Tracxn - Online Travel Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Online Travel - Jan 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 January 8, 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 planning of
travel activities. Includes content platforms/travel guides, itinerary
organizers, travelogue sharing platforms, travellers 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 asset-
heavy modelExcludes large asset-heavy hotel chains like ICGExcludes
hyper-local discovery and events ticketing companies like Zomato and
BookMyShow
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$15.7B
Funding
84
Mega
Companies
15006064
FundedCovered on
Tracxn
16
Unicorns
29
Soonicorns
31
Minicorns
46
IPO’d Cos
458
Late Stage Cos
112
45
Acquisitions
587
DeadPooled
256
Acquihired
Series A+ Cos
Expedia
(1996, Bellevue,$16.3M)
Gogo
(1991, Itasca,$497M)
Airbnb
(2008, San Francisco,$3.4B)
Top Companies

$546M
$1.7B
$3.3B
$1.7B
$3.1B
2013 2014 2015 2016 2017
$ Funding # Rounds
Investment Trend Summary
Summary of Funding Activity in Online Travel
5
$1B - Series F
Airbnb (2008, San Francisco, $3.4B)
$118M - Series E
WheelsUp (2013, New York City, $171M)
$350M - Series C
Traveloka (2012, Jakarta, $500M)
$111M - Series D
Secret Escapes (2010, London, $184M)
$250M - Series D
OYO Rooms (2013, Gurgaon, $448M)
$105M - Series C
JetSmarter (2012, Fort Lauderdale, $162M)
$250M - PE
Ibibo Group (2007, Gurgaon, $250M)
$104M - Series B
Vacasa (2009, Portland, $144M)
$192M - Series C
Skyscanner (2002, Edinburgh, $197M)
$78M - Series D
Hopper (2007, Montreal, $173M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
Online Travel > Feed Summary > Investment Trend Summary
Seed Caixa Capital Risc (#8), Y Combinator (#7), Blume Ventures (#4)
Series A/B
Global Founders Capital (#7), Thayer Ventures (#6), Accel
Partners (#5)
Series C+
Tiger Global Management (#3), Adams Street Partners (#2),
General Atlantic (#2)
Incubators 500 Startups (#37) Start-Up Chile (#13) Techstars (#13)
Corporate Investors
Plug and Play Tech Center (#18), Internet Initiatives
Development Fund (#10), Wayra (#10)
Debt Investors
InnoVen Capital (#8), Western Technology Investment (#8),
Silicon Valley Bank (#6)
Most Active InvestorsRecent Investments
237 259 323 273 178
$9B
$3.1B
$1.4B
$460M
$360M
US
Europe
India
SEA
Canada
$ Funding
646
797
1,057
596
122
2013 2014 2015 2016 2017
Y-o-Y # of Companies Founded

Summary of exit outlook in Online Travel
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Sequoia Capital 6
Norwest Venture
Partners
5
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
Dec 2014 Concur Acq by SAP for $8.3B
Sep 2014 MICROS Systems Acq by Oracle for $5.3B
Online Travel > Feed Summary > Exit Outlook Summary
Expedia 3
HomeAway (Nov 2015, $3.9B), travel.com.au (Nov 2014,
$612M), SilverRail Tech (Sep 2017, $148M)
Ctrip 3
Skyscanner (Nov 2016, $1.7B), Travelfusion (Jan 2015, $160M),
Tours4Fun (Jan 2014, $100M)
Oracle 2
MICROS Systems (Sep 2014, $5.3B), GoAhead Tours (Sep
2011)
Expedia 2 Orbitz (Feb 2015, $1.6B) Preview Travel (Feb 2015, $280M)
Priceline Group 2 Kayak (Nov 2012, $1.8B), Momondo Group (Jul 2017, $550M)
Recent IPOs Top Acquisitions
Hostelworld Group Oct 2015
Online booking platform for hostels accom…
IPO MCap: - Current MCap: $6.1M
On The Beach Holidays Sep 2015
Online retailer of short-haul beach holid…
IPO MCap: $365M Current MCap: $10.3M
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: $1.7B
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: $266M
Trivago Dec 2016
Hotel metasearch engine
IPO MCap: $2.6B Current MCap: $2.4B
Hostels World Nov 2015
Online booking platform for hostels
IPO MCap: $273M Current MCap: $6.1M

