Travel Startup Financing This Week

quick take

Hotaliors secures more cash to develop new products and carry out a rebrand, while insurance platform Faye wants to further ease claims processes with new funds.

Matthew Parsons

This week, four travel startups collectively announced more than $114 million in financing

>> tailorsa corporate reserve tool, has secured $24.17 million in new funding.

The corporate round was provided by existing investor DialCom24.

The capital will be used to launch new insurance and financial products, expand in the US, Middle East and North Africa, and also help fund a rebrand from Hotailors to WorkTrips.com.

The Poznan, Poland-based company counts Google, Vodafone and Microsoft as clients.

>> Cabifya ride-sharing app, received a $41.85 million loan to purchase 1,400 electric vehicles.

The investment was approved by the European Investment Bank.

Spain’s Cabify will also invest in digital infrastructure, while the funding will improve the supply of emission-free urban mobility in the cities where the startup operates. Overall, Cabify is aiming for a zero emission fleet by 2025.

>> Bookaway Groupa business-to-business platform that helps travel brands add ground transportation alongside flights and hotels, has raised $35 million.

The Series C round was led by Red Dot Capital Partners with investment from Menorah and Tenere Capital. Existing investors Aleph, Corner Ventures and Entree Capital also participated. Red Dot managing partner Barak Salomon will join Bookaway Group’s board of directors.

Bookaway Group wants to digitize the booking of ground transportation, including ferry, bus and coach travel. It also wants to provide new financial models and operational tools that help operators recover from the pandemic faster and improve day-to-day fleet management and profitability.

Bookaway.com has made four acquisitions in the last 12 months, including 12Go, GetByBus and Platform 10. Bookaway Group CEO Noam Toister said the company hopes to continue its acquisition strategy to become “the only capable player to offer a complete inventory of ground transportation worldwide. .”

>> faya travel insurance startup, has raised $8 million in seed funding.

Viola Ventures and F2 Venture Capital led the round, with participation from Portage Ventures, Global Founders Capital and former NBA player Omri Casspi.

Faye’s protection can cover travel, health, belongings, and even pets through an app that sends proactive alerts and provides access to customer experience specialists. It allows users to file claims digitally and quickly pays approved claims through electronic transfers to Faye Wallet.

Faye is currently available to residents in 40 US states, but plans to expand to more.

>> Katanoxa fintech and travel accommodation distribution platform, has raised $5.7 million.

The money was raised from various investors, including Rappi and Yuno co-founder Juan Pablo Ortega. Kannox also named new Expedia executive Rob Torres as non-executive director.

The company plans to expand its business-to-business hosting distribution.

Business Stage Lead Raise
Cabify Loan EIB $40 million
Bookaway Group C-series Red Dot Capital Partners $35 million
tailors Corporate DialCom24 $24.17 million
Faye Seed Viola Ventures/F2 Venture Capital $10 million
Katanox Seed Various $5.7 million

Skift Cheat Sheet

Seed capital it is money used to start a business, often run by angel investors and friends or family.

A series financing usually comes from venture capitalists. The round aims to help startup founders make sure their product is something customers actually want to buy.

B-series Financing is mostly about venture capital firms that help a company grow faster. These fundraising rounds can help recruit skilled workers and develop profitable marketing.

C-series Financing typically involves helping a business expand, for example through acquisitions. In addition to venture capitalists, hedge funds, investment banks and private equity firms are often involved.

D-series, And, and beyond These mainly mature businesses and the financing round can help a company prepare to go public or be acquired. A variety of types of private investors could participate.

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