In the past two weeks, travel startups have seen a significant amount of funding, totaling $1.1 billion. The largest portion of this funding went to Wayve, a company specializing in robotaxi technology, which raised over $1 billion in a series C funding round. Wayve is focused on developing artificial intelligence technology that will allow for fully autonomous driving capabilities in vehicles. The company’s primary customers are automakers and vehicle fleet owners, and they have been testing their technology on the road in the UK. SoftBank Group, Microsoft, and Nvidia were among the investors in this round.
Another travel startup that received a substantial amount of funding is Cover Genius, which raised $80 million in series E funding. Cover Genius offers insurance services to travel companies and other industries, allowing them to provide coverage to customers. The company’s services include various travel insurance options such as cancel for any reason protection and instant payments for approved claims in numerous currencies. Clients in the travel industry include Booking Holdings, Ryanair, and Uber, among others.
LanzaJet, a renewable jet fuel company, raised $20 million from Groupe ADP. LanzaJet’s technology can convert low-carbon ethanol to jet fuel, and they are aiming to produce one billion gallons of Sustainable Aviation Fuel (SAF) by 2030. Hometime, a vacation rental property management company based in Sydney, raised $6.6 million to expand its operations. The company manages various aspects of vacation rental businesses on behalf of owners, including listing on platforms like Airbnb, guest management, cleaning, and styling.
Naya Homes, a property manager for vacation rental owners in Mexico, secured $3.1 million in funding to expand its operations to additional Mexican cities. The startup manages over 400 properties in popular tourist destinations like Puerto Vallarta and Los Cabos. You. Smart. Thing., based in the UK, raised $1.5 million to provide low-carbon travel route suggestions for consumers. The service includes environmentally friendly options and accessible routes for disabled users.
Icon, an India-based company that produces luggage and travel accessories, received $1.2 million in seed funding to target the mass premium segment of Indian travelers. Lastly, AM Craft, based in Latvia, raised $652,000 in pre-seed funding for manufacturing services for the airline industry. The company uses a 3D printer to make airplane interior components and has pre-approved parts in their library. The variety of travel startups that received funding in recent weeks demonstrates the growing interest and investment in innovations within the travel industry.