Cumulative funding in the market
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
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.7 Feed Report - Online Travel - Jan 2018
Enterprise $2.9B
January 2018Tracxn BlueBox – Online Travel
6060+ companies in the sector, 827 funded in last 5 years, $4.7B invested in last 2 Years
Most Active Investors: 500 Startups, Sequoia Capital, Start-Up Chile, Techstars, 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)
$383M
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.)
Accomodation $6.3B
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
(2008, San Francisco, $3.4B)
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)
$529M $2B
$561M
Online Travel > Feed Summary > BlueBox

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
276 $1.1B 20
Travel Agencies >
Booking 540 $361M 19
Accommodation > Hotels > Booking >
Asset Light 35 $429M 17
Accommodation > Hotels > Booking >
Aggregators 340 $173M 28
Tours & Activities >
Guided & Unguided 287 $132M 22
Transport > Air Travel > Private Jets >
Complete Charter 66 $315M 13
Travel Agencies >
Metasearch 202 $302M 11
Holiday Packages >
Concierge 114 $89.2M 19
Accommodation > Vacation Rentals >
Booking >
Managed Properties
12 $222M 8
Transport > Bus >
Booking 92 $40.1M 13
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Accommodation
Companies providing discovery and booking platforms
for accommodation services
1046 304 $6.3B
Travel Agencies
Online platforms that enable users to purchase or
discover multiple travel services such...
742 156 $3B
Enterprise
Companies providing technology solutions to travel
suppliers and tour operators
1615 345 $2.9B
Transport
Online platforms that enable users to discover and
book inter-city transportation
585 157 $2B
Tours & Activities
Online platforms offering discovery and booking of
tours, activities and attractions
606 191 $561M
Travel Planning
Companies that assist users in travel planning with
travel info, organizing tools, or...
993 232 $529M
Holiday Packages
Online platforms that enable users to book holiday
packages
369 82 $383M
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, $1.5M)
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)
Hostels World
(1999, Leopardstown)
Corporate Travel
Management
(1994, Brisbane)
Public
Travel Technology
Interactive
(2001, Paris)
Yatra
(2006, Delhi, $87.5M)
Expedia
(1996, Bellevue, $16.3M)
Datalex
(1985, Dublin, $6.6M)
Monaker Group
(2015, Weston, $6M)
TripAdvisor
(2000, Newton, $3.3M)
Roomlinx
(1998, Broomfield, $3M)
YourTour
(2004, Mons, $1.5M)
Webjet
(1998, Melbourne, $1M)
Freeppie
(2013, Florence, $650k)
Public
Ekitan
(2003, Tokyo)
iAlbatros
(2012, Warsaw)
Nankai
(2002, Osaka)
Royal Caribbean
(1968, Miami)
Adventure
(2006, Tokyo)
Agilysys
(1963, Alpharetta)
Amadeus
(1987, Madrid)
Asiatravel.com
(1995, Singapore)
Design Hotels
(1993, Berlin)
Global Eagle
Entertainment
(2012, California)
Public
Helijet
(1986, Vancouver)
Holiday Check Group
(2000, Munich)
Hostelworld Group
(1999, Dublin)
OdigeO
(2011, Barcelona)
Only-apartments
(2003, Barcelona)
RoomKeyPMS
(2009, North Vancouver)
Safestay
(1999, London)
Serko
(2007, Auckland)
SkiStar
(2008, Stockholm)
Startravel
(2003, Taipei)
Public
Thales Group
(1893, Paris)
Travel24
(1996, Munich)
Travelmarket
(1996, Vejle)
Travelzoo
(1998, New York City)
Viking Line Suomi
(1959, Helsinki)
ZoomAway Travel
(1987, Vancouver)

