Online Travel Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Online Travel - Apr 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on April 13, 2018.
Online Travel Feed Summary
4
Online Travel > Feed Summary
Platforms that enable planning and booking of travel services, or assist travel service providers with technology
solutions
• Inclusions: Companies that enable users to discover and book travel-
related services such as transportation, accommodation, tours, and
activities through online portals. Includes direct booking, meta-search
and discovery platforms, and professional travel assistants. Companies
that provide tools and informational platforms that assist in the
planning of travel activities. Includes content platforms/travel guides,
itinerary organizers, travelogue sharing platforms, travelers social
networks and travel review platforms. Online platforms that provide
information/services for passengers in-transit. Companies that
enable/assist travel service providers in improving/increasing their
online presence.
• Exclusions: Excludes local tour operators which operate on an asset-
heavy model. Excludes large asset-heavy hotel chains like ICG. Excludes
hyper-local discovery and events ticketing companies like Zomato and
BookMyShow
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$16.2B
Funding
87
Mega
Companies
15416359
FundedCovered on
Tracxn
17
Unicorns
34
Soonicorns
46
Minicorns
44
IPO’d Cos
469
Late Stage Cos
117
51
Acquisitions
827
DeadPooled
276
Acquihired
Series A+ Cos
Sabre
(1960, Southlake, Public)
Rockwell Collins
(1994, Cedar Rapids, Acq)
Airbnb
(2008, San Francisco, $3.4B)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Online Travel
5
$1B - Series F
Airbnb (2008, San Francisco, $3.4B)
$111M - Series D
Secret Escapes (2010, London, $184M)
$350M - Series C
Traveloka (2012, Jakarta, $500M)
$105M - Series C
JetSmarter (2012, Fort Lauderdale, $162M)
$250M - Series D
Oyo Rooms (2013, Gurgaon, $448M)
$104M - Series B
Vacasa (2009, Portland, $144M)
$150M - PE
Global Eagle Entertainment (2012,
California, $150M)
$75M - Series D
GetYourGuide (2009, Berlin, $171M)
$118M - Series E
WheelsUp (2013, New York City, $171M)
$70M - Series C
GoEuro (2012, Berlin, $146M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Online Travel > Feed Summary > Investment Trend Summary
Seed
Caixa Capital Risc (#7), Right Side Capital Management (#5),
Blume Ventures (#4)
Series A/B
Global Founders Capital (#7), Thayer Ventures (#6), Howzat
Partners (#5)
Series C+
Adams Street Partners (#2), General Atlantic (#2), GGV Capital
(#2)
Incubators 500 Startups (#40) Start-Up Chile (#12) Techstars (#12)
Other Notable
Investors
Plug and Play Tech Center (#18), Internet Initiatives
Development Fund (#10), Wayra (#10)
Debt Investors
Western Technology Investment (#9), InnoVen Capital (#8),
Silicon Valley Bank (#6)
Most Active InvestorsRecent Investments
657
809
1,086
668
205
3
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 238 259 319 273 195 47
$541M
$1.6B
$3.3B
$1.7B
$3B
$539M
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$9.3B
$3.3B
$1.5B
$478M
$275M
US
Europe
India
SEA
Canada
$ Funding

Summary of exit outlook in Online Travel
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Sequoia Capital 6
Norwest Venture
Partners
6
Kayak (2004, Norwalk, $229M)
Yatra (2006, Delhi, $87.5M)
Technology
Crossover Ventures
5
HomeAway (2005, Austin, $513M)
General Catalyst
Partners
4
Accel Partners 4
BlaBlaCar (2006, Paris, $336M)
Despegar.com (1999, Miami, $331M)
Dec 2017 Zodiac Aerospace Acq by Safran for $7.7B
Sep 2017
Rockwell Collins Acq by United Technologies for
$30.0B
Nov 2016 Skyscanner Acq by Ctrip for $1.7B
Nov 2015 HomeAway Acq by Expedia for $3.9B
Sep 2014 Concur Acq by SAP for $8.3B
Jun 2014 MICROS Systems Acq by Oracle for $5.3B
Online Travel > Feed Summary > Exit Outlook Summary
Expedia 3
HomeAway (Nov 2015, $3.9B), Travelocity (Jan 2015, $280M),
SilverRail Tech (Sep 2017, $148M)
Ctrip 3
Skyscanner (Nov 2016, $1.7B), Travelfusion (Jan 2015, $160M),
Tours4Fun (Jan 2014, $100M)
Oracle 2
MICROS Systems (Jun 2014, $5.3B), GoAhead Tours (Sep
2011)
TripAdvisor 2 Viator (Jul 2014, $200M) HouseTrip (Apr 2016)
Expedia 2 Orbitz (Feb 2015, $1.6B), eLong (May 2015, $671M)
Recent IPOs Top Acquisitions
On The Beach Holidays Sep 2015
Online retailer of short-haul beach holid…
IPO MCap: $365M Current MCap: $1B
Adventure Dec 2014
Online travel agency for flights, hotels
IPO MCap: - Current MCap: -
Travelport Sep 2014
Travel commerce company
IPO MCap: $1.9B Current MCap: $2B
Sabre Apr 2014
Travel IT solutions
IPO MCap: $4.1B Current MCap: $5.6B
Despegar.com Sep 2017
Online Travel Agency for hotels, flights,…
IPO MCap: - Current MCap: $1.7B
Yatra Dec 2016
Online travel search engine and bookings…
IPO MCap: - Current MCap: $199M
Trivago Dec 2016
Hotel metasearch engine
IPO MCap: $2.6B Current MCap: $2.3B
Hostelworld Group Nov 2015
Online booking platform for hostels accom…
IPO MCap: $273M Current MCap: $498M

Enterprise $3.2B
April 2018Tracxn BlueBox – Online Travel
6350+ companies in the sector, 810 funded in last 5 years, $4.5B invested in last 2 Years
Most Active Investors: 500 Startups, Sequoia Capital, Start-Up Chile, Y Combinator, Plug and Play Tech
Center
For Agents & Operators
GDS
Travel Holdings (2004,
Altamonte Springs, $25M)
Multi-featured
Manage Your Trip
(2012, Netanya, $1.1M)
Reservation Tech
Peekpro
(2011, San Francisco, $10M)
Tour Guides
map2app (2012, San
Francisco, $100K, Acq.)
Accommodation
Vacation Rentals
Evolve (2010, Denver, $23M)
Hostels
HQBeds (2015, Sao Paulo)
Hotels
Duetto Research
(2012, San Francisco, $63.2M)
Horizontal
CloudBeds
(2012, San Diego, $20M)
Transport
In-flight software/services
Gogo (1991, Itasca, $497.03M, IPO)
Flights - Revenue management
ITA Software (1996, Cambridge, $100M, Acq.)
Corporate Travel Management
Booking Platforms
Deem
Expense Management
TravaPlan (2016, Dublin)
Holiday Packages
Concierge
Fineway (2015, Munich, $10.8M)
$351M
Travel Agent Marketplace
iTraveller
(2012, Bangalore, $1.21M)
TransportTravel Planning
Air Travel
Flights – Booking
MisterFly
(2015, Paris, $22.6M)
Flights – MetaSearch
Traveloka
(2012, Jakarta, $500M)
Private jets – Charter
WheelsUp (2013, New York
City, $170.7M)
Water Ways
Cruises
Dreamlines
(2012, Hamburg, $71.94M)
Yacht Charter
Vyra (2016, Athens)
Bus
BusFor (2010, Kiev, $24M)
Train
Loco2 (2006, London, $2.18M)
Tours & Activities
Travel Agencies
Booking
Priceline
(1997, Norwalk, $77.3M, IPO)
$3B
Metasearch
Kayak
(2004, Norwalk, $229M, Acq.)
Community Driven
Travelogue Sharing
Findery
Trip Planning
Trippiece
(2011, Tokyo, $82.1M)
Social Platforms
A Small World
(2004, Zurich, $5.6M)
Content
Reviews
TripAdvisor
(2000, Newton, $3.3M, IPO)
Travel Guides
Pocket Guide
(2009, Budapest, $2.1M)
Metasearch/aggregators
Itinerary Builder
TripIt (2006, San Francisco, $13.1M, Acq.)
Accommodation $6.4B
Hotels
Aggregators
Ostrovok.ru
(2010, Moscow, $50.6M)
Discovery
Oyster.com
(2008, New York City, $20.4M)
Asset Light
OYO Rooms
(2013, Gurgaon, $447.83M)
Vacation Rentals
Booking
Airbnb
Managed Properties
Vacasa
(2009, Portland, $143.5M)
Discovery
Tripping
Guided & Unguided
GetYourGuide
(2009, Berlin, $170.5M)
Professional Guided
Nausdream
(2015, Cagliari, $259K)
P2P Guided
myRealTrip
(2012, Seongnam-si, $6.59M)
DIY
Tiqets
(2013, Amsterdam, $22.45M)
$446M $2B
$725M
Online Travel > Feed Summary > BlueBox
7
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
For any Feedback and Query reach out to MyAnalyst@tracxn.com
Cumulative funding in the sector

Key Sub Sectors in Online Travel Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Accommodation > Vacation Rentals >
Booking >
Homes/Apartments
281 $1.1B 22
Tours & Activities >
Guided & Unguided 304 $164M 26
Accommodation > Hotels > Booking >
Asset Light 34 $442M 16
Transport > Air Travel > Private Jets >
Complete Charter 68 $350M 16
Accommodation > Hotels > Booking >
Aggregators 350 $145M 21
Travel Agencies >
Booking 565 $86.4M 18
Holiday Packages >
Concierge 117 $76.2M 18
Accommodation > Vacation Rentals >
Booking >
Managed Properties
13 $210M 8
Enterprise > Accomodation > Vacation
Rentals > Services >
End-to-end management
31 $58.1M 16
Enterprise > Accomodation > Hotels >
Guest Management >
White-label Solution
96 $63.9M 11
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Accommodation
Companies providing discovery and booking platforms
for accommodation services
1069 313 $6.4B
Enterprise
Companies providing technology solutions to travel
suppliers and tour operators
1746 360 $3.2B
Travel Agencies
Online platforms that enable users to purchase or
discover multiple travel services such...
782 161 $3B
Transport
Online platforms that enable users to discover and
book inter-city transportation
620 155 $2B
Tours & Activities
Online platforms offering discovery and booking of
tours, activities and attractions
631 197 $725M
Travel Planning
Companies that assist users in travel planning with
travel info, organizing tools, or...
1021 236 $446M
Holiday Packages
Online platforms that enable users to book holiday
packages
377 84 $351M
Online Travel > Feed Summary > Summary of Key Markets

