Two of this year’s 10 biggest startup fundraises so far happened in the past two weeks.
Between $200 million in venture capital and other financing, the alternative jet fuel company Twelve completed one of the largest rounds ever for its sector. And Engine, a business travel platform, raised $140 million in a sector that’s seeing fast growth worldwide.
Skift has now reported on 16 travel startups that have raised over $100 million so far this year.
The past two weeks was also one of the busiest periods of the year so far: 13 travel startups raised over $600 million in venture capital.
Twelve: $200 Million
Twelve, a renewable jet fuel production startup, has raised $200 million in series C funding.
The round was led by TPG Rise Climate, Capricorn Investment Group, and Pulse Fund, with support from multiple firms: Fifth Wall, Northstar.vc, Toppan Global Venture Partners, Alaska Airlines, DCVC, Munich Re Ventures, Emerson Collective, Microsoft’s Climate Innovation Fund, Carbon Direct Capital, and Elementum VC.
Twelve has also secured $400 million in project equity from TPG Rise Climate, which will go toward building production facilities, starting with a plant in Washington slated to begin production in 2025.
In addition, the company has secured loans totaling $45 million from Fundamental Renewables and Sumitomo Mitsui Banking Corporation.
At a combined $645 million, this is one of the largest financing rounds for a sustainable aviation fuel (SAF) startup to date. The company raised $130 million in series B funding in 2022.
California-based Twelve says its tech generates jet fuel by converting a mix of carbon dioxide from either tanks or the atmosphere, along with water and renewable energy.
“Using electricity to convert carbon dioxide into fuels and materials is the only solution we’ve seen that can scale large enough to truly wean the world off of its fossil fuel addiction,” said Greg Smithies, Investment Partner at Fifth Wall, in a statement.
Airline customers so far include Alaska Airlines and International Airlines Group (IAG), the parent company of British Airways.
“Together we are building a multi-level partnership to expand supply, mature the market for SAF, and to soon use their E-Jet fuel in our operations,” said Diana Birkett Rakow, senior vice president of public affairs and sustainability at Alaska Airlines, in a statement.
Engine: $140 Million
Engine, a business travel platform, has raised $140 million in series C funding at a valuation of $2.1 billion.
The round was led by a growth equity fund under private equity firm Permira. Alex Melamud, Permira Principal, has joined the Engine board.
The company raised $65 million in 2021 at a $1.3 billion valuation.
Denver-based Engine provides a tech platform that travel managers of client companies can use to book business trips. Historically, the focus has been on hotel bookings, but the company is adding flights and car rentals to the mix starting in October. And the company has changed its name from Hotel Engine to reflect that expanded focus.
The company says it is profitable and most recently had 70% annual revenue growth. The company says it is on track to book more than 10 million room nights this year.
The funding will go toward more product development, in addition to the new flight and car booking capabilities.
Distribusion: $80 Million
Distribusion, a tech service that connects travel retailers with ground transportation products, has raised an oversubscribed round of $80 million in series C funding.
TQ Ventures led the round, with support from Lightrock.
The service by Berlin-based Distribusion allows travel retailers — including Google, Alipay, and Booking.com — to sell bus, rail, ferry, and public transport tickets to consumers. Carriers on the Distribusion marketplace include Deutsche Bahn, SNCF, and Trenitalia in Europe; Amtrak and Brightline in the U.S., and the Indonesian and Vietnam Rail in Asia.
The company says it has grown tenfold and has achieved cash profitability since its series B round of €30 million in 2022.
The new funding will go toward expanding globally and strengthening the tech.
Air Company: $69 Million
Air Company, which converts a mixture of carbon dioxide and water into jet fuel, has raised $69 million in series B funding.
Avfuel, a jet fuel supplier, led the round. Other investors included Lowercarbon Capital, IQT, Alaska Airlines, Connecticut Innovation’s Climate Tech Fund, Duncan Aviation, JSSI, the owners of Sheltair Aviation, Carbon Direct Capital, JetBlue Ventures, and Toyota Ventures.
The company raised a series A round of $33 million in 2022.
The New York-based startup said that its sustainable aviation fuel (SAF) can replace traditional fuels without the need for special equipment. It sources carbon dioxide from industrial plants prior to it being emitted into the atmosphere.
Air Company already has purchasing agreements with airlines including JetBlue and Virgin Atlantic, along with a $65 million contract with the U.S. government’s Defense Innovation Unit and a contract with NASA.
As part of the investment, Avfuel is joining the company’s board of directors. Avfuel will also provide distribution and logistics services to Air Company.
The funding will go toward engineering and R&D.
BizAway: $39.1 Million
BizAway, a business travel agency and tech platform, has raised $39.1 million (€35 million).
Mayfair Equity Partners led the round, with support from Azimut Digitech Fund, MundiVentures, Gellify Digital Investment, and Exor Seeds.
The company completed a series A round of €10 million in 2022.
Milan-based BizAway offers a tech platform that employers can use to book and manage travel for their employees. The tech integrates individual clients’ travel policies and includes carbon offset options. Employees can access the platform to book their own business trips, with the option of also booking leisure trips.
The service also comes with the option for corporate cards and the option to cancel a booking for a 10% fee up to three hours before departure or check-in.
The company says it has grown from two people to more than 300 employees in eight offices since it was founded in 2015. It has more than 1,750 clients. The company has doubled annual revenue each year for the past three years.
The funding will go toward implementing AI, developing new products, and exploring opportunities for mergers and acquisitions.
Datalex: $27.1 Million
Datalex, which provides retailing tech to airlines, has raised $27.1 million (€24.3 million).
The funding came through the issuance of new shares following an open offer, which means that existing investors could purchase additional shares in the company.
