Travel Startup Funding Slows Down After $689 Million Spree

Skift Take

Travel startups raised $689 million over two weeks in mid-April, and then they raised only $29 million in the two weeks following that.

Justin Dawes

After an active couple of weeks for travel tech funding, it’s been a bit quieter lately. Only a handful of travel startups over the past two weeks have announced new fundraises, and they have all been relatively small. 

This comes after a total of $689 million raised over the two weeks prior: $358 million one week, making it the second-best week for funding in 2024, followed by the third-best week with a total of $331 million.

Four travel startups announced fundraises totaling over $29 million over the last two weeks. 

Charge Zone: $19 Million

Charge Zone, which is developing a network of chargers for electric cars, buses, and trucks, has raised $19 million in venture capital.

The round was led by British International Investment.

The company last year raised $54 million in series A1 funding. 

The India-based company said it plans to install 1,500 supercharging stations over the next 18 months in India, with plans for at least 10,000 charging stations by 2027. The company is also looking to expand into the U.S. and the Middle East.

The charging networks are paired with an app that allows users to manage the session and pay without cash. 

Clients include Hyundai, Mahindra & Mahindra, Tata Motors, and hotel companies Marriott and Hyatt.

Turbi: $8.5 Million

Turbi, a car rental startup in Brazil, has raised $8.5 million, co-founder Daniel Prado confirmed. 

Domo.vc led the round, with support from Reag Investimentos and Carbyne Investimentos.

The Turbi platform allows users to book car rentals online and have the vehicles delivered and picked up. They can be rented for hours, days, or longer through a subscription plan. 

The company earlier this year raised $16.4 million to expand its fleet by 1,000 vehicles.

Fynch Mobility: $1.1 Million

Fynch Mobility has raised $1.1 million (€1 million) in seed funding to make sustainable business travel the new norm. 

The funding comes from a group of angel investors and a governmental grant. 

Utrecht-based Fynch Mobility said its platform enables employers to measure carbon emissions related to business travel, and it awards employees for choosing more sustainable options. Companies can also use the app to reimburse employees for trips, and it integrates with some back-office business software. 

The startup has a “long-term partnership” with Alphabet Lease, a European car leasing company owned by BMW Group. Other clients include the Dutch Directorate for Public Works and Water Management, BCD Travel, Censo Energy Services, parking company Q-Park, Volvo Group Netherlands, and BMW Netherlands. 

Allmytour: $738,000

Hotel booking platform Allmytour has raised nearly $738,000 (1 billion South Korean Won), according to a South Korean publication covering startup news. 

The pre-series A bridge round comes from Shinhan Venture Investment and Korea Investment Accelerator ahead of a planned series A round next year. 

South Korea-based Allmytour has a subscription program that allows users to book hotels worldwide without markups or fees. 

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.