List of Notable Companies in Online Travel
Notable Companies in the Sector (2/2)
10
Note: *(Founded Year, Location, Total Funding)
Online Travel > Feed Summary > Notable Companies in the Sector
Acquired
Rockwell Collins
(1994, Cedar Rapids)
Concur
(1993, Bellevue)
Zodiac Aerospace
(2013, 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
Ibibo Group
(2007, Gurgaon, $250M)
ITA Software
(1996, Cambridge, $100M)
Hotwire
travel.com.au
(1996, Sydney)
Momondo Group
(1996, London, $205M)
Row44
(2004, Westlake Village, $103M)
Abercrombie & Kent
(1962, Downers Grove)
The Rainmaker Group
(2009, Alpharetta, $33.8M)
Promovacances
(1999, Paris)
Preview Travel
(1985, San Francisco)
Acquired
Travelocity
(1996, Southlake)
Viator
SideStep
(1999, Santa Clara, $32M)
Onefinestay
(2009, London, $80.7M)
Travelfusion
(2000, London, $500k)
SilverRail Tech
(2009, London, $69M)
JacTravel
(1975, London)
redBus
(2006, Bangalore, $10M)
Booking.com
(1996, Amsterdam)
TripIt
Acquired
Farecast
(1999, Seattle, $20.6M)
Vurb
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 (1/14)
12
Online Travel > Feed Summary > Notable Companies by Market
Travel Planning
Content
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
Online Travel Agency for hotels, flights, tour
packages and cruise travel bookings
Expedia, Sequoia Capital, General Atlantic and 6
Other Investors
Online travel group with multiple offerings in travel
Editor's Pick. Stage: Acquired
Naspers, Tencent
Online travel search engine and bookings platform
Soonicorn. Stage: Public
InnoVen Capital, Norwest Venture Partners, IDG
Ventures India and 7 Other Investors
Priceline (1997, Norwalk, $77.3M)
Online travel booking
Harmony Partners, 1st Venture, Sunrise Ventures
Booking
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
Soonicorn. Stage: Series E
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
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
Booking
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 (2015, Weston, $6M)
Travel Company with multiple OTA holdings
Stage: Public
Webjet (1998, Melbourne, $1M)
Australia-based online travel agency
Stage: Public
Orbitz (1999, Chicago)
Online travel agency
Technology Crossover Ventures, Bregal Sagemount

14
Travel Agencies
Booking
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
OdigeO (2011, Barcelona)
cruises and holiday packages
Stage: Public
Ardian, Rothschild
On The Beach Holidays (1995, Cheadle)
Online retailer of short-haul beach holidays
Stage: Public
Booking
Preview Travel (1985, San Francisco)
Stage: Acquired
Olympus Partners
Promovacances (1999, Paris)
cruises
Stage: Acquired
Equistone Partners Europe, Euromezzanine,
Capzanine
SkiStar (2008, Stockholm)
Platform for booking ski holidays
Stage: Public
Taaleri
travel.com.au (1996, Sydney)
Stage: Acquired
AirTree Ventures
Booking
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
Accel Partners, General Catalyst Partners, Gold Hill
Capital and 11 Other Investors
Momondo Group (1996, London, $205M)
Group that owns travel search sites Speedfares,
Cheapflights and Momondo.
Stage: Acquired
Silicon Valley Bank, Great Hill Partners, Barclays
Travel meta-search engine
Unicorn. Stage: Acquired
Vitruvian Partners, Baillie Gifford, Yahoo Japan and
4 Other Investors
Metasearch
GoEuro (2012, Berlin, $146M)
Online Platform for door to door travel planning in
Europe
Silver Lake, KPCB, Goldman Sachs and 10 Other
Investors
Ixigo (2006, Gurgaon, $38.6M)
Online travel search engine
Soonicorn. Stage: Series B
Sequoia Capital, Fosun Kinzon Capital, Micromax
Informatics and 6 Other Investors
Wego (2005, Singapore, $34.5M)
Middle East Venture Partners, MBC.Net, Crescent
Group and 5 Other Investors
Travelfusion (2000, London, $500k)
Meta-search for flights and hotels
Stage: Acquired
Samurai Ventures
Metasearch
Travelmarket (1996, Vejle)
Online meta-search engine based out of Denmark
Stage: Public