IIU Nominees, the investment unit owned by Irish billionaire Dermot Desmond, bought roughly 85% of the shares that were available for purchase. IIU Nominees now owns 49.3% of Datalex, an increase from 40.3%.
Dublin-based Datalex provides a platform meant to help airlines make personalized offers to travelers, increase the level of customer self-service, and automatically adjust pricing to match the market.
Clients include Air Macau, Aer Lingus, JetBlue, and others.
The funding will go toward paying off a previous loan issued by Desmond, as well as strengthening the product.
Atlys: $20 Million
Atlys, a visa processing platform, has raised $20 million in series B funding.
Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital co-led the round, with support from DST Global, Headline, and others.
Atlys raised a series A round of $12 million in 2023.
Delhi-based Atlys automates visa applications for more than 150 destinations, meant to reduce rejections and processing times. The company is focused on the growing India market, though the service is available to users of other nationalities.
The company says it has grown 20 times over the past year and has expanded into the U.S., the UAE, and the UK.
The funding will go toward strengthening the tech, scaling operations, expanding into new markets.
PointMe: $15 Million
Point.me, a metasearch engine for booking flights with loyalty points, has raised $15 million in series B funding.
Nyca Partners and Citi Ventures led the round, with support from Brian Kelly (founder of The Points Guy), Samsung Next, RiverPark Ventures, Four Cities Capital, MoreThan Capital, Thayer Ventures, PAR Capital Ventures, and others.
The company raised $10 million in a series A funding in 2022. Since then, monthly recurring revenue has grown 378%, the startup said.
New York City-based Point.me allows users to search more than 150 airlines to find the best flight deals that they can purchase with loyalty points, along with guided instructions for booking them. The startup works with more than 30 loyalty programs, including those of major credit card companies. Users can filter search results based on how many points they have and their preferred programs, airlines, and routes.
Point.me earlier this year said that it would be partnering with American Express to power the company’s flight search tool for credit card holders with rewards points. The startup also partners with Bilt Rewards, a platform that allows users to earn rewards points for residential rent payments, to power the company’s flight search engine.
The funding will go toward adding more partners and services.
Mindtrip: $12 Million
Mindtrip, a trip planning and booking website powered by generative AI, said Tuesday that it has raised $12 million, its second round of startup funding.
Costanoa Ventures and Forerunner Ventures were the lead investors.
The company raised $7 million in late 2023 and launched a beta version of its product in May 2024.
The San Francisco-based startup was founded in 2023 by 12 people, including Andy Moss and Trey Matteson, who co-founded vehicle ecommerce platform Roadster and sold it to CDK Global for $360 million in 2021. The founding team also includes Garrick Toubassi, who previously led the Gmail engineering team at Google.
The funding will go toward marketing, expanding business, and establishing new lines of revenue.
(See Skift’s story.)
Elivaas: $5 Million
Elivaas, a vacation rental management company for luxury villas and apartments, has raised $5 million in series A funding.
The round was led by 3one4 Capital, with support from Peak XV’s Surge and angel investors.
India-based Elivaas manages 140 properties across multiple major leisure destinations in India. The company has apps for homeowners to manage their businesses and for housekeepers to manage their tasks. It plans to develop guest-facing app.
The company plans to have a presence in every major destination in India by 2025.
(See Skift’s story.)
Turneo: $2.2 Million
Turneo, a tech service that connects hotels with local activities for guests, has raised $2.2 million (€2 million) in seed funding.
Bessemer Venture Partners led the round, with support from Underline Ventures.
London-based Turneo allows hotels to offer in-house and third-party ticketed activities to guests — such as spa bookings or local tours — as well as manage that business in one place. Guests can book local activities and transportation through the hotel’s website or app.
The funding will go toward expanding into new markets, establishing more partnerships, enhancing products, and hiring.
TripAdmit: $1.1 Million
TripAdmit, a digital tipping and reviews platform for the tours and activities sector, has raised $1.1 million (€1 million)
DataOp led the round.
Dublin-based TripAdmit says its platform allows activity providers and guides to manage their tips, reviews, social media, and online sales.
The funding will go developing the tech and expanding to new markets.
Mapo Tapo: $837,000
Mapo Tapo, which sells tour packages for adventure vacations, has raised $837,000 (€750,000) in a seed round.
CDP Venture Capital led the round, with support from Banca Finint, Encelado Ventures, and a group of angel investors.
The Italy-based startup sells packages focused on hiking, climbing, and skiing. The tours are led by certified local guides. Individuals can book the trip and then are placed into small groups.
More than 1,500 people from 40 countries have used the platform, the startup said.
The funding will go toward getting more business and developing the tech.
| Company | Stage | Lead | Raise |
|---|---|---|---|
| Twelve | Series C | TPG Rise Climate, Capricorn, Pulse | $200 million |
| Engine | Series C | Permira | $140 million |
| Distribusion | Series C | TQ Ventures | $80 million |
| Air Company | Series B | Avfuel | $69 million |
| BizAway | Series A | Mayfair Equity Partners | $39.1 million |
| Datalex | Open Offer | IIU Nominees | $27.1 million |
| Atlys | Series B | Peak XV Partners, Elevation Capital | $20 million |
| PointMe | Series B | Nyca Partners, Citi Ventures | $15 million |
| Mindtrip | Unspecified | Forerunner Ventures and Costanoa | $12 million |
| Elivaas | Series A | 3one4 Capital | $5 million |
| Turneo | Seed | Bessemer Venture Partners | $2.2 million |
| TripAdmit | Unspecified | DataOp | $1.1 million |
| Mapo Tapo | Seed | CDP Venture Capital | $837,000 |
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.