List of Notable Companies in Online Travel
Notable Companies in the Sector (1/2)
9
Note: *(Founded Year, Location, Total Funding)
Online Travel > Feed Summary > Notable Companies in the Sector
Public
Sabre
(1960, Southlake)*
Trivago
(2005, Dusseldorf, $54.6M)
Priceline
(1997, Norwalk, $77.3M)
Travelport
(1971, Atlanta)
Despegar.com
(1999, Miami, $331M)
Gogo
(1991, Itasca, $497M)
MakeMyTrip
(2000, Delhi, $39M)
On The Beach Holidays
(1995, Cheadle)
Hostelworld Group
(1999, Dublin)
Corporate Travel
Management
(1994, Brisbane)
Public
Travel Technology
Interactive
(2001, Paris)
Global Eagle
Entertainment
(2012, California, $150M)
Yatra
(2006, Delhi, $87.5M)
Expedia
(1996, Bellevue, $16.3M)
Datalex
(1985, Dublin, $6.6M)
Monaker Group
(2002, Weston, $6M)
TripAdvisor
(2000, Newton, $3.3M)
Roomlinx
(1998, Broomfield, $3M)
YourTour
(2004, Mons, $1.5M)
Public
Webjet
(1998, Melbourne, $1M)
Freeppie
(2013, Florence, $650k)
RoomKeyPMS
(2009, North Vancouver)
Agilysys
(1963, Alpharetta)
Travelzoo
(1998, New York City)
Ekitan
(2003, Tokyo)
iAlbatros
(2012, Warsaw)
Nankai
(2002, Osaka)
Royal Caribbean
(1968, Miami)
Adventure
(2006, Tokyo)
Public
Asiatravel.com
(1995, Singapore)
Design Hotels
(1993, Berlin)
Helijet
(1986, Vancouver)
Holiday Check Group
(2000, Munich)
OdigeO
(2011, Barcelona)
Only-apartments
(2003, Barcelona)
Safestay
(1999, London)
Serko
(2007, Auckland)
SkiStar
(2008, Stockholm)
Startravel
(2003, Taipei)
Public
Thales Group
(1893, Paris)
travel.com.au
(1996, Sydney)
Travel24
(1996, Munich)
Travelmarket
(1996, Vejle)
Viking Line Suomi
(1959, Helsinki)

List of Notable Companies in Online Travel
Notable Companies in the Sector (2/2)
10
Online Travel > Feed Summary > Notable Companies in the Sector
Acquired
Rockwell Collins
(1994, Cedar Rapids)
Concur
(1993, Bellevue)
Zodiac Aerospace
(1896, Plaisir)
MICROS Systems
(1977, Columbia)
HomeAway
(2005, Austin, $513M)
Kayak
(2004, Norwalk, $229M)
Skyscanner
(2002, Edinburgh, $197M)
Orbitz
(1999, Chicago)
Whistler Blackcomb
(1966, Whistler Village)
Ikyu
(1998, Tokyo)
Acquired
GetThere
(1995, Southlake)
NetJets
(1964, Columbus)
Ibibo Group
(2007, Gurgaon, $250M)
ITA Software
(1996, Cambridge, $100M)
Hotwire
Momondo
(2006, Copenhagen, $205M)
Abercrombie & Kent
(1962, Downers Grove)
Fourth
(1999, London)
Trainline
(1997, London)
The Rainmaker Group
(2009, Alpharetta, $33.8M)
Acquired
Luxury Retreats
(1999, Montreal, $16M)
Preview Travel
(1985, San Francisco)
Travelocity
(1996, Southlake)
SideStep
(1999, Santa Clara, $32M)
Viator
Stayz
(2001, Sydney)
Onefinestay
(2009, London, $80.9M)
Travelfusion
(2000, London, $500k)
SilverRail Tech
(2009, London, $69M)
MARCO VASCO
(2007, Paris, $21.4M)
Acquired
redBus
(2006, Bangalore, $10M)
JacTravel
(1975, London)
Booking.com
(1996, Amsterdam)
TripIt
Farecast
(1999, Seattle, $20.6M)
Vurb
Trovit
(2006, Barcelona, $871k)
Tours4Fun
(2006, Azusa)
Unicorns
Airbnb
Deem
Traveloka
(2012, Jakarta, $500M)
BlaBlaCar
(2006, Paris, $336M)
JetSmarter
(2012, Fort Lauderdale, $162M)

List of Notable Companies by Market in Online Travel
Notable Companies by Market (1/13)
12
Online Travel > Feed Summary > Notable Companies by Market
Travel Planning
Content
Yanolja (2005, Seoul, $61.9M)
Online guide for hotels and accommodation in
Korea
Soonicorn. Stage: Series A
SkyLake Investment, Partners Investment
TripAdvisor (2000, Newton, $3.3M)
Hotels, Flight and vacation rentals reviews
Unicorn. Stage: Public
Flagship Pioneering
Holiday Check Group (2000, Munich)
Holding Company owning travel review platforms
Stage: Public
Community Driven
Vurb (2011, San Francisco, $12.1M)
Mobile app that aggregates other apps and their
relevant information and tools which can than be
accessed through Vurb.
Stage: Acquired
Tencent, Salesforce, Stanford University and 15
Other Investors
Freeppie (2013, Florence, $650k)
Social travel network based on reward system
Stage: Public
MetaSearch/Aggregators
TripIt (2006, San Francisco, $13.1M)
Travel Planner
Stage: Acquired
Azure Capital Partners, O'Reilly AlphaTech
Ventures, European Founders Fund and 1 Other
Investors
YourTour (2004, Mons, $1.5M)
Online trip planner and booking.
Stage: Public

13
Travel Agencies
Booking
Despegar.com (1999, Miami, $331M)
Online Travel Agency for hotels, flights, tour
packages and cruise travel bookings
Expedia, Sequoia Capital, General Atlantic and 6
Other Investors
Ibibo Group (2007, Gurgaon, $250M)
Online travel group with multiple offerings in travel
Soonicorn. Stage: Acquired
Naspers, Tencent
Hotel Urbano (2011, Rio De Janeiro, $135M)
Online Travel Agency in Latin America
Soonicorn. Stage: Series E
Priceline Group, Insight Venture Partners, Tiger
Global Management
Yatra (2006, Delhi, $87.5M)
Online travel search engine and bookings platform
Soonicorn. Stage: Public
InnoVen Capital, Norwest Venture Partners, IDG
Ventures India and 8 Other Investors
Booking
Priceline (1997, Norwalk, $77.3M)
Online travel booking
Harmony Partners, 1st Venture, LNK Partners and 1
Other Investors
Hotwire (2000, San Francisco, $77M)
Provides discounts on travel bookings through
opaque pricing
Stage: Acquired
TPG
Cleartrip (2005, Mumbai, $74M)
Online travel website that offers flights, hotels and
train bookings
Concur, DFJ, DAG Ventures and 4 Other Investors
NOVATURAS (2000, Kaunas, $53.8M)
Online travel agency for flights, hotels, tours
booking
Soonicorn. Stage: Funded
Enterprise Investors
Booking
One Two Trip (2011, London, $42.5M)
Russian online travel agency
Soonicorn. Stage: Series C
Bank of Saint Petersburg, Vostok New Ventures,
Goldman Sachs and 2 Other Investors
MakeMyTrip (2000, Delhi, $39M)
Online travel agency for booking flights, hotels,
buses, holiday packages
Editor's Pick. Stage: Public
Ctrip, Naspers, Helion Venture Partners and 5
Other Investors
Expedia (1996, Bellevue, $16.3M)
Internet based travel agency
Technology Crossover Ventures
Monaker Group (2002, Weston, $6M)
Travel Company with multiple OTA holdings
Stage: Public

14
Travel Agencies
Booking
Webjet (1998, Melbourne, $1M)
Australia-based online travel agency
Stage: Public
Orbitz (1999, Chicago)
Online travel agency
Editor's Pick. Stage: Acquired
Technology Crossover Ventures, Bregal Sagemount
Abercrombie & Kent (1962, Downers Grove)
Online Luxury travel agent
Stage: Acquired
IFC
Adventure (2006, Tokyo)
Online travel agency for flights, hotels
Stage: Public
East Ventures
Asiatravel.com (1995, Singapore)
Online booking of flights, hotels and adventure
packages
Stage: Public
Booking
OdigeO (2011, Barcelona)
Online travel agency for booking flights, hotels,
cruises and holiday packages
Stage: Public
Ardian, Rothschild
On The Beach Holidays (1995, Cheadle)
Online retailer of short-haul beach holidays
Stage: Public
Lloyds Bank
Preview Travel (1985, San Francisco)
Stage: Acquired
Olympus Partners
SkiStar (2008, Stockholm)
Platform for booking ski holidays
Stage: Public
Taaleri
Booking
travel.com.au (1996, Sydney)
Stage: Public
AirTree Ventures
Travel24 (1996, Munich)
Online travel agency for hotels, flights, vacation
rental booking
Stage: Public
Travelocity (1996, Southlake)
Online travel booking and reservation portal
Stage: Acquired
Viking Line Suomi (1959, Helsinki)
Online Travel Agency
Stage: Public

15
Travel Agencies
Metasearch
Travel search engine
Unicorn. Stage: Acquired
Accel Partners, General Catalyst Partners, Gold Hill
Capital and 11 Other Investors
Momondo (2006, Copenhagen, $205M)
Online meta-search engine for travel bookings
Silicon Valley Bank, Great Hill Partners, Barclays
Skyscanner (2002, Edinburgh, $197M)
Travel meta-search engine
Vitruvian Partners, Baillie Gifford, Yahoo Japan and
4 Other Investors
Online Platform for door to door travel planning in
Europe
Silver Lake, KPCB, Goldman Sachs and 10 Other
Investors
Metasearch
Ixigo (2006, Gurgaon, $38.6M)
Online travel search engine
Soonicorn. Stage: Series B
Sequoia Capital, Fosun, Micromax Informatics and 6
Other Investors
Wego (2005, Singapore, $34.5M)
Middle East Venture Partners, MBC Group, Crescent
Group and 5 Other Investors
Travelfusion (2000, London, $500k)
Meta-search for flights and hotels
Stage: Acquired
Samurai Ventures
Travelmarket (1996, Vejle)
Online meta-search engine based out of Denmark
Stage: Public
Holiday Packages
Holiday Packages
Tours4Fun (2006, Azusa)
Online travel agency providing ticket booking
platform for tours, activities, hotels and cruises
Stage: Acquired

