Two startups that raised funding this week: Gett, a kind of metasearch for ground transit, and Triparound, which helps hotels and other partners upsell more services to travelers.
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at [email protected] if you have funding news.
This week, travel startups announced more than $101 million in funding.
>>Gett, which helps corporate travelers book taxis and ridehailing services, has raised $100 million in a funding round led by unnamed investors.
Gett, based in Israel, has raised more than $750 million in venture funding to date.
Gett lets corporate clients book and manage all their ground travel providers, such as local on-demand taxi operators, chauffeured car services, and ride-hailing services, in one booking tool.
For travelers, this means avoiding having to switch between too many websites or apps to book ground transit.
Companies can use Gett to manage bookings, users, and expenses and make sure their employers have safe options while on the road. Gett said a third of Fortune 500 companies use its services.
Before the pandemic, Gett’s corporate sales made up more than half its revenues and an even more significant share of its profits.
>>Triparound, a trip-planning startup, has raised $2 million in funding.
Angel investors participated, including the former CEO of TravelClick (Larry Kutscher, now CEO of A Place for Mom) and several partners of leading venture capital firms in Silicon Valley. Angels included the likes of Andreas Stavropoulos (Threshold Ventures partner), Ben Boyer (Tenaya Capital partner), and Laela Sturdy (Capital G partner). Triparound’s advisory board consists of Kedar Doshi (SVP of Engineering, Analytics at Salesforce) and Yannis Dosios, VP of Emerging Businesses at Twitter.
Triparound is a travel tech company that aims to bring travel planning into the future. Its business-to-business software strives to help travel professionals to do more with less.
The tool offers to help hotels manage guest trip-related requests, such as for booking local experiences and attractions. Its software for travel advisors and destination management companies includes an itinerary builder. The tool aspires to make it easier to find, create, present, and manage itineraries online.
Skift Cheat Sheet:
We define a startup as a company formed to test and build a repeatable and scalable business model. Few companies meet that definition. The rare ones that do often attract venture capital. Their funding rounds come in waves.
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.
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Photo credit: A traveler uses Gett to book a ride. Gett