Travel Startups Shattered Funding Records in 2024. We Tracked Billions in Deals

2024 was a year of record-breaking startup fundraises for the travel industry. 

Skift tracked more than 200 startups that raised $13.1 billion. Even removing the outlier  — Waymo, which raised $5.5 billion — the $7.6 billion total was more than double the total from 2023 despite there being roughly the same number of deals overall. 

Lighthouse, a tech platform that helps hotels set rates and more, had the largest deal for a travel software company with a fundraise of $370 million.

Skift tracked the fundraises through a weekly roundup article, compiled from company announcements and exclusive reporting. 

While the total is a big number, the actual total is surely higher. That’s because some startups do not share when they raise money, and some do not disclose amounts raised. And we don’t track all global markets.  

Below is an overview of key raises, funding trends, and other important developments from 2024. (Is your travel startup raising money in 2025? Let us know.)

Tech to Modernize Airlines, Hotels, and Business Travel

The fundraise by Lighthouse was among several deals in 2024 that topped anything the travel industry has seen in years. It was also the only travel tech company in 2024 to become a unicorn, meaning it secured a valuation of over $1 billion.  

Before Lighthouse secured its deal, airline retail tech startup Flyr had the largest deal with $225 million in venture capital. Hostaway later raised $365 million, the largest deal for short-term property management tech that Skift has reported. 

Later stage startups like these dominated the largest raises, reflecting investor preference for mature startups with proven models. 

Even counting the smaller fundraises, the majority of interest was for startups focused on modernizing various sectors of the industry. 

Besides Flyr, there were many startups focused on modernizing various airline tech systems and operations. The same was true for hotel tech: Mews, for example, raised $110 million for hotel operations software.

Business travel platforms were another big area for large and small fundraises. Engine and TravelPerk each completed big fundraises last year.

Flying Taxi Startups Race to Flight 

More than a dozen electric aircraft companies raised over $1.8 billion in 2024, as many of them aim to take flight in 2026. In 2023, nine companies raised only $600 million.

Most of the startups are developing flying taxis for urban mobility. Archer Aviation led the sector, raising a total of $660 million as it aims to begin public flights in 2026. The company plans to establish an air taxi network in Los Angeles, the Bay Area, and several California airports where Southwest operates. 

Joby Aviation raised $500 million from Toyota, which said the investment aligns with its aim to redefine itself as a “mobility company” and “realize the dream of air mobility for personal or daily travel.” Skyports, which raised $110 million, is designing a vertiport ahead of plans for Joby to begin air taxi services in Dubai by 2026.

Meanwhile, competitor Lilium is in the middle of bankruptcy proceedings after burning through $1 billion — an unfortunate example of how capital intensive it is to get a new aircraft into the sky.

Rideshare

Waymo wants travelers to take road trips across the U.S. in driverless cars. The company raised $5.5 billion toward the effort, by far the largest amount for a company in the travel industry. 

The startup already has been operating the service within San Francisco, Los Angeles, and Phoenix, as well as curbside pickup at the Sky Harbor International Airport. It also has a partnership with Uber, which deploys the Waymo cars in those cities through its regular rideshare service. The company plans to expand to Austin and Atlanta.

Multiple rideshare startups raised money in 2024, following the success of the giant Uber. InDrive, a popular app globally, raised $150 million. 

There’s also been a lot of money for companies involved in other areas of the business. Uber led a $100 million fundraise for Moove, for example, a service that helps rideshare drivers finance cars.

And there’s been money for chauffeur hailing apps — like Blacklane, which raised $65 million — while Uber enhanced its own service for business travelers.

A Growing Travel Industry in India 

The U.S. had the most travel startup fundraises, followed by Europe. 

India was the next on the list. The larger share of fundraises reflects the country’s growing travel industry as more of its population joins the middle class. 

Skift identified more than 20 travel startups that raised money in a wide variety of sectors: A hostel brand (The Hosteller), luggage brands (like Uppercase), visa processing apps (Atlys), vacation rental management (Elivaas), a social media app (Explurger), and vacation booking websites (like 30 Sundays). 

The top fundraise was by Oyo, a tech-enabled budget hotel operator and aggregator. 

Emerging Areas of Interest

Loyalty: Customers really care about their loyalty points, and some startups are cashing in on that. Bilt Rewards raised a total of $350 million for a platform that gives users travel loyalty points for residential rent payments. And PointMe, a metasearch engine meant to help users determine the best value for loyalty points when booking flights, raised $15 million.

Renewable jet fuel: A dozen startups raised money for various types of renewable jet fuel as the airline industry aims to reach zero emissions by 2050. Twelve, which has customers including Alaska Airlines and IAG, had the largest deal at $200 million.

Visa compliance apps: Atlys was among apps that raised money to help users navigate the increasingly complicated process of securing travel visas. 

Travel logistics apps: Several apps raised money to help travelers simplify logistics while traveling. That includes companies like Bounce, which allows users to store luggage at local businesses, and Firsty, which helps smartphone users more easily access data while traveling abroad. 

Community-based and niche travel: Startups like NomadHer (for solo female travelers) and Much Better Adventures (focused on adventure sports) reflect interest in targeted and personalized travel experiences.

AI trip planners: Several startups, like Mindtrip and Otto, raised money for apps and websites that utilize generative AI to help users plan trips. While there was more interest in these types of companies in 2024, it’s still unclear how well they will fare in the long-run. 

Top 12 Single Fundraises for Next-Generation Mobility 

The list includes startups focused on advancing the mobility sector. That includes those developing electric aircrafts, renewable jet fuel, and new rideshare services. 

• Waymo, autonomous vehicles for rideshare: $5.5 billion
• Joby Aviation, flying taxi: $500 million
• Archer Aviation, flying taxi: $430 million
• Beta Technologies, electric aircraft: $318 million
• Archer Aviation, flying taxi: $230 million
• HysetCo, hydrogen-powered vehicles for rideshare: $212.8 million
• Twelve, renewable jet fuel: $200 million
• InDrive, rideshare app: $150 million
• Skyports, flying taxi airports: $110 million
• Heart Aerospace, hybrid-electric airplane: $107 million
• Moove, rideshare driver financing: $100 million
• Eve Air Mobility, flying taxi: $94 million

Top 12 Single Fundraises for Travel Tech and Other Startups

The list includes software companies working to modernize their respective sectors of the travel industry. 

• Lighthouse, hotel market insights tech: $370 million
• Hostaway, short-term property management tech: $365 million
• Flyr, airline retail tech: $225 million
• Bilt Rewards, travel loyalty: $200 million
• Oyo, tech-enabled hotel brand: $172.7 million
• Ramp, corporate expense management: $150 million
• Bilt Rewards, travel loyalty: $150 million
• Engine, corporate travel platform: $140 million
• Guesty, short-term property management tech: $130 million
• Mews, hotel property management system: $110 million
• Visit Group, tours and activities operations: $108.3 million
• TravelPerk, corporate travel platform: $104 million