16
Holiday Packages
Concierge
Travelzoo (1998, New York City)
Travel deals aggregator
Carbona Capital, Saints Capital
Travel Agents Marketplace
TravelBird (2010, Amsterdam, $59.3M)
Online platform to book tours
Soonicorn. Stage: Series D
Rocket Internet, Global Founders Capital
MARCO VASCO (2007, Paris, $21.4M)
Online marketplace for booking holiday packages
Minicorn. Stage: Acquired
Iris Capital, Alven, Gimv
Startravel (2003, Taipei)
Online travel agents marketplace based out of
Taiwan
Stage: Public
Business Travel
Business Travel
JacTravel (1975, London)
Supplier of online hotel bookings to travel agents
Stage: Acquired
Bowmark Capital

17
Transport
Air Travel
Unicorn. Stage: Series C
Expedia, Global Founders Capital, East Ventures
and 3 Other Investors
Private jets based on membership
Fidelity Investments, T. Rowe Price, New Enterprise
Associates and 5 Other Investors
Marketplace for private jet charter empty leg
Unicorn. Stage: Series C
Leucadia National, Clearlake Capital
Air Travel
Hopper (2007, Montreal, $96.5M)
Provides flight booking recommendations based on
when to find the cheapest fares
Caisse de depot et placement du Quebec,
Brightspark Ventures, Accomplice and 4 Other
Investors
SideStep (1999, Santa Clara, $32M)
Meta-seasrch for flights, hotels & rental cars
Stage: Acquired
Leader Ventures, Norwest Venture Partners, Saints
Farecast (1999, Seattle, $20.6M)
Airfare predictions using data analytics
Sutter Hill Ventures, PAR Capital Management,
Greylock Partners and 4 Other Investors
Air Travel
Sentient Flight (1999, Braintree)
Marketplace for private jet booking
Soonicorn. Stage: Funded
Argosy Private Equity
Helijet (1986, Vancouver)
Private jet and helicopter charter provider
Stage: Public
First West Credit Union
NetJets (1964, Columbus)
Private Jet provider
Stage: Acquired

18
Transport
Water ways
Royal Caribbean (1968, Miami)
Cruise line operator
Stage: Public
Train
Ekitan (2003, Tokyo)
Online train timetable service
Stage: Public
Nankai (2002, Osaka)
Online platform for train-related information
Stage: Public
Trainline (1997, London)
Online booking portal for train tickets
Stage: Acquired
Kohlberg Kravis Roberts, Exponent Private Equity,
HarbourVest Partners
Bus
redBus (2006, Bangalore, $10M)
Online bus ticket booking portal and app.
Helion Venture Partners, Inventus Capital Partners,
Seedfund

19
Transport
Car
Long Distance Ride Sharing
Unicorn. Stage: Series D
Baring Vostok, Insight Venture Partners, Lead Edge
Accommodation
Hotels
Branded marketplace for budget hotel
accommodation
China Lodging Group (Huazhu Hotels Group),
Sequoia Capital, Greenoaks and 23 Other Investors
Online member's club offering heavy discounts on
luxury hotels
Temasek, Idinvest Partners, Silicon Valley Bank and
10 Other Investors
HotelTonight (2010, San Francisco, $117M)
Last minute hotel booking
Accel Partners, Battery Ventures, U.S Venture
Partners and 12 Other Investors
Hotels
Treebo Hotels (2015, Bangalore, $56.7M)
Chain of standardized budget hotels
WARD FERRY, Karst Peak Capital, SAIF Partners
Trivago (2005, Dusseldorf, $54.6M)
Hotel metasearch engine
Stage: Public
Insight Venture Partners, Team Europe, Tiburon
Ikyu (1998, Tokyo)
Hotel booking platform in Japan
Stage: Acquired
Booking.com (1996, Amsterdam)
Online hotel booking platform
Stage: Acquired
Jose Marin, Fabrice Grinda, Albion Capital Group

20
Accommodation
Hotels
Design Hotels (1993, Berlin)
Online platform to discover luxury boutique hotels
worldwide
Stage: Public
Vacation Rentals
Marketplace for vacation rental accommodations
Unicorn. Stage: Series F
Technology Crossover Ventures, CapitalG,
JPMorgan Chase & Co. and 49 Other Investors
GV, Technology Crossover Ventures, IVP and 9
Other Investors
Professional rental management and booking for
vacation rentals
Riverwood Capital, Level Equity, Assurant and 2
Other Investors
Wimdu (2011, Berlin, $90M)
Marketplace for renting private accommodation
Rocket Internet, Kinnevik
Vacation Rentals
Onefinestay (2009, London, $80.9M)
Luxury Vacation Rentals
Intel Capital, Quadrant Capital Management,
Canaan Partners and 5 Other Investors
Luxury Retreats (1999, Montreal, $16M)
Luxury villa rentals
Stage: Acquired
Inovia Capital, Claridge Investment, Teralys Capital
Trovit (2006, Barcelona, $871k)
Metasearch engine for classified ads on real estate,
jobs, cars and vacation rentals.
Stage: Acquired
Cabiedes & Partners
Only-apartments (2003, Barcelona)
Short term rental apartments
Stage: Public
Stayz (2001, Sydney)
Online holiday home listing
Stage: Acquired

21
Accommodation
Hostels
Hostelworld Group (1999, Dublin)
Online booking platform for hostels
accommodations worldwide
Stage: Public
Summit Partners
Safestay (1999, London)
Budget hostel accommodation provider based out
of London
Stage: Public
Tours & Activities
Guided & Unguided
Tours & activities marketplace
Battery Ventures, Kohlberg Kravis Roberts, Spark
Zozi (2007, San Francisco, $51.3M)
Online travel activities marketplace
Dolby Family Ventures, 500 Startups, Western
Alliance Bancorporation and 14 Other Investors
Viator (1995, San Francisco, $17.6M)
Activities Marketpalce
Stage: Acquired
The Carlyle Group, Technology Venture Partners,
Leader Ventures
Whistler Blackcomb (1966, Whistler Village)
Online platform for booking tours and activities
Stage: Acquired
Enterprise
For Agents & Operators
SilverRail Tech (2009, London, $69M)
B2B and B2C solution provider for Rail distribution
Brook Venture Partners, Canaan Partners, Mithril
Datalex (1985, Dublin, $6.6M)
Flight distribution and pricing engine provider
Stage: Public
International Investment and Underwriting

22
Enterprise
Transport
Gogo (1991, Itasca, $497M)
WiFi provider in airplanes
Morgan Stanley, JPMorgan, Scotia Capital and 7
Other Investors
Global Eagle Entertainment (2012,
California, $150M)
Content, connectivity, media and operations
solutions provider for aviation, marine education
center and home entertainment.
Stage: Public
Searchlight Capital
Row44 (2004, Westlake Village, $103M)
Aircraft broadband connectivity provider
PAR Capital Management, Advanced Inflight
Alliance
Transport
ITA Software (1996, Cambridge, $100M)
Software for airline and travel industry
Battery Ventures, General Catalyst Partners, PAR
Capital Management and 2 Other Investors
Switchfly (2003, San Francisco, $34.8M)
SaaS based travel-commerce and loyalty platform
Thayer Ventures, Azure Capital Partners, StarVest
Partners and 4 Other Investors
Rockwell Collins (1994, Cedar Rapids)
Operational Management tools for private and
government aviation
ValueAct Capital
Thales Group (1893, Paris)
Aerospace, Space, Ground Transportation, Defence,
Security R&D
Stage: Public
VentureTech Alliance
Transport
Travel Technology Interactive (2001, Paris)
Provider of IT solutions for passenger and cargo
airline management
Stage: Public
Zodiac Aerospace (1896, Plaisir)
Distributor of spare parts and components and
product support for the aerospace industry.
Stage: Acquired
Credit Agricole, FFP

23
Enterprise
Accomodation
Duetto Research (2012, San Francisco, $63.2M)
Big Data RMS SaaS for Hoteliers
Icon Ventures, Accel Partners, Battery Ventures and
6 Other Investors
RateGain (2004, Noida, $50M)
Cloud-based solutions for hospitality and travel
industry
TA Associates Management
Revinate (2009, San Francisco, $43.5M)
Reputation Management solutions for hotels
Sozo Ventures, Benchmark Capital, Tenaya Capital
SiteMinder (2006, Sydney, $35M)
Channel manger and distribution systems.
Technology Crossover Ventures, Bailador, Five V
Accomodation
The Rainmaker Group (2009, Alpharetta,
$33.8M)
Revenue Management Software
Stage: Acquired
Norwest Venture Partners, Silicon Valley Bank
StayNTouch (2012, Bethesda, $12.8M)
Hotel Enterprise PMS Overlay and Mobility
Platform
Concur, Triangle Peak Partners, Stanford University
Roomlinx (1998, Broomfield, $3M)
Costumer demand and management platform on TV
Stage: Public
RoomKeyPMS (2009, North Vancouver)
Cloud-based hotel management software
Accomodation
MICROS Systems (1977, Columbia)
Point of sale software and EIS systems for retail &
hospitality
Agilysys (1963, Alpharetta)
Suite of software and services for hospitality
industry
Marlin Equity Partners
Fourth (1999, London)
Supply Chain and HR solutions for Hospitality
Industry
Stage: Acquired
ECI Partners, Insight Venture Partners

24
Enterprise
Horizontal
Sojern (2007, San Francisco, $42.5M)
Travel data and media company
Triangle Peak Partners, Norwest Venture Partners,
Trident Capital and 3 Other Investors
Boxever (2011, Dublin, $19M)
Marketing Intelligence for the travel Industry
Polaris Partners, Frontline Ventures, Silicon Valley
Bank and 5 Other Investors
Sabre (1960, Southlake)
Travel IT solutions
Battery Ventures, Axiom Venture Partners, Norwest
Venture Partners and 3 Other Investors
Travelport (1971, Atlanta)
Travel commerce company
Technology Crossover Ventures, Bregal Sagemount
Deem (2000, San Francisco, $671M)
Provider of travel and expense software tools to
corporates
PointGuard Ventures, Hony Capital, Citi and 10
Other Investors
Concur (1993, Bellevue)
End-to-end travel expense management
American Express, IVP, Redpoint Ventures and 6
Other Investors
GetThere (1995, Southlake)
SaaS-based solutions for corporate travel booking
Norwest Venture Partners
iAlbatros (2012, Warsaw)
Hotel booking solution provider for corporate
travel
Stage: Public
Corporate Travel Management (1994,
Brisbane)
Online travel agency providing travel management
solutions for business travellers.
Stage: Public
Serko (2007, Auckland)
Travel and expense management solution provider
Stage: Public
Callaghan Innovation