16
Holiday Packages
Holiday Packages
Tours4Fun (2006, Azusa)
Online travel agency providing ticket booking
platform for tours, activities, hotels and cruises
Stage: Acquired
Concierge
Travelzoo (1998, New York City)
Travel deals aggregator
Stage: Public
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
Startravel (2003, Taipei)
Online travel agents marketplace based out of
Taiwan
Stage: Public

17
Business Travel
Business Travel
JacTravel (1975, London)
Supplier of online hotel bookings to travel agents
Stage: Acquired
Bowmark Capital
Transport
Air Travel
Unicorn. Stage: Series C
Expedia, Global Founders Capital, East Ventures
and 3 Other Investors
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
Private jets based on membership
Fidelity Investments, T. Rowe Price, New Enterprise
Associates and 4 Other Investors
Air Travel
Marketplace for private jet charter empty leg
Unicorn. Stage: Series C
Leucadia National, Clearlake Capital
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
Sentient Flight (1999, Braintree)
Marketplace for private jet booking
Argosy Private Equity

18
Transport
Air Travel
Helijet (1986, Vancouver)
Private jet and helicopter charter provider
Stage: Public
First West Credit Union
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

19
Transport
Bus
redBus (2006, Bangalore, $10M)
Online bus ticket booking portal and app.
Helion Venture Partners, Inventus Capital Partners,
Seedfund
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, Sequoia Capital, Greenoaks
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

20
Accommodation
Hotels
Treebo Hotels (2015, Bangalore, $56.7M)
Chain of standardized budget hotels
WARD FERRY, Karst Peak Capital, SAIF Partners
Momondo (2006, Copenhagen, $8.4M)
Soonicorn. Stage: Series A
Trivago (2005, Dusseldorf, $1.5M)
Hotel metasearch engine
Stage: Public
Howzat 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
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 47 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

21
Accommodation
Vacation Rentals
Onefinestay (2009, London, $80.7M)
Luxury Vacation Rentals
Stage: Acquired
Intel Capital, Quadrant Capital Management,
Canaan Partners and 5 Other Investors
Only-apartments (2003, Barcelona)
Short term rental apartments
Stage: Public
Hostels
Hostels World (1999, Leopardstown)
Stage: Public
Hostelworld Group (1999, Dublin)
accommodations worldwide
Stage: Public
Summit Partners
Safestay (1999, London)
Budget hostel accommodation provider based out
of London
Stage: Public
Tours & Activities
Guided & Unguided
GetYourGuide (2009, Berlin, $170M)
Tours & activities marketplace
Battery Ventures, Kohlberg Kravis Roberts, Spark
Zozi (2007, San Francisco, $51.3M)
Online travel activities marketplace
Soonicorn. Stage: Acquired
Dolby Family Ventures, 500 Startups, Western
Alliance Bancorporation and 11 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

22
Enterprise
For Agents & Operators
SilverRail Tech (2009, London, $69M)
B2B and B2C solution provider for Rail distribution
Soonicorn. Stage: Acquired
Brook Venture Partners, Canaan Partners, Mithril
Datalex (1985, Dublin, $6.6M)
Flight distribution and pricing engine provider
Stage: Public
International Investment and Underwriting
Transport
Gogo (1991, Itasca, $497M)
WiFi provider in airplanes
Morgan Stanley, JPMorgan, Scotia Capital and 4
Other Investors
Row44 (2004, Westlake Village, $103M)
Aircraft broadband connectivity provider
Stage: Acquired
PAR Capital Management, Advanced Inflight
Alliance
ITA Software (1996, Cambridge, $100M)
Software for airline and travel industry
Stage: Acquired
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
Transport
Rockwell Collins (1994, Cedar Rapids)
Operational Management tools for private and
government aviation
Global Eagle Entertainment (2012,
California)
Content, connectivity, media and operations
solutions provider for aviation, marine education
center and home entertainment.
Stage: Public
Thales Group (1893, Paris)
Aerospace, Space, Ground Transportation, Defence,
Security R&D
Stage: Public
VentureTech Alliance
Travel Technology Interactive (2001, Paris)
Provider of IT solutions for passenger and cargo
airline management
Stage: Public

