The Golden Ticket for Travel Startups ūüŹÜ

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Let’s dive into this week’s top news:

  • Next level for experience businesses.¬†Beyonk,¬†a leading software solutions provider for experience businesses, secures $5.8M in funding to support rapid international growth. The investment will drive organic expansion, maximizing client revenue through product innovation. With plans to establish offices in the US, Australia, and EU, Beyonk aims to deliver local support. By offering modern tools for attractions, festivals, tours, and activities, Beyonk enriches travel experiences in a diverse and immersive industry. The expansion highlights the demand for innovative solutions, catering to the preferences of modern travelers.
  • ‚ÄúStay Now Pay Later‚ÄĚ for Summer vacations.¬†Hospitality technology company¬†OYO¬†has introduced the Stay Now Pay Later (SNPL) feature to offer Indian travelers more flexibility when planning summer trips. With most Indians (82%) planning to travel this summer, OYO aims to make travel more accessible and flexible. The SNPL option allows travelers to plan their trips without immediate financial burden by partnering with Simpl, a credit-based payments service, to enable this feature. During a pilot phase, OYO observed increased payment completion rates and high utilization of SNPL by cash-flow-conscious travelers.
  • Counting on AI for exceptional customer experience.¬†The real-time AI analytics platform¬†EdgeTier¬†is transforming customer contact centers and now has secured ‚ā¨6 million in Series A funding to expand its operations. Notable clients such as RyanAir, TUI Travel, and LoveHolidays have already embraced their AI platform to enhance customer experience. With a 100% customer retention rate and a remarkable 150% upsell rate, EdgeTier’s founders’ AI expertise and business acumen have been instrumental in their success. This funding positions EdgeTier to capitalize on the growing global demand for AI-powered customer support solutions.
  • Staffless villas and apartments in Japan.¬†The Japanese e-commerce giant Rakuten is set to revolutionize the vacation rental industry with its new unmanned model. Through¬†Rakuten Stay, the company aims to own, manage, and operate its accommodations worldwide, fully powered by services within the Rakuten ecosystem. The vision is for these unmanned villas and apartments to be fully automated, with 90% of operating costs already supported by Rakuten services. To expand to 10,000 rooms, Rakuten Stay is open to acquisitions to accelerate growth. This tech-driven approach aligns with the evolving preferences of travelers seeking safer, private, and spacious accommodations.
  • Simplifying business travel in Latam.¬†Brazilian traveltech¬†Onfly¬†has raised around $16 million in a Series A funding round. Onfly addresses the inefficiencies faced by traditional travel agencies by providing an end-to-end travel and expense management software platform, which includes a custom-built travel search engine, enabling companies to handle all their travel needs in one place, from booking flights and hotels to managing employee expenses and corporate cards. With 200 employees, Onfly plans to expand its tech and make corporate travel digital across Latin America. The company expects to maintain its strong growth trajectory in 2023, fueled by the funding, which will support its expansion plans and drive innovation.¬†
  • Never Have Jet Lag Again.¬†Jet lag takes a massive toll on your body. You can’t sleep or stay awake when you want, you can’t perform, you are constipated, and it can ruin a trip. What if you could get rid of jet lag forever? You can with¬†FlyKitt, the first full solution guaranteed to prevent jet lag. Built for Navy fighter pilots and professional athletes, it’s now available to everyone – beat jet lag!