List of Notable Companies in Online Travel in China
Notable Companies in the Sector in China
25
Online Travel > Feed Summary > Notable Companies in the Sector in China
Public
Lvmama
(2008, Shanghai, $440M)
Uzai.com
(1992, Beijing, $25M)
AOyou.com
(1997, Beijing)
Yougo Travel
(2008, Beijing)
Ctrip
(1999, Shanghai, $26.3M)
Qunar
(2005, Beijing, $388M)
Tuniu
(2006, Beijing, $143M)
Acquired
eLong
(2001, Beijing, $15M)
Unicorns
Tongcheng Network
Technology Co
(2004, Beijing, $1.3B)
Tujia
(2011, Beijing, $700M)
Qunar
(2005, Beijing, $388M)
Ctrip
(1999, Shanghai, $26.3M)
Soonicorns
Lvmama
(2008, Shanghai, $440M)
Xiaozhu
(2012, Beijing, $270M)
Handy
(2012, Hong Kong, $170M)
Mafengwo
(2010, Beijing, $168M)
Huoli
(2009, Beijing, $164M)
Tuniu
(2006, Beijing, $143M)
Yaochufa
(2011, Guangzhou, $128M)

Recent News in Online Travel Sector
Recent News
26
Online Travel > Feed Summary > Recent News
Apr 2018
Airbnb set to raise investment in China to cater to domestic
travelers, Sina
Apr 2018 Tentrr Closes $8m in Series A Funding, FinSMEs
Apr 2018
New Sabre Red Workspace rolling out across the globe in local
languages, PR Newswire
Apr 2018
Tentrr is turning private land into glampgrounds, with the help of
VCs, TechCrunch
Apr 2018
Barcelona-based SaaS startup TravelPerk raises €17 million to fix
business travel, EU-Startups
Apr 2018 E-filing platform ClearTax acquires content discovery app, VCCircle
Apr 2018
Serko Expands North American Presence with Industry Veteran
Tony D'Astolfo, PR Newswire
Apr 2018
RedAwning Network Expands to Include Glamping Hub for Unique
Properties, PRWeb
Apr 2018 Traveltek adds to its SEA operations, Northstar Travel Media
Apr 2018
StaynTouch Partners With Juyo Hotel Analytics To Integrate
Property Management And Revenue Management Systems, PRWeb
Apr 2018
New Feature Rollup in AirGain to offer better control to Airlines on
Rate Parity, Hospitality Net
Apr 2018 Airbnb sees more room for growth in home-sharing, Business Line
Apr 2018
Nor1, Inc. Acquires Stay Delightful To Further Enhance Its Ability To
Engage And Interact With Hotel Guests In Real-time Throughout
The Reservation Lifecycle, Hotel News Resource
Key Recent News Key Recent News
Apr 2018
Airbnb And Uber Could Never Have Gone Mainstream Without
Insurance: Report, Fast Company
Apr 2018
TravelTraingle raises ₹78 crore from Nandan Nilekani’s
Fundamentum, TechStory
Apr 2018 Qatar Airways Invests In JetSuite, Citybizlist
Apr 2018 Eurowings sells Basic fares through Sabre, Buying Business Travel
Apr 2018 PL+S 2018: Amadeus debuts spatialization processor, lsionline.com
Apr 2018 French group Thales targets 1 bn euro from India, newKerala.com
Apr 2018
Booking.com Announces Milestone of Five Million Reported Listings
in Homes, Apartments and Other Unique Places to Stay, PR Newswire
Apr 2018
MKU and Thales Team up to Develop Optronic Devices and Close
Quarter Battle Rifles for the Indian Army, NewsVoir
Apr 2018 V Resorts Partners With Zoomcar, BW Businessworld
Apr 2018 Thales unveils Core, Prestige IFE suites, ATWOnline
Apr 2018
Enhance The Booking Sequence Infrastructure - Retain Your
Guests!, Hospitality Net
Apr 2018
Small Luxury Hotels Of The World™ Announces Five New Hotels
This April, Hospitality Net

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
27
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
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Mar 2018
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Mar 2018

$924M
$788M
$541M
$1.6B
$3.3B
$1.7B
$3.0B
$539M
0
50
100
150
200
250
300
350
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
$3.B
$3.5B
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Online Travel; 2011-2017
Global Funding Trends (1/2)
29
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Online Travel > Investment Trends > Global Funding Trends
#Rounds
$Funding
22% $ Funding
23% $ Funding
5% # of Rounds
9% # of Rounds

$39M $68M $89M $85M $179M $111M $64M $17M
$434M
$370M $172M
$370M $649M
$520M
$783M
$279M
$451M $351M $280M $1.2B $2.5B $1.B $2.2B $243M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
94 145 168 165 212 146 90 15
43 56 44
68
85
95
82
28
10 17 26 26 22 32 23 4
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
$612M
$384M
$214M
$1.3B
$2.8B
$1.B
$2.6B
$341M
0
5
10
15
20
25
0
500000000
1E+09
1.5E+09
2E+09
2.5E+09
3E+09
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
30
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Online Travel; 2011-2017
Online Travel > Investment Trends > Global Funding Trends
224
142
119
186
124
71
866
$1.4M
$1.6M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
0
100
200
300
400
500
600
700
800
900
1000
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
8 7 6 19 19 17 23 6 $1.4M $0.7M $1.7M $1.6M $2M $4.1M - $1.6M
$924M
$539M
Total $ Invested
147
47
Total # of Rounds

Online Travel > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Online Travel
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 5.3B 276
Delhi NCR 1.1B 113
London 760M 135
Paris 663M 58
Austin 616M 29
New York City 556M 109
Berlin 502M 55
Itasca 497M 5
Jakarta 365M 15
Miami 338M 11
Total Funding
860
670
246
96
57
59
35
14
# Rounds
$9.3B
$3.3B
$1.5B
$478M
$275M
$162M
$77.1M
$74.9M
US
Europe
India
SEA
Canada
Latam
Israel
South Korea
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.6 $0.6 $0.6 $0.7
$1.1 $1.1 $1.1
2011 2012 2013 2014 2015 2016 2017
$7.5
$4.7
$3.6
$4.8 $5.5 $5.2
$6.4
$18.8
$12.6 $11.1 $12.4
$18.7
$10.6
$17.8
$56.4
$27.0 $13.3
$56.9
$139.1
$44.9
$122.1
Online Travel > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Online Travel; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$641* $11M
$209K $50M
$550K $112M
$75K $1.5B
$20.5M
$10.1M
$3.8M
$500K
Series C+
Series B
Series A
Seed
Stage

Note: 707 companies with undisclosed funding amount are not included
33
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
352
395
142
27
25
No. of Companies
Online Travel > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Online Travel; as of Apr 2018
Distribution of companies by Funding Range
$107M
$1.3B
$3.1B
$1.8B
$9.8B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
24%
7%
3%
2%
34
Note: Numbers in the brackets show the count of companies
Time to raise
next round
117
209
469
1541
6359
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
24% 2%
(114)
1%
(82)
5%
(289)
13%
(827)
58%
(3702)
30% 7%
(102)
5%
(70)
11%
(173)
13%
(199)
45%
(700)
45% 14%
(64)
7%
(33)
14%
(67)
4%
(20)
37%
(173)
56% 26%
(55)
12%
(26)
15%
(32)
2%
(5)
26%
(55)
- 41%
(48)
20%
(23)
16%
(19)
3%
(3)
26%
(31)
Online Travel > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Online Travel
Funding Funnel
15 Months
19 Months
20 Months
Investment backedBootstrapped
34
17
46
37
5
7
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Online Travel > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Online Travel; Apr 2016-Apr 2018
Notable Investments in last 24 months (1/8)
LATE STAGE
$1B - Series F Mar 2017
Technology Crossover Ventures, CapitalG
$350M - Series C Jul 2017
Expedia
$250M - Series D Sep 2017
accommodation
Sequoia Capital, Greenoaks, Lightspeed Venture
Partners, SoftBank Group
$150M - PE Mar 2018
Global Eagle Entertainment (2012, California,
$150M)
Content, connectivity, media and operations
solutions provider for aviation, marine education
center and home entertainment.
Searchlight Capital
LATE STAGE
$118M - Series E Oct 2017
Fidelity Investments, T. Rowe Price, New Enterprise
Associates
$111M - Series D Oct 2017
Online member's club offering heavy discounts on
luxury hotels
Temasek, Idinvest Partners, Silicon Valley Bank
$105M - Series C Dec 2016
$75M - Series D Nov 2017
Capital, Highland Europe, Sunstone, NGP Capital
LATE STAGE
$70M - Series C Oct 2016
Online Platform for door to door travel planning in
Europe
Silver Lake, KPCB
$62.4M - Series C Dec 2016
Hopper (2007, Montreal, $96.5M)
Provides flight booking recommendations based on
when to find the cheapest fares
Caisse de depot et placement du Quebec,
Brightspark Ventures, Accomplice, Investissement
Quebec, BDC, OMERS Ventures
$62M - Series C Aug 2016
accommodation
SoftBank Group
$53.4M - PE Jun 2017
Online guide for hotels and accommodation in Korea
SkyLake Investment

LATE STAGE
$50M - PE Jun 2017
Goomo (2006, Mumbai, $50M)
Horizontal OTA platform providing accommodation
and travel services
$50M - Series C Mar 2018
Hihi guide (2014, Enschede, $113M)
P2P marketplace for local guides and tours
Sequoia China, Matrix Partners China
RedAwning (2010, Berkeley, $40M)
Vacation Rentals Marketplace
Silversmith Capital Partners
$37M - Series E Mar 2017
HotelTonight (2010, San Francisco, $117M)
Last minute hotel booking
Accel Partners, Battery Ventures, U.S Venture
Partners, GGV Capital, Coatue Management, First
Round Capital
LATE STAGE
$35M - Series C Dec 2016
Tripping (2010, San Francisco, $52M)
Metasearch for Homestay/ Vacation Rentals
Adams Street Partners, Quest Venture Partners, Erik
Blachford, Fritz Demopoulos, Princeville Global
$34M - Series F Apr 2016
Provider of travel and expense software tools to
corporates
PointGuard Ventures, Hony Capital
WARD FERRY, Karst Peak Capital, SAIF Partners,
Matrix Partners India, Bertelsmann
$31M - Series D Mar 2018
TurnKeyVR (2012, Austin, $72M)
Vacation Rental marketplace and Management
Service
Adams Street Partners, Altos Ventures Capital
LATE STAGE
$23.8M - PE Sep 2016
Long Distance Ride Sharing
Baring Vostok
$22.6M - PE Jun 2016
MisterFly (2015, Paris, $22.6M)
Platform for flight booking
Montefiore Investment, Vente-privee
TurnKeyVR (2012, Austin, $72M)
Vacation Rental marketplace and Management
Service
Adams Street Partners, Altos Ventures Capital,
Silverton Partners
$21M - Series C May 2016
Evaneos (2009, Paris, $28.1M)
Online marketplace for booking personalized
holiday packages
Serena Capital, Bpifrance, ISAI Gestion, XAnge

