Travel seed funding this week – Skift
Each week, we bring together travel startups that have recently received or announced funding. Please email Sean O’Neill, Travel Technology Editor, at [email protected] if you have any news about the funding.
This week, travel startups announced more than $ 60 million in funding.
>>Get in, a virtual events unicorn, has raised $ 450 million in Series D funding, co-led by Arena Holdings and Altimeter Capital. Get details at Event MB.
>>VNlife, the Vietnamese parent company of VNpay (a QR code payment network), raised more than $ 250 million in a Series B funding round.
This funding, led by General Atlantic and Dragoneer Investment Group, will benefit startup affiliate VNTourism, which operates a fast-growing national online travel group, VNTravel.
This online unit has already served more than five million customers through brands such as My turn. His Tripi the brand offers technology to travel agencies. The startup also manages the Vietnam Airlines mobile application.
>>Aviaventes, a travel price comparison research site focused on Russian-speaking travelers, raised $ 43 million.
The private equity firm Elbrus Capital and the venture capital firm iTech Capital made the investment. See the story of Skift.
>>Reception, a next-generation short-term rental brand, closed a $ 7 million funding round.
Stormbreaker Ventures led the round. This latest funding brings the Milwaukee, Wisconsin-based startup to a total funding of $ 18 million.
“The influx of capital will drive the growth of our leadership and technology business, meeting the demand that is on our knees with short-term stays now exceeding pre-pandemic numbers,” said Kyle Weatherly, co -Founder and CEO of Frontdesk. .
The company operates more than 700 fully managed suites in 160 buildings across 35 US cities. It has more than 250 workers. Frontdesk plans to double its portfolio in 2021 while also becoming profitable in 2022.
“Not only has Frontdesk managed to scale up quickly, but they have done so in a manner that is 5-10 times more capital efficient than their peers, showing a vastly superior underlying unit economy,” he said. Stormbreaker Ventures Managing Partner Said Mia.
“Probe, for example, required 35 times the capital to reach just eight times the Frontdesk scale,” Mia said.
Frontdesk also plans to invest more in its software business, Frontdesk Flex, which provides professional managers of short-term rental properties with tools, such as a property management system, direct booking engine and pricing algorithm. dynamic.
As of May, Frontdesk Apartment Suites can now be booked through Homes & Villas by Marriott International.
>>Evade, a travel discovery and booking app, has revealed it has raised $ 2.1 million in funding.
Mucker Capital, Unicorn Ventures, Upfront Scout Fund, StartupO, Grayson Capital and Flight VC have invested.
The Los Angeles-based startup said it was “the only travel discovery and booking platform that allows anyone to plan trips based on their budget, rather than location or price.” .
The app for Apple devices offers a “spontaneous low-budget travel search engine that provides access to flights and accommodations around the world” and includes “tour packages and suggestions for future trips in based on customer preferences and interests ”.
Skift cheat sheet:
We define a startup as a company formed to test and build a repeatable and scalable business model. Few companies meet this definition. The few that often attract venture capital. Their fundraising rounds come in waves.
Seed capital is the money used to start a business, often run by angel investors and friends or family.
Series A funding usually comes from venture capital firms. The cycle aims to help the founders of a startup make sure that their product is something that customers really want to buy.
B series funding is primarily for venture capital firms that help a business grow faster. These rounds of funding can help recruit skilled workers and develop profitable marketing.
C series financing usually involves helping a business grow, for example through acquisitions. In addition to VCs, hedge funds, investment banks and private equity firms often participate.
D series, E and beyond These predominantly mature companies and the round table can help a company prepare to go public or be bought out. Various types of private investors could participate.
Photo Credit: A short-term rental apartment for travelers available for booking and managed by Frontdesk, a Milwaukee-based startup. Reception