris, raised $212.8 million in funding led by Hy24, becoming the majority shareholder. The company owns a fleet of more than 500 hydrogen-powered vehicles and a network of refueling stations in France. They provide services such as fleet management, maintenance, repair, insurance, and training to their clients, which include taxi companies. The funding will be used to expand across France and the rest of Europe, with plans to establish more refueling stations by 2025.
Guesty, based in New York City, raised $130 million in series F funding led by investment firm KKR. The platform helps property managers streamline various aspects of their short-term rental business, including marketing, accounting, payments, and bookings on third-party booking sites. The funding will help Guesty further develop its platform and expand its services to more short-term rental companies.
Waymap, a navigation app based in London that works without GPS or cellular service, raised $8.7 million in funding led by TELUS Pollinator Fund for Good. The app uses the smartphone’s built-in sensors to provide navigation both indoors, outdoors, and underground, with accuracy up to 1 meter. Waymap was founded to help those with visual impairments travel more confidently, but its capability to operate without cellular service can be useful for anyone. The company plans to expand in mapped areas in Asia Pacific and the Middle East.
CharitableBookings.com, a London-based startup that offers members access to travel at wholesale prices, raised $6.2 million from angel investors. Users can donate to a designated charity and receive a lifetime premium membership to the platform, which includes access to over 500,000 hotels at wholesale prices. Each booking made through the platform raises funds for charity, making it a unique way for travelers to support charitable causes while booking their trips.
Overall, the fundraising activity in the travel tech industry last week was the most significant in nearly three months, with total investments reaching $358 million across four startups. The funding will help these companies expand their services, reach new markets, and further develop their technologies. With the travel industry slowly recovering from the impact of the pandemic, these investments will play a crucial role in shaping the future of travel tech and supporting innovation in the sector.