LATE STAGE
$19.1M - Series C Feb 2017
Dreamlines (2012, Hamburg, $71.9M)
Online travel agency for cruise booking
Hasso Plattner Ventures, Holtzbrinck Ventures,
Target Global, TruVenturo, Global Founders Capital,
Altpoint Capital
$15.6M - Series C Aug 2016
Dreamlines (2012, Hamburg, $71.9M)
Online travel agency for cruise booking
Hasso Plattner Ventures, Holtzbrinck Ventures,
Target Global, TruVenturo, Altpoint Capital
$13M - Series C Jun 2016
Revinate (2009, San Francisco, $43.5M)
Reputation Management solutions for hotels
Sozo Ventures, Benchmark Capital, Tenaya Capital,
Formation 8, Northgate Capital, Tao Capital
Partners, Industry Ventures
LATE STAGE
$12M - Series C Apr 2018
Travel Triangle (2010, Noida, $31.9M)
Marketplace for traveler-agent communication for
customized trip planning
Fundamentum, SAIF Partners, Bessemer Venture
Partners, RB Investments
$10M - Series D Sep 2017
accommodation
China Lodging Group (Huazhu Hotels Group)
$5M - Series C Sep 2016
$3M - Series D Dec 2016
Bank of Saint Petersburg
LATE STAGE
$2.5M - Series C Aug 2016
Vostok New Ventures
Series E Jun 2016
Cleartrip (2005, Mumbai, $74M)
Online travel website that offers flights, hotels and
train bookings
Concur
Series C Aug 2017
Leucadia National, Clearlake Capital
Series C Sep 2017
Middle East Venture Partners, MBC Group, Crescent
Group, Square Peg Capital, Tiger Global Management

LATE STAGE
Series C Aug 2017
MBC Group
Series C Oct 2017
HomeToGo (2014, Berlin, $29M)
Meta-search for vacation rentals
Insight Venture Partners, Acton Capital Partners, DN
Capital, Global Founders Capital
EARLY STAGE
$104M - Series B Oct 2017
vacation rentals
Riverwood Capital, Level Equity, Assurant,
NewSpring Capital
$63M - Series B Jun 2017
Hihi guide (2014, Enschede, $113M)
P2P marketplace for local guides and tours
Matrix Partners China, GF Xinde Investment
Management
$51M - Series B Mar 2018
TripActions (2015, Menlo Park, $90.6M)
Travel management solution for businesses
Lightspeed Venture Partners
$50M - Series B Jan 2017
Upside (2015, Washington D.C., $50M)
Business travel booking platform that provides
rewards based on bookings
Red Ventures, Leucadia National
EARLY STAGE
Blade (2014, New York City, $44M)
Helicopter and flight charter.
Colony NorthStar, Lerer Hippeau Ventures, Airbus
GuesttoGuest (2011, Paris, $39.4M)
Peer-to-peer home exchange platform
MAIF Avenir
$26.3M - Series A Oct 2017
Stellar (2014, Palo Alto, $45.6M)
Online portal for booking private jets
Expa, Global Jet Capital, DiamondStream
$26M - Series B Aug 2017
ALICE (2013, New York City, $39M)
Chat based concierge services for hotels
Expedia
$25M - Series B Jul 2017
FabHotels (2014, Gurgaon, $35.5M)
Standardized budget hotels
Goldman Sachs, Accel Partners

EARLY STAGE
TravelBank (2015, San Francisco, $35M)
Cloud-based expense management Android and iOS
app for SMBs
DCM Ventures, Propel Venture Partners, New
Enterprise Associates, Accel Partners, Silicon Valley
Bank, Danhua Capital
$24.3M - Series B Apr 2016
HomeToGo (2014, Berlin, $29M)
Meta-search for vacation rentals
Insight Venture Partners, DN Capital, Acton Capital
Partners
$22M - Series B May 2017
Sweet Inn (2014, Jerusalem, $22M)
Managed branded apartments booking platform
Qumra Capital, BRM Group
$21M - Series B Apr 2018
TravelPerk (2015, Barcelona, $30M)
B2B solutions for business travel
Target Global, Felix Capital, , Spark Capital, Sunstone
EARLY STAGE
$20M - Series B Sep 2017
Victor (2010, London, $62.5M)
Marketplace for private jet travel
British Petroleum
$20M - Series B Oct 2016
BusFor (2010, Kiev, $24M)
Distribution and booking of bus tickets
Baring Vostok, Elbrus Capital, InVenture Partners
$20M - Series B Sep 2016
Shr (1987, Houston, $20M)
Hotel reservation and distribution system provider
$20M - Series A Dec 2017
OTA Insight (2012, London, $20M)
Revenue management tools for accommodation
providers
Eight Roads Ventures, FPrime Capital Partners
Victor (2010, London, $62.5M)
Marketplace for private jet travel
BBA Aviation, British Petroleum
EARLY STAGE
$16.7M - Series B Jul 2016
Matrix Partners India, SAIF Partners, Bertelsmann
Ixigo (2006, Gurgaon, $38.6M)
Online travel search engine
Sequoia Capital, Fosun
$15M - Series B Nov 2017
Hostmaker (1998, London, $25M)
End-to-end property management services provider
for Airbnb vacation rentals
Sansiri, GAW Capital Partners, DN Capital, Ventech,
DSG Consumer Partners
$13.5M - Series A Jun 2017
Pillow (2014, San Francisco, $16.2M)
Software solution provider for vacation rentals
Mayfield, Expansion Venture Capital, Veritas
Investments, Sterling Equity, Chris Anderson, Peak
Capital

EARLY STAGE
Airhelp (2013, New York City, $17.1M)
Claim management legal services for airlines in
Europe
Khosla Ventures, Galvanize, U-Start
Busbud (2011, Montreal, $21M)
Bus-Ticket Booking Service Aggregator
Inovia Capital, Teralys Capital, Claridge Investment,
Plaza Ventures, Real Ventures, Erik Blachford,
Philippe Vimard
$11M - Series A Mar 2018
RedDoorz (2015, Singapore, $17.4M)
Standardized budget accommodation chain across
Indonesia
SIG, IFC, InnoVen Capital, Jungle Ventures, Deep Sky
Capital, F&H Fund Management, Hendale Capital
EARLY STAGE
$10.5M - Series B Jan 2017
Campanda (2013, Berlin, $19M)
Online rental marketplace for RVs
Accel Partners, Idinvest Partners, ViaMichelin,
Atlantic Labs, Btov
$10M - Series B Feb 2017
Travel Triangle (2010, Noida, $31.9M)
Marketplace for traveler-agent communication for
customized trip planning
RB Investments, SAIF Partners, Bessemer Venture
Partners, vestechpartners, Herb Madan
$10M - Series A Oct 2016
Cloud-based expense management Android and iOS
app for SMBs
New Enterprise Associates, Accel Partners
$8M - Series A Jun 2016
Accel Partners, Aarin Capital, Qualcomm Ventures,
RB Investments
EARLY STAGE
$8M - Series A Jan 2017
Flyr (2013, San Francisco, $16.9M)
Provider of tools to predict and manage price
volatility of travel products
JetBlue Technology Ventures, Streamlined Ventures,
AXA Strategic Ventures, Amadeus, Western
Technology Investment, Plug and Play Tech Center,
Chasm Capital
Travelyaari (2007, Bangalore, $10.1M)
Real Time Bus Tickets Booking Service
Gujarat Venture Finance, The Times Group
$6.5M - Series A Feb 2017
Ventech, DN Capital, DSG Consumer Partners
$5.6M - Series A Feb 2017
Nida Rooms (2015, Jakarta, $11M)
Budget hotel accommodation marketplace
Shanda Group

EARLY STAGE
Hotelogix (2008, Noida, $9.9M)
Hotel Property & Booking Management Software
Vertex Ventures, Accel Partners, Saama Capital
$5M - Series A Nov 2016
vacation rentals
Assurant
Indonesia
IFC, Jungle Ventures
$5M - Series A Apr 2016
Xola (2011, San Francisco, $12.7M)
Booking and Distribution software for tourism
Rakuten
EARLY STAGE
Suiteness (2014, Oakland, $6M)
Membership-based Luxury Hotel Booking
Bullpen Capital, Global Founders Capital, HVF, Kima
Ventures, Altair Capital, Y Combinator
$4.1M - Series A Apr 2017
ZenRooms (2015, Singapore, $8M)
Asset-light branded budget hotel chain
Red Badge, SBI Investment Korea, APACIG
$1.3M - Series A Dec 2016
Vertex Ventures, Accel Partners, Saama Capital
$239k - Series A Aug 2016
Accel Partners, Saama Capital
EARLY STAGE
Series A Mar 2017
Amadeus
Series A Jul 2017
BeMyGuest (2012, Singapore, $8.5M)
Provider of niche travel experiences
Raffles Venture Partners, SPRING Singapore, Chan
Brothers, Leland Kwee
Series A Feb 2018
VeXeRe.com (2012, Ho Chi Minh City)
Online bus booking platform
Spiral Ventures

SEED STAGE
$4.2M - Seed Apr 2016
Convergence Ventures, CyberAgent Ventures
$3.6M - Seed May 2016
Stellar (2014, Palo Alto, $45.6M)
Online portal for booking private jets
$2.1M - Seed Sep 2016
JetBlue Technology Ventures
$1.4M - Seed Dec 2016
Pana (2015, Denver, $2.5M)
AI based travel concierge services app
500 Startups, Flight Ventures, Galvanize, Techstars,
Foundry Group
SEED STAGE
$1.1M - Seed Sep 2016
Initial Capital, DN Capital, DSG Consumer Partners
$750k - Seed May 2016
Tripfez (2013, Kuala Lumpur, $750k)
Online travel search engine for hotels and deal
comparison
Gobi Partners, Intres Capital
$309k - Angel Nov 2017
RezNext (2012, Bangalore, $8.7M)
Online distribution platform for hoteliers and
channel managers