23
Enterprise
Transport
Zodiac Aerospace (2013, Plaisir)
Distributor of spare parts and components and
product support for the aerospace industry.
Stage: Acquired
Credit Agricole
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, Equity
Venture Partners and 1 Other Investors
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
MICROS Systems (1977, Columbia)
Point of sale software and EIS systems for retail &
hospitality

24
Enterprise
Accomodation
Agilysys (1963, Alpharetta)
Suite of software and services for hospitality
industry
Stage: Public
Marlin Equity Partners
RoomKeyPMS (2009, North Vancouver)
SaaS for hotels which include booking engine, CRM,
Revenue manager and sales manager
Stage: Public
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
Horizontal
Amadeus (1987, Madrid)
Provider of IT solutions for airlines, hotels, and
travel service providers
Stage: Public
Altpure, Cinven, European Capital and 1 Other
Investors
ZoomAway Travel (1987, Vancouver)
Provides marketing and distribution tools to
hospitality providers
Stage: Public

25
Enterprise
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
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
26
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, $888M)
Tuniu
(2006, Beijing, $143M)
eLong
(2001, Beijing, $15M)
Unicorns
Tongcheng Network
Technology Co
(2004, Beijing, $1.3B)
Qunar
(2005, Beijing, $888M)
Tujia
(2011, Beijing, $700M)
Ctrip
(1999, Shanghai, $26.3M)
Soonicorns
Xiaozhu
(2012, Beijing, $270M)
Mafengwo
(2010, Beijing, $168M)
Huoli
(2009, Beijing, $164M)
Yaochufa
(2011, Guangzhou, $128M)
Zhubaijia
(2012, Shenzhen, $111M)
QYer
(2004, Beijing, $70M)
Breadtrip
(2012, Beijing, $62M)

Recent News in Online Travel Sector
Recent News
27
Online Travel > Feed Summary > Recent News
Jan 2018
Towards sustainable tourism in Barcelona, Airbnb eliminates 2,500
ads during 2017, Property Portal Watch
Jan 2018
Wyoming-based Vacayrx closes Angel-led Funding Round and looks
forward to 2018, Property Portal Watch
Jan 2018
Hotels.ng launches Hotel.africa & Fly.africa its international hotel &
flight booking sites, TechMoran
Jan 2018
CasaSandra Hotel Boosts Revenue and Maximize Profits with
Hotelogix, Hospitality Tech
Jan 2018
eRevMax becomes certified Innovative Supplier Partner for Agoda,
Hospitality Biz India
Jan 2018 KEYPR Announces Major Platform Release , PRWeb
Jan 2018
Shadow launches its cloud computer for gamers in California,
TechCrunch
Jan 2018
Soboba Casino Resort to Implement Agilysys Hospitality
Management Solutions to Improve Operational Efficiency and
Deliver Better Customer Experiences, Business Wire
Jan 2018
Simplotel Spells E-commerce Magic for Leisure Hotels, Again, PR
Newswire
Jan 2018
Cleartrip Local launches Magic Finder to enhance customer
experience, Asian News International
Jan 2018 Virtuoso Releases Best of the Best Catalog, Travel Industry Wire
Jan 2018
Conscious Hotel Westerpark partners with SiteMinder for
reservations, Hotel Management
Key Recent News Key Recent News
Jan 2018
Dolphin Dynamics names Ivor Hughes as sales manager,
travolution.com
Jan 2018
Blade thinks it’s cracked PC game streaming with the Shadow cloud
computer, The Verge
Jan 2018
Airbnb and IDB form an alliance to promote sustainable tourism in
Latin America, Property Portal Watch
Jan 2018
Yatra.com Further Strengthens its Corporate Travel Segment
Offering, PR Newswire
Jan 2018 Airbnb reaches tax agreement with Missouri , The Business Journals
Jan 2018
HotelPlanner & Meetings.com Promotes Melissa Le’ppin as New
Chief Sales Officer , PRWeb
Jan 2018
Hopper opens door to hotel bookings with immersive experience,
Tnooz
Jan 2018
SAS Debuts Next Generation Lounge at Oslo Airport, Hospitality
Design
Jan 2018
Snaptrip Surpasses £1.4 Million Through Seedrs Funding Round,
Crowdfund Insider
Jan 2018
Airbnb Amends Lawsuit Against Santa Monica to Focus on
California Coastal Act and Federal Law, VRMintel
Jan 2018
United Bus Technology Delivers New Technologies To Make The Job
Of Bus Drivers Simpler, SuperbCrew
Jan 2018
Modus Hotels selects Vertical Booking CRS for enterprise-level hotel
distribution across their entire portfolio, PR Newswire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
28
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
Join 4000+ people taking sharper decisions with Tracxn
Alternative Lending
Dec 2017
MarketingTech
Dec 2017
Sales Force Automation
Dec 2017

