2024 was a record-breaking year for startup fundraises in the travel industry, with Skift tracking over 200 startups that raised a total of $13.1 billion. Even without the outlier of Waymo’s $5.5 billion raise, the total still amounted to $7.6 billion, more than double the previous year’s total. Lighthouse, a tech platform for hotels, had the largest deal in 2024 for a travel software company, raising $370 million.
The fundraises were tracked through a weekly roundup article compiled from company announcements and exclusive reporting. However, the actual total is likely higher as some startups do not disclose when they raise money, and not all global markets were tracked. Key trends in 2024 included a focus on modernizing various sectors of the industry through technology, with a particular interest in mature startups with proven models for success.
Several notable fundraises in 2024 included Flyr raising $225 million for airline retail tech, Hostaway raising $365 million for short-term property management tech, and Lighthouse becoming a unicorn with a valuation of over $1 billion. The majority of interest from investors was in startups focused on modernizing different aspects of the travel industry, including airlines, hotels, and business travel platforms.
Flying taxi startups saw significant growth in 2024, with over a dozen electric aircraft companies raising over $1.8 billion. Companies like Archer Aviation and Joby Aviation led the sector, with plans to begin public flights in 2026. Waymo raised $5.5 billion for its autonomous vehicles rideshare service, while other rideshare startups like InDrive also secured significant funding in 2024.
India saw a growing number of travel startup fundraises in 2024, reflecting the country’s expanding travel industry as more of its population joins the middle class. Startups in various sectors such as budget hotels, luggage brands, visa processing apps, and vacation rental management raised significant amounts of funding. Oyo, a tech-enabled budget hotel operator, had the largest fundraise in India in 2024.
Emerging areas of interest in the travel industry included loyalty programs, renewable jet fuel, visa compliance apps, travel logistics apps, and community-based or niche travel experiences. Several startups raised funds for AI trip planners that utilize generative AI to help users plan trips. The top fundraises in the next-generation mobility sector and travel tech startups in 2024 highlighted the growing interest in advancing technology and innovation within the industry.