Online Travel > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
LATE STAGE
$300M - Series E Oct 2017
Tujia (2011, Beijing, $700M)
Online vacations rental services provider
Ctrip, All stars investment, China Renaissance, Glade
Brook Capital, High Street Capital
$150M - PE Oct 2016
Tongcheng Network Technology Co (2004,
Beijing, $1.3B)
Online travel agency and local attractions online
ticketing site
Dalian Wanda Group, Ctrip, Tencent
$133M - Series D Dec 2017
Mafengwo (2010, Beijing, $168M)
Online trip sharing portal
General Atlantic, Ocean Link, Temasek, Hillhouse
Capital Group, Qiming Venture Partners, Capital
Today Group
LATE STAGE
$125M - Series C Sep 2016
Handy (2012, Hong Kong, $170M)
Fully customizable smartphone for hotels to provide
services to tourists
Sinovation Ventures, Kai-Fu Lee
$120M - Series E Nov 2017
Xiaozhu (2012, Beijing, $270M)
P2P homestays marketplace
Yunfeng Capital, JOY CAPITAL, Morningside venture
Capital, Capital Today Group
$105M - Series C Nov 2017
51tour (1996, Shanghai, $105M)
Travel agency for outbound tourism
CITIC Capital, Haier Capital, Poly Yuan Investment,
Legend Holdings, Legend Capital, Yonghua Capital
LATE STAGE
$95M - Series C Apr 2018
8Trip (2011, Suzhou, $145M)
Global distribution system enabling real-time
transaction between travel service providers and
agencies
Ant Financial, CCB International Holdings, Shenzhen
Tempus Global Business Service Holding Ltd.
$85M - Series D Apr 2016
Yaochufa (2011, Guangzhou, $128M)
Platform to book local tourist attractions and
weekend getaways
Uzai.com
$65M - Series D Nov 2016
Xiaozhu (2012, Beijing, $270M)
P2P homestays marketplace
Bertelsmann Asia Investment Fund, Morningside
Ventures, Capital Today Group, Magic Stone
Alternative

Most Active Investors (VC, PE) by Stage in Online Travel; Last 5 years (Apr 2013-Apr 2018)
Most Active VC & PE Investors
44
Online Travel > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Caixa Capital Risc (7 Investments)
ByHours.com, Trip4real, LaComunity
1
Right Side Capital Management(5
Investments)
Dashbell, Pana, Hostfully
2
Blume Ventures(4 Investments)
RailYatri, WeAreHolidays, Audiocompass
3
Speedinvest(4 Investments)
TourRadar, Pace, Bikemap
4
Structure Capital (4 Investments)
Suiteness, Pillow, Beyond Pricing
5
Bee Partners (3 Investments)
Vacatia, Xola, SnapTravel
6
BoxGroup(3 Investments)
Vamo, Voyat, Amberjack
7
CyberAgent Ventures(3 Investments)
Nida Rooms, VeXeRe.com, Travee
8
East Ventures(3 Investments)
Tripvisto, Event Carnival, UpStay
9
Gobi Partners(3 Investments)
Triip, Travelio.com, Tripfez
10
EARLY STAGE
Global Founders Capital (7 Investments)
Traveloka, Onlinetours, Dreamlines
1
Thayer Ventures (6 Investments)
Traxo, BookingPal, ID90T
2
Howzat Partners (5 Investments)
ByHours.com, GlampingHub, Nezasa
3
Accel Partners (4 Investments)
Duetto Research, HolidayMe, TravelBank
4
Holtzbrinck Ventures(4 Investments)
Onlinetours, Dreamlines, ClickBus
5
Matrix Partners India (4 Investments)
Stayzilla, Treebo Hotels, WeAreHolidays
6
Sequoia Capital (4 Investments)
Skyscanner, Oyo Rooms, Ixigo
7
General Catalyst Partners (3 Investments)
Trover, Freebird, Buster
8
New Enterprise Associates(3 Investments)
GoEuro, TravelBank, RezNext
9
RB Investments(3 Investments)
Travel Triangle, FabHotels, V Resorts
10
LATE STAGE
Adams Street Partners(2 Investments)
Tripping, TurnKeyVR
1
General Atlantic (2 Investments)
Airbnb, FlixBus
2
GGV Capital(2 Investments)
Airbnb, HotelTonight
3
KPCB(2 Investments)
Airbnb, GoEuro
4
NGP Capital(2 Investments)
GetYourGuide, Hipmunk
5
Temasek(2 Investments)
Airbnb, Secret Escapes
6
Tiger Global Management(2 Investments)
Airbnb, Hotel Urbano
7
Vostok New Ventures (2 Investments)
BlaBlaCar, One Two Trip
8
Amadeus Capital
Travelstart
9
Active Private Equity
Context Travel
10

Online Travel > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Online Travel; Last 5 years (Apr 2013-Apr 2018)
Most Active Ecosystem Investors
INCUBATOR
500 Startups(40 Investments)
Wanderu, RedDoorz, Room Key
1
Start-Up Chile(12 Investments)
GlampingHub, Viajala Colombia, Recorrido
2
Techstars(12 Investments)
Much Better Adventures, Voyhoy, Pana
3
Y Combinator(9 Investments)
Suiteness, Airhelp, Rocketrip
4
NDRC(7 Investments)
Boxever, Mobility Mojo, Dynamic Res
5
Startupbootcamp(7 Investments)
PASSNFLY, Routier, Triprebel
6
Brand Capital(5 Investments)
Yatra, Travelyaari, HeyHolidays
7
Incubate Fund (5 Investments)
Squeeze, Compathy, Wanderlust
8
Rocket Internet(5 Investments)
TravelBird, ZenRooms, ClickBus
9
Eleven Ventures(4 Investments)
Adormo, Tour Via Me, Stigni.bg
10
OTHER NOTABLE INVESTORS
Plug and Play Tech Center(18
Investments)
Nor1, Utrip, BookingPal
1
Internet Initiatives Development
Fund(10 Investments)
WeAtlas, 2do2go, TVIL.RU
2
Wayra(10 Investments)
MyTwinPlace, Viajala Colombia, Recorrido
3
Kima Ventures(9 Investments)
Suiteness, Roomorama, HostnFly
4
Travel Startups(9 Investments)
Adventure Bucket List, Veedback, Africa Bookings
5
Accomplice(6 Investments)
Hopper, Secret Escapes, Rocketmiles
6
MakeMyTrip(6 Investments)
HolidayIQ, Gofro, Inspirock
7
NFX Guild(6 Investments)
Gogobot, FairFly, Kimkim
8
NXTP Labs(6 Investments)
Escapando, WePlann, Citibuddies
9
Seedrs(6 Investments)
Snaptrip, AirSorted, Firefly Experience
10
DEBT INVESTORS
Western Technology Investment(9
Investments)
HotelTonight, TheClymb.com, TravelPost
1
InnoVen Capital(8 Investments)
Yatra, Oyo Rooms, Travel Triangle
2
Silicon Valley Bank(6 Investments)
Momondo, Secret Escapes, Zozi
3
Advantage Capital
Traxo
4
Connecticut Innovations
Curacity
5
Leader Ventures
Viator
6
NXT Ventures
Groupize
7
Pinnacle Ventures
ViajaNet
8

Online Travel > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/8)

Online Travel > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
55
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Sports Tech
Apr 2018
Online Rental
Mar 2018
Matchmaking
Mar 2018

April 2018Tracxn BlueBox – Online Travel
57
Online Travel > Market Details > BlueBox

Key Sub Sectors
58
Key Sub Sectors in Online Travel
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Accommodation
Companies providing discovery and booking platforms for accommodation services
HomeAway (2005, Austin, Acquired)
1069 313 $6.4B
Enterprise
Companies providing technology solutions to travel suppliers and tour operators
Gogo (1991, Itasca, Public)
1746 360 $3.2B
Travel Agencies
Online platforms that enable users to purchase or discover multiple travel services such as
flight tickets, hotel accommodation and car rentals
Despegar.com (1999, Miami, Public)
GO Voyages (1997, Paris, $568M)
782 161 $3B
Transport
Online platforms that enable users to discover and book inter-city transportation
SideStep (1999, Santa Clara, Acquired)
620 155 $2B
Tours & Activities
Online platforms offering discovery and booking of tours, activities and attractions
Zozi (2007, San Francisco, Acquired)
631 197 $725M
Travel Planning
Companies that assist users in travel planning with travel info, organizing tools, or community
support
Zvents (2005, San Mateo, Acquired)
1021 236 $446M
Holiday Packages
Online platforms that enable users to book holiday packages
GoAhead Tours (1995, Bellevue, Acquired)
TravelBird (2010, Amsterdam, $59.3M)
377 84 $351M
Services
Online platforms that offer services for travellers during their transit period
GateGuru (2009, Boston, Acquired)
TrueStar SecureBag (1999, Gallarate,
$20.6M)
77 25 $61.2M
Business Travel
Online booking platforms that focus on business travelers
Corporate Lodging Consultants (1977,
Wichita, Acquired)
Lola (2015, Boston, $44.7M)
35 10 $58.3M
Online Travel > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/13)
59
Online Travel > Market Details > Detailed Sector Taxonomy