$922M
$788M
$546M
$1.7B
$3.3B
$1.7B
$3.1B
0
50
100
150
200
250
300
350
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
$3.B
$3.5B
$4.B
2011 2012 2013 2014 2015 2016 2017
$ Funding
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Online Travel; 2011-2017
Global Funding Trends (1/2)
30
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
*YTD
Online Travel > Investment Trends > Global Funding Trends
#Rounds
$Funding
22% $ Funding
22% $ Funding
4% # of Rounds
12% # of Rounds

90 144 166 163 214 144 75
43 54 46
70
87
97
79
10 17 25 26
22
32 24
2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
143
Total # of Rounds
$37M $69M $87M $84M $169M $104M $52M
$434M
$369M $180M
$379M $662M
$543M
$726M
$451M $351M $280M $1.2B $2.5B $1.B $2.3B
2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
$612M
$384M
$214M
$1.3B
$2.8B
$1.B
$2.6B
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
$ Funding # of Rounds
31
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
89
132
147
122
190
125 62 867
$1.9M
$1.8M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
0
100
200
300
400
500
600
700
800
900
1000
2001-2011 2012 2013 2014 2015 2016 2017 Total
Entrants in Funding Club Avg. Ticket Size
8 7 6 19 19 17 23 - $1.9M $1.1M $0.8M $1.8M $1.5M $2.2M $3.5M $1.8M
$922M
Total $ Invested

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 272
Delhi NCR 1.1B 107
London 933M 127
Paris 663M 55
Austin 582M 26
New York City 503M 104
Itasca 497M 5
Berlin 489M 50
Jakarta 365M 15
Miami 338M 11
Total Funding
840
642
227
94
60
58
36
13
# Rounds
$9B
$3.1B
$1.4B
$460M
$360M
$162M
$78.1M
$71.7M
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 $1.0 $1.1
2011 2012 2013 2014 2015 2016 2017
$7.5
$4.9
$3.1
$4.8 $5.6 $5.5 $6.3
$18.8
$12.6 $12.5 $12.4
$18.7
$10.6
$17.5
$56.4
$27.0 $13.3
$57.3
$139.1
$44.9
$119.8
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
$5K* $11M
$50K $31M
$92K $80M
$50K $1B
$22M
$7M
$2.8M
$0.3M
Series C+
Series B
Series A
Seed
Stage

