Skift Take
— Justin Dawes
Corporate travel, flying taxis, and hotel tech.
Those are three of the most well-funded travel sectors lately, and all three of them made an appearance in this week’s travel startup roundup. And a startup focusing on climate-friendly travel, another growing area, got some funding this week as well.
Five travel startups announced fundraises over the past week totaling more than $70 million.
LimoLane: $38.2 Million
LimoLane, which provides chauffeur services for businesses, has raised $38.2 million (€35 million).
Cherry Bay Capital Group led the round.
Companies can book the LimoLane service for airport transfers, events, and private transport. The service comes with a software platform and app where clients can make bookings, monitor activity, and view financial summaries.
For corporate events, the company also manages hotel bookings and other trip details.
The company says it has managed mobility services for Milan Fashion Week, London Fashion Week, and Paris Fashion Week.
The Italy-based company says the service is available in many of the world’s largest cities, including New York City, Madrid, Berlin, and Dubai. The company has more than 2,000 clients.
The funding will go toward expanding business organically and via acquisition, the company said.
Volant Aviation Technology: $13.8 Million
Volant Aviation Technology, which is developing a flying taxi, has raised $13.8 million (100 million Chinese Yuan) in series A funding.
Legend Capital led the round.
The Shanghai-based company is developing an electric vertical take-off and landing (eVTOL) aircraft to accommodate up to four passengers.
The funding will go toward test flights and further research and development.
The Hyoosik: $11.5 Million
The Hyoosik, which offers a hotel property management system and owns a hotel brand in South Korea, has raised $11.5 million in series B funding.
TS Frontier Proptech Fund led the round.
The Seoul-based company offers hotel tech for more than 1,100 hotels and owns a brand, called The Rest, with a portfolio of 170 hotels. The company is focused on the small- and medium-sized hotel market.
The company also offers hotel development and construction services.
Byway: $6.5 Million
Byway, which sells flight-free travel packages, has raised $6.5 million (£5 million) in an oversubscribed series A funding round.
Heartcore Capital led the round, with participation from Eka Ventures and a group of angel investors.
London-based Byway offers trip packages across Europe that include ground transportation only, no flights, while pushing sustainable travel as part of its speciality. Byway is a certified B Corp company.
Users can either select a pre-made travel package, or they can create their own through the website’s AI-powered trip planner. Packages include all transportation tickets and hotel bookings, along with AI-generated travel tips.
Besides strengthening tech, the funding will go toward hiring and expanding into new markets.
Centriti: $719,000
Centriti, which provides a platform where hospitality companies can order products, has raised $719,000 (60 million Indian rupees).
Emergent India Ventures led the round, with support from Alluvium Capital, Brigade Group, HOF, Venture Garage, CoralBay Ventures, and Atrium Angels.
India-based Centriti says it works with multiple vendors, meant to reduce the time it would normally take for hotels to manage individual vendor relationships. Top-selling products include gloves, cling wraps, and disposable paper containers.
The startup’s tech is used by 120 establishments, including hotels by Accor Group, Taj Hotels, and Oberoi Hotels.
| Company | Stage | Lead | Raise |
|---|---|---|---|
| LimoLane | Unspecified | Cherry Bay Capital Group | $38.2 million |
| Volant Aviation Technology | Series A | Legend Capital | $13.8 million |
| The Hyoosik | Series B | TS Frontier Proptech Fund | $11.5 million |
| Byway | Series A | Heartcore Capital | $6.5 million |
| Centriti | Unspecified | Emergent India Ventures | $719,000 |
Skift Cheat Sheet
Seed capital is money used to start a business, often led by angel investors and friends or family.
Series A financing is typically drawn from venture capitalists. The round aims to help a startup’s founders make sure that their product is something that customers truly want to buy.
Series B financing is mainly about venture capitalist firms helping a company grow faster. These fundraising rounds can assist in recruiting skilled workers and developing cost-effective marketing.
Series C financing is ordinarily about helping a company expand, such as through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.
Series D, E, and, beyond These mainly mature businesses and the funding round may help a company prepare to go public or be acquired. A variety of types of private investors might participate.
Photo Credit: Pictured: A view from the Bernina Express train in Switzerland