60

61

62

63

64

65

66

67

68

69

70

71

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Accommodation > Vacation Rentals > Booking > Homes/Apartments
Online platforms that enable users to book homestay/apartments
(Companies covered 281 | Funded 84 | Total Funding $4.2B)
$1.1B
(-$1.1B)
22
(-10)
Airbnb
2
(+1)
Tours & Activities > Guided & Unguided
Online platforms that enable booking of tours & activities
(Companies covered 304 | Funded 121 | Total Funding $544M)
$164M
(-$8.9M)
26
(-11)
GetYourGuide
(2009, Berlin, $170M)
3
(+2)
Accommodation > Hotels > Booking > Asset Light
Companies operating a chain of standardized budget hotels
$442M
(+$255M)
16
(-3)
Oyo Rooms
(2013, Gurgaon, $448M)
4
(+2)
Transport > Air Travel > Private Jets > Complete Charter
Online platforms that enable users to charter private jets
$350M
(+$140M)
16
(+3)
WheelsUp
(2013, New York City, $171M)
5
(-)
Accommodation > Hotels > Booking > Aggregators
Online platforms that enable users to discover and book hotel rooms
$145M
(+$4.7M)
21
(-10)
Secret Escapes
(2010, London, $184M)
6
(-4)
Travel Agencies > Booking
Online platforms that enable users to purchase travel services
(Companies covered 565 | Funded 120 | Total Funding $2.1B)
$86.4M
(-$589M)
18
(-3)
Goomo
(2006, Mumbai, $50M)
7
(+3)
Holiday Packages > Concierge
Online platforms that allow users to build holiday packages with personalized travel itineraries
$76.2M
(+$42.5M)
18
(-)
Evaneos
(2009, Paris, $28.1M)
72
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/3)
Top Markets by Funding in Online Travel in last 2 years (April 2016 - March 2018)
Online Travel > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Enterprise > Corporate Travel Management > Booking Platforms > Reward-based
Companies that offer reward-based booking solutions to enterprises to reduce travel costs of employees
(Companies created 6 | Funded 5 | Total Funding $193M )
3
TripActions (2015, Menlo Park, $90.6M)
2
Travel Agencies > Metasearch
Online platforms that enable users to search and compare travel services from across different OTAs
1 Ixigo (2006, Gurgaon, $38.6M)
3
Services > In-Transit > Offline
Companies providing access to services at airports
(Companies created 16 | Funded 6 | Total Funding $26.1M )
1 Airhelp (2013, New York City, $17.1M)
4
Travel Agencies > Booking
Online platforms that enable users to purchase travel services
(Companies created 565 | Funded 120 | Total Funding $2.1B )
1 HolidayMe (2013, Dubai, $23M)
5
Transport > Bus > Booking
Online platforms that enable users to book bus tickets
1 Buster (2012, New York City, $3.8M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
75
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (April 2016 - March 2018)
Online Travel > Market Details > Top Markets of Early Stage Investors

Incubators Y Combinator (#2), Rocket Internet (#1)
Seed Lerer Hippeau Ventures (#2), First Round Capital (#2)
Series A/B Redpoint Ventures (#2), Andreessen Horowitz (#1)
Series C+ Technology Crossover Ventures (#2), CapitalG (#1)
HouseTrip Apr - 2016
Acq by TripAdvisor
HomeAway Nov - 2015
Acq by Expedia for $3.9B
Stayz Dec - 2013
Acq by HomeAway for $198M
Only-apartments
IPO'd
$200k - Seed
Spots (2015, Atlanta, $200k)
$1M - Seed
HeyHolidays (2015, Bangalore, $1.3M)
$1.8M - Angel
MagicStay (2013, Grasse, $3M)
$2.8M - Series A
Snaptrip (2014, London, $9.3M)
Angel
Vacayrx (2016, Jackson)
$2M - Series A
$1.3M - Series A
Angel
Bidroom (2013, London, $1.1M)
$40M - Series C
RedAwning (2010, Berkeley, $40M)
Apr 2018
Airbnb set to raise investment in China to cater to domestic
travelers, Sina
Apr 2018
RedAwning Network Expands to Include Glamping Hub for
Unique Properties, PRWeb
Apr 2018
Airbnb sees more room for growth in home-sharing, Business
Line
Apr 2018
Airbnb And Uber Could Never Have Gone Mainstream
Without Insurance: Report, Fast Company
Apr 2018
Stayz, a mainstay in Australia, fades away, Property Portal
Watch
Apr 2018
Singapore Airbnb hosts fined for violating rental law, Seeking
Alpha
Apr 2018 Aimco's Case Against Airbnb Proceeds, PR Newswire
Mar 2018
Blue Apron partners with Airbnb to bring a global culinary
experiences to home cooks, FDF World
Mar 2018
Airbnb to start sharing Chinese host information with
government, Gadgets Now
Mar 2018
Be Mate inks €100m apartment stay deal with Q Capital,
propertyEU
Mar 2018
Airbnb claims 20,000 hosts apply for Plus, 1,100 hotels also
want in, PhocusWire
Mar 2018
VisitScotland launches partnership with Airbnb to spread
benefits of tourism, Insider
News
0
5
10
15
20
$0k
$500M
$1.B
$1.5B
$2.B
2014 2015 2016 2017 2018
YoY Funding Rounds
4
10
21
84
281
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Accommodation > Vacation Rentals > Booking > Homes/Apartments: Market Factsheet
Market: Homes/Apartments
76
Exits
Most Active Investors
Recent Investments
YoY Funding and Rounds
Online platforms that enable users
to book homestay/apartments
Airbnb
Wimdu
(2011, Berlin, $90M)
HouseTrip
(2010, London, $59.7M)
RedAwning
(2010, Berkeley, $40M)
Top Companies
#1 Top Markets of Investment Activity
Online Travel > Market Details > Market: Homes/Apartments
Companies Created 281 | Funded 84 | Total Funding $4.2B

Accommodation > Vacation Rentals > Booking > Homes/Apartments: Top Companies
Analyst’s Pick
Technology Crossover Ventures, CapitalG,
JPMorgan Chase & Co. and 49 Other Investors
GV, Technology Crossover Ventures, IVP and 9
Other Investors
Wimdu (2011, Berlin, $90M)
Marketplace for renting private accommodation
Rocket Internet, Kinnevik
HouseTrip (2010, London, $59.7M)
Marketplace for holiday rentals
Accel Partners, Index Ventures, Balderton Capital
Analyst’s Pick
Marketplace for last minute booking of holiday
rentals
Editor's Pick. Stage: Series A
Bestport Ventures, Forward Partners, Matthew
Witt and 5 Other Investors
MagicStay (2013, Grasse, $3M)
Online platform for booking apartments and villas
for business travellers
Editor's Pick. Stage: Seed
Michael Benabou, Benoit Bassi, Patrick Lucas and 4
Other Investors
Myindianstay (2011, Panjim, $200k)
Online portal for travellers to search and book local
stays
Worldpackers (2013, Sao Paulo, $10k)
Online marketplace that connects travellers with
hosts through the exchange of skills for
accommodation
Barn Invest
Analyst’s Pick
BnB Nation (2015, Delhi)
Online platform to book vacation rentals
Editor's Pick. Stage: Unfunded
Guesthouser (2014, Gurgaon)
Online platform offering verified accommodations
for travellers
Right Stay (2015, Gurgaon)
Online marketplace for homestays by MakeMyTrip
Vacayrx (2016, Jackson)
Vacation home rental marketplace

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
78
Accommodation > Vacation Rentals > Booking > Homes/Apartments: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Airbnb 2008
San
Francisco
Series F $3.4B - 4 - - 578 313 658k 30.1M
315.6
k
-1k -1% 98.7k 54% 36.8k 6%
5.0 RedAwning 2010 Berkeley Series C $40M - 5 - - 3 562k 367 3k 31 108k 23% 14 82% 20 5%
5.0 HomeAway 2005 Austin Acquired $513M - 4 - - 21 6k 59k 8.3M 37k 2k 55% 1 5% 671 1%
4.9 Agriturismo.it 2001 Milano Acquired - - 4 - 3 - 100k 2.9k 300k 2.6k -20k -17% 74 8% 117 4%
4.9 Worldpackers 2013 Sao Paulo Seed $10K - 5 - - - 123k 12k 308k 2.5k 28k 27% 374 18% -49 -
4.9 Case Vacanza 2015 Milano Unfunded - - 4 - 4 - 74k 1.6k 300k 1.7k 9k 13% 17 1% 38 3%
4.9 Snaptrip 2014 London Series A $9M - 4 - - 5 294k 1.8k 3k 16 74k 34% 2 29% 45 3%
4.9 misterb&b 2013 Paris Series A $11M - 4 - - 2 87k 33 330k 1.7k 8k 9% 275 27% 7 24%
4.8 Myindianstay 2011 Panjim Seed $200K - 5 - - - 2.5M 387 300 22 3M 187% 1 5% -15 -4%
4.8 Travelio.com 2014 Jakarta Seed $2M - 4 - - 1 654k 4.2k 30k 565 148k 28% 100 21% -34 -1%
4.8 Tripvillas 2010 Bangalore Seed $2M - 4 - - - 974k 929 8k 49 638k 154% 2 4% 24 3%
4.8 Sutochno 2011 Ulyanovsk Unfunded - - 4 4 3 - 57k 460 303k 2.5k 2k 3% 280 13% -5 -1%
4.7 Pensionrun 2015 Gangnam Seed - - 5 - 3 - 2M - 300k 2.7k 77k 4% 2 - - -
4.7 Abritel 1997 Marseille Unfunded - - 3 - 4 - 16k 13k 300k 2.7k -3k -15% 175 7% -544 -4%
4.7 FlipKey 2007 Boston Acquired $500K - 3 - - 2 54k 13k 30k 634 3k 6% - - 289 2%

Incubators 500 Startups (#8), Start-Up Chile (#3)
Seed SV Angel (#3), East Ventures (#3)
Series A/B Spark Capital (#2), Investinor (#2)
Series C+ Battery Ventures (#1), Spark Capital (#1)
Zozi Apr - 2017
Acq by Peek
Whistler Blackcomb Oct - 2016
Acq by VailResorts for $1.1B
Zerve Jul - 2016
Acq by Zozi for $6M
Viator Jul - 2014
Acq by TripAdvisor for $200M
$8.5M - Series A
Tourlane (2015, Berlin, $8.5M)
$10.5M - Series B
KKDay (2014, Taipei, $22M)
$2M - Seed
WeTravel (2014, San Francisco, $2M)
$1.8M - Seed
Much Better Adventures (2010,
London, $2.3M)
$11.9M - Series A
Headout (2014, Bangalore, $13.8M)
$75M - Series D
$10M - Series B
TourRadar (2010, Vienna, $18M)
Series A
Pangea (2014, Madrid, $4.1M)
$155k - Angel
Thrillophilia (2009, Bangalore, $1.2M)
Apr 2018 Isango! launches travel agent booking platform, Travel Weekly
Apr 2018
Musement and Bókun partner to sell tours and activities,
PhocusWire
Mar 2018
G Adventures relaunches its Wanderers global influencer
programme, travolution.com
Dec 2017 Canada’s Best Ski Hotel for Fifth Year, Travel And Tour World
Dec 2017
Viator founder slams TripAdvisor over strategy, saying
Priceline's better suited, ChinaTravelNews
Dec 2017 Miles & More joins forces with GetYourGuide, Startupticker
Nov 2017
Much Better Adventures to Complete Crowdcube With More
Than £900,000 in Funding, Crowdfund Insider
Oct 2017
TourRadar Raises $10 Million as Solo Female Travelers Turn
to Tour Bookings – Skift, Skift
Oct 2017
Groupon Adds Thousands of New Local Experiences with
Viator Partnership, Business Wire
Sep 2017
KLM partners with GetYourGuide for mobile booking of
tours and activities, Tnooz
Sep 2017
Guiddoo launches B2B product portfolio for travelers,
agents, The World Mobile News Network
Aug 2017
Collaboration between Wandertrails and Uber to offer a
range of travel experiences, Travel News Digest
Aug 2017
Wandertrails aims to satiate your wanderlust with
indigenous experiences, YourStory Media
Aug 2017
South Korean inbound travel platform WAUG Travel attracts
USD 2.3 M from Global Tax Free - AllTechAsia, AllTechAsia
News
0
5
10
15
20
25
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
2014 2015 2016 2017 2018
YoY Funding Rounds
4
10
38
121
304
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Tours & Activities > Guided & Unguided: Market Factsheet
Market: Guided & Unguided
79
Exits
Recent Investments
Online platforms that enable
booking of tours & activities
GetYourGuide
(2009, Berlin, $170M)
Zozi
Zerve
(2003, New York City, $34.9M)
Tabitatsu
(2014, Tokyo, $23M)
Top Companies
Online Travel > Market Details > Market: Guided & Unguided
Companies Created 304 | Funded 121 | Total Funding $544M