Note: 686 companies with undisclosed funding amount are not included
34
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
351
382
140
23
24
No. of Companies
Online Travel > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Online Travel; as of Jan 2018
Distribution of companies by Funding Range
$108M
$1.3B
$3.B
$1.5B
$9.7B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
25%
8%
3%
2%
35
Note: Numbers in the brackets show the count of companies
Time to raise
next round
112
194
458
1500
6064
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
25% 2%
(110)
1%
(79)
4%
(268)
10%
(587)
61%
(3709)
31% 7%
(98)
4%
(67)
11%
(164)
11%
(158)
48%
(720)
42% 12%
(57)
6%
(27)
13%
(60)
4%
(17)
41%
(187)
58% 25%
(49)
11%
(22)
15%
(29)
3%
(5)
25%
(48)
- 39%
(44)
19%
(21)
15%
(17)
3%
(3)
28%
(31)
Online Travel > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Online Travel
Funding Funnel
16 Months
19 Months
20 Months
Investment backedBootstrapped
29
16
30
37
3
9
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; Jan 2016-Jan 2018
Notable Investments in last 24 months (1/7)
LATE STAGE
$1B - Series F Mar 2017
Technology Crossover Ventures, CapitalG
$350M - Series C Jul 2017
Expedia
$250M - PE Feb 2016
Naspers, Tencent
$250M - Series D Sep 2017
accommodation
$192M - Series C Jan 2016
Vitruvian Partners, Baillie Gifford, Yahoo Japan,
Artemis Investment Management
LATE STAGE
$118M - Series E Oct 2017
$111M - Series D Oct 2017
luxury hotels
Temasek, Silicon Valley Bank
$105M - Series C Dec 2016
$78M - Series D Oct 2017
$75M - Series D Nov 2017
Tours & activities marketplace
Battery Ventures, Spark Capital, Highland Europe
LATE STAGE
$70M - Series C Oct 2016
GoEuro (2012, Berlin, $146M)
Online Platform for door to door travel planning in
Europe
Silver Lake, KPCB
$62M - Series C Aug 2016
accommodation
$61.2M - Series C Dec 2016
Caisse de depot et placement du Quebec,
Investissement Quebec
$53.4M - PE Jun 2017
Yanolja (2005, Seoul, $61.9M)
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
RedAwning (2010, Berkeley, $40M)
Vacation Rentals Marketplace
Silversmith Capital Partners
$40M - Series C Feb 2016
Travelstart (1999, Cape Town, $40M)
Online travel agency based out of South Africa
Amadeus Capital, MTN Group
$37M - Series E Mar 2017
HotelTonight (2010, San Francisco, $117M)
Last minute hotel booking
$35M - Series C Dec 2016
Tripping (2010, San Francisco, $52M)
Metasearch for Homestay/ Vacation Rentals
Adams Street Partners, Princeville Global
LATE STAGE
$34M - Series F Apr 2016
Provider of travel and expense software tools to
corporates
PointGuard Ventures
WARD FERRY, Karst Peak Capital
$26.1M - Series C Feb 2016
$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
LATE STAGE
$21M - Series C Mar 2017
TurnKeyVR (2012, Austin, $41M)
Vacation Rental marketplace and Management
Service
Adams Street Partners
$21M - Series C May 2016
Evaneos Travel (2009, Paris, $28M)
Marketplace for customized itineraries created by
travel agents
Serena Capital
$19.1M - Series C Feb 2017
Dreamlines (2012, Hamburg, $71.9M)
Online travel agency for cruise booking
$15.6M - Series C Aug 2016
Dreamlines (2012, Hamburg, $71.9M)
Online travel agency for cruise booking
TruVenturo
$13M - Series C Jun 2016
Revinate (2009, San Francisco, $43.5M)
Reputation Management solutions for hotels
Sozo Ventures

LATE STAGE
$12.1M - Series C Mar 2016
BDC Capital
$10M - Series D Sep 2017
accommodation
China Lodging Group
$5M - Series C Sep 2016
$3M - Series D Dec 2016
Bank of Saint Petersburg
LATE STAGE
$2.5M - Series C Aug 2016
Series E Jun 2016
train bookings
Series C Feb 2016
luxury hotels
Idinvest Partners
Series C Aug 2017
Leucadia National, Clearlake Capital
Series C Sep 2017
Middle East Venture Partners
LATE STAGE
Series C Aug 2017
MBC.Net

EARLY STAGE
$104M - Series B Oct 2017
vacation rentals
Riverwood Capital, NewSpring Capital
$50M - Series B Jan 2017
Upside (2015, Washington D.C., $50M)
Business travel booking platform that provides
rewards based on bookings
Red Ventures
$35M - Series B Mar 2017
GuesttoGuest (2011, Paris, $39.4M)
Peer-to-peer home exchange platform
$35M - Series A Apr 2016
vacation rentals
Level Equity
EARLY STAGE
$26.3M - Series A Oct 2017
Stellar (2014, Palo Alto, $45.6M)
Online portal for booking private jets
Columbia Equity Partners, Expa
$26M - Series B Aug 2017
ALICE (2013, New York City, $39M)
Chat based concierge services for hotels
TravelBank (2015, San Francisco, $35M)
Cloud-based