The sustainable aviation fuel fundraise of $191 million is a drop in the bucket of what is needed if there’s any hope of reaching the net-zero emissions goals by 2050.
Two travel tech startups announced fundraises over the past week totaling more than $203 million.
>>SkyNRG, which is focused on developing the market of sustainable aviation fuel, has raised $190.9 million (€175 million) from Macquarie Asset Management.
Amsterdam-based SkyNRG said it sells SAF to airlines now and also has research and development operations and advisory services.
Macquarie Asset Management said the “initial investment” will go toward SkyNRG’s next phase of growth, which includes establishing facilities for SAF production. The company plans to build facilities in Europe and the U.S. by 2030.
SkyNRG said it has secured long-term commitments with KLM Royal Dutch Airlines and Boeing, among others, for SAF purchases worth €4 billion.
SkyNRG is among the companies working to reach the collective goal of airlines achieving net zero carbon emissions by 2050.
“It is critical that SAF production capacity is developed now to enable the aviation industry to meet its net-zero goals,” said Philippe Lacamp, CEO of SkyNRG, in a statement.
The transaction is subject to closing conditions and meeting terms requirements.
>>Virdee, which provides guest experience tech for hotels, has raised $12.4 million in an oversubscribed round of series A funding.
It was led by Moneta Ventures, with support from Silverton Partners, Koch Real Estate Investments, Alumni Ventures, DJR Advisors, Capital Factory and others.
Virdee has now raised more than $21 million.
Texas-based Virdee said its platform is meant to automate front desk tasks with products like digital check-in, digital room access, and remote assistance.
Virdee said it had 600% revenue growth in 2022 and expects similar growth this year. Clients include “four of the largest casino hotels in Las Vegas and several other major hotel brands.”
The funding will go toward strengthening the product, hiring, and adding clients.
|SkyNRG||Unspecified||Macquarie Asset Management||$190.9 million|
|Virdee||Series A||Moneta Ventures||$12.4 million|
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.