Tours & Activities > Guided & Unguided: Top Companies
Analyst’s Pick
Zozi (2007, San Francisco, $51.3M)
Online travel activities marketplace
Dolby Family Ventures, 500 Startups, Western
Alliance Bancorporation and 14 Other Investors
Headout (2014, Bangalore, $13.8M)
Mobile marketplace to book tours and activities
Maiden Lane, Nexus Venture Partners, Version One
Ventures and 19 Other Investors
Xoxoday (2015, Bangalore, $609k)
Online platform for discovering & booking
experiences
Mahindra Holidays & Resorts India
Analyst’s Pick
Touristlink (2011, Nagpur, $40k)
Social marketplace linking travellers with local
travel providers
88mph, Start-Up Chile
AlienAdv (2014, Bangalore)
Website for discovery and booking of adventure
travel activities
PlacePass (2016, Cambridge)
Meta-search platform for tours & activities
Marriott International

81
Tours & Activities > Guided & Unguided: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Pangea 2014 Madrid Series A $4M - 3 3 3 - 744k 6.6k 750 6 223k 38% 1 20% 383 6%
5.0
Whistler
Blackcomb
1966
Whistler
Village
Acquired - - 3 3 5 1 47k 88k 75k 376 -6k -10% 16 4% 4.3k 5%
5.0 GetYourGuide 2009 Berlin Series D $171M - 4 - - 13 13k 5.6k 754k 6.6k 2k 12% 1.4k 28% 383 7%
4.9 Thrillophilia 2009 Bangalore Seed $1M - 4 - - 1 30k 8.7k 303k 1.3k 5k 16% 67 6% -4 -
4.9 WAUG Travel 2015 Seoul Series B $2M - 5 - 3 1 214k - 303k 993 -5.9M -96% 142 17% - -
4.9 Headout 2014 Bangalore Series A $14M 5 5 - - 3 126k 4.2k 30k 780 -28k -18% 35 13% -1348 -25%
4.9 Viator 1995
San
Francisco
Acquired $18M - 4 - - 2 6k - 3.1M 9.2k -1k -3% 287 5% - -
4.9 KKDay 2014 Taipei Series B $22M - 4 - - 7 14k - 300k 267 -4k -23% 570
-
1186
%
- -
4.8 Gastfreund 2015 Allgau Series A - - 4 - - - 264k 372 75k 313 -179k -41% 22 8% 21 6%
4.8 Zoliday 2014 0.0 Funded $50K - 4 - 3 - 933k 81 30k 555 -142k -12% - - 103
-
713%
4.8 Guiddoo 2013 Mumbai Seed $300K - 4 - - 3 952k 12k 155k 943 -15k -1% 42 4% -101 -1%
4.8 PlacePass 2016 Cambridge Series A - - 4 - - 1 643k 271 300 6 -443k -42% 2 50% 40 17%
4.8 Tripalocal 2014 Melbourne Seed $850K - 5 - - - 10M 103 30 1 10M 100% - - -3 -4%
4.7 Musement 2012 Milan Series B $16M - 4 - - 6 63k 10k 105k 449 -21k -26% 46 13% -10 -

Incubators TracxnLabs (#1), 500 Startups (#1)
Seed Convergence Ventures (#2), DSG Consumer Partners (#1)
Series A/B RB Investments (#2), SoftBank Group (#1)
Series C+
China Lodging Group (Huazhu Hotels Group) (#1), WARD
FERRY (#1)
None
$11M - Series A
$2M - Seed
ZUZU Hospitality Solutions (2016,
Singapore, $3M)
$10M - Series D
$250M - Series D
$34M - Series C
Treebo Hotels (2015, Bangalore,
$56.7M)
$25M - Series B
$4M - Series A
V Resorts (2011, Noida, $4M)
$776k - Seed
Vistarooms (2015, Mumbai, $1.2M)
$4.1M - Series A
$5.6M - Series A
$162k - Angel
QikStay (2015, Gurgaon, $412k)
Apr 2018 V Resorts Partners With Zoomcar, BW Businessworld
Apr 2018
MakeMyTrip may take a stake in Oyo, to delist rivals Treebo,
Fabhotels, Indiatimes
Mar 2018
Oyo Rooms Says It’s Launching Its Own Cryptocurrency
Called Oyo Smart Coin, OfficeChai
Mar 2018
With 'Comedy Trip', Treebo looking to tap alternate
marketing channels, Moneycontrol
Mar 2018
Oyo in talks to raise up to $800 million in fresh funding,
Livemint
Mar 2018
Oyo acquires Chennai’s Novascotia Boutique Homes,
HospiBuz
Mar 2018
MMT, Yatra and Goibibo renew partnership with Oyo to
boost business, Business Standard
Mar 2018
Armed with $250-million war chest, Oyo scouts for
acquisitions in India and overseas, TheNewsMinute
Mar 2018
Oyo Moves On From ZO Rooms Battle, Plans Acquisitions In
India And Outside, Inc42
Mar 2018
RedDoorz Targets Three Big Cities For Network
Improvement in Central Java, Hospitality Net
Mar 2018
Booking website RedDoorz launches its first fully leased and
run hotel, The Business Times
Mar 2018
RedDoorz raises $11M to grow its budget hotel network in
Southeast Asia, TechCrunch
Feb 2018 Oyo sets a timeline of 5 years for IPO, YourStory Media
Feb 2018
Oyo CTO wants to make room keys and check-in processes
digital, The Hindu
News
0
2
4
6
8
10
12
14
16
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
2014 2015 2016 2017 2018
YoY Funding Rounds
-
2
9
14
34
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Accommodation > Hotels > Booking > Asset Light: Market Factsheet
Market: Asset Light
82
Exits
Recent Investments
Companies operating a chain of
standardized budget hotels
Oyo Rooms
(2013, Gurgaon, $448M)
Treebo Hotels
(2015, Bangalore, $56.7M)
FabHotels
(2014, Gurgaon, $35.5M)
RedDoorz
(2015, Singapore, $17.4M)
Top Companies
Online Travel > Market Details > Market: Asset Light

Accommodation > Hotels > Booking > Asset Light: Top Companies
Market: Asset Light
Analyst’s Pick
accommodation
China Lodging Group (Huazhu Hotels Group),
Sequoia Capital, Greenoaks and 23 Other Investors
WARD FERRY, Karst Peak Capital, SAIF Partners
Minicorn. Stage: Series B
Goldman Sachs, Accel Partners, Aarin Capital and 6
Other Investors
Indonesia
Minicorn. Stage: Series A
SIG, IFC, InnoVen Capital and 5 Other Investors
Analyst’s Pick
Shanda Group, Convergence Ventures, CyberAgent
Ventures and 2 Other Investors
Asset-light branded budget hotel chain
Red Badge, SBI Investment Korea, APACIG and 2
Other Investors

84
Accommodation > Hotels > Booking > Asset Light: Leaderboard
Market: Asset Light
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Oyo Rooms 2013 Gurgaon Series D $448M - 4 4 5 85 14k 29k 30.2M
155.8
k
1k 7% 31.6k 25% - -
4.8 FabHotels 2014 Gurgaon Series B $36M - 4 - - 10 118k 2.3k 301k 1.6k -20k -14% 723 88% 2 -
4.5 Treebo Hotels 2015 Bangalore Series C $57M - 4 - - 25 93k 2.6k 750k 2.1k -20k -18% 779 59% 187 8%
4.3 RedDoorz 2015 Singapore Series A $17M - 5 - - 10 161k - 303k 3.9k -79k -34% 2.2k 116% - -
4.1 ZenRooms 2015 Singapore Series A $8M - 4 - - 4 294k 233 300k 927 98k 47% 170 23% -1083 -87%
3.9 Nida Rooms 2015 Jakarta Series A $11M - 4 - - 9 1.4M 204 75k 705 333k 29% 30 4% - -
3.6 Airy Rooms 2015 Jakarta Unfunded - - 5 - - - 68k - 3M 16.9k -32k -31% 9.5k 111% - -
3.4 Roomoncall 2015 Gurgaon Series A $2M - 4 - - - 632k 148 3k 33 414k 178% - -1% -2 -2%
3.2 QikStay 2015 Gurgaon Seed $412K - 4 - - - 8.2M 3.2k 300k 912 3M 47% -3 - -107 -3%
3.0 Yoho Bed 2016 Colombo Unfunded - - 4 3 3 - 1.7M 115 750 15 -701k -28% - - 63 112%
2.7 OneClikk 2015 Gurgaon Unfunded - - 4 - - - 10M 445 3k 25 9M 178% 1 4% -3 -1%
2.5 Vistarooms 2015 Mumbai Seed $1M - 4 - - 3 1.6M 1.2k 4k 24 264k 21% - - -11 -1%
2.3
ZUZU
Hospitality
Solutions
2016 Singapore Seed $3M - - - 3 1 3.5M - - - -1.4M -28% - - - -
2.0 Tinggal 2016 Singapore Seed $1M - - - - 5 10M - - - 15M 499% - - - -
1.8 Ulo Hotels 2016 Chennai Unfunded - - - - 5 - - - - - - - - - - -

Market: Complete Charter
85
Online Travel > Market Details > Market: Complete Charter

Market: Complete Charter
Online Travel > Market Details > Market: Complete Charter

Online Travel Startup Landscape

Online Travel Startup Landscape

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