A recent study by CB Insights explored certain trends shaping the travel industry that luxury hotel industry professionals will want to keep an eye on.
Airbnb Has Been Dominant
The travel tech industry has been the space for 25 $100M deals since 2013, not to mention two $1B+ deals. Of these, three of the top five largest deals have gone to Airbnb. This places Airbnb solidly in first place for best-funded travel tech startup with $4.4B in funding.
AccorHotels: The Luxury AirBnB?
AccorHotels, a French hotel chain, has acquired three luxury rental companies that have 10k listings combined. It has invested in Oasis as well, a Miami-based company along with Hyatt, a competitor. AccorHotels has made its purpose clear: to compete in the luxury segment with Airbnb.
Funding for Chatbots to Improve the Luxury Experience
Platforms that help travel and hospitality companies create AI-powered assistants for their guests have received noteworthy funding. The company Destygo, which provides such solutions, has received $1.1M in funding from investors such as AccorHotels, Partech Ventures, and Pole Capital.
Meanwhile, HeyMojo, which develops voice chat and text solutions for hotels and restaurants, has secured $70k with GSF India being a select investor.
Blockchain-Based Loyalty ID Programs
Loyalty rewards programs based on blockchain have seen considerable investments. Loyyal, a loyalty and reward program based on blockchain has partnered with IBM, Capgemini, and Deloitte. So far, its disclosed funding includes $1.5M with Hayaat Group, Dubai as select investors.
ShoCard, which creates solutions for ID management with blockchain has received $5.5M in disclosed funding with AME Cloud Ventures, Recruit Strategic Partners and Correlation Ventures as select investors. The company’s applications include ID verification for airline travelers.
Read the full study here.