In mid-April, travel startups raised a total of $689 million in funding, making it a very active period for the industry. However, in the two weeks following this boom, the amount of funding raised dropped significantly to only $29 million. This quieter period saw only a few travel startups announcing new fundraises, all of which were relatively small in comparison to the previous weeks. This dip in funding suggests a possible slowdown in investment activity within the travel tech sector.
One of the startups that secured funding during this period is Charge Zone, a company that is building a network of chargers for electric vehicles in India. The company raised $19 million in venture capital, with plans to install 1,500 supercharging stations in India over the next 18 months and expand to the U.S. and the Middle East. Charge Zone’s charging networks are paired with an app that allows users to manage charging sessions and make payments electronically, catering to a growing market of electric vehicle users.
Another startup that secured funding is Turbi, a car rental platform in Brazil that raised $8.5 million. The company’s platform allows users to book car rentals online and have the vehicles delivered and picked up. Turbi offers flexible rental options, including hourly, daily, and subscription plans. With the new funding, the company plans to expand its fleet by adding 1,000 vehicles, catering to the demand for rental services in Brazil.
Fynch Mobility, a startup focused on making sustainable business travel the norm, raised $1.1 million in seed funding. The company’s platform enables employers to track and reward employees for choosing sustainable travel options, helping to reduce carbon emissions. Fynch Mobility has formed partnerships with companies like Alphabet Lease and clients such as the Dutch Directorate for Public Works and Water Management, BCD Travel, and Volvo Group Netherlands. The funding will support the company’s efforts to promote sustainability in business travel.
Additionally, hotel booking platform Allmytour raised nearly $738,000 in a pre-series A bridge round. The South Korea-based startup offers a subscription program that allows users to book hotels worldwide without additional fees. The funding from Shinhan Venture Investment and Korea Investment Accelerator will help AllMytour prepare for a planned series A round next year. This investment reflects the growing demand for digital platforms that offer convenient and cost-effective ways to book accommodations.
Overall, the recent fundraising activities in the travel tech sector highlight a mix of startups catering to different aspects of the travel industry. From electric vehicle charging networks to sustainable business travel solutions and hotel booking platforms, these startups are addressing various needs and trends within the market. While the funding raised in the past two weeks may be lower compared to the previous period, it still reflects ongoing interest and support for innovative solutions in the travel tech space, pointing towards future growth opportunities for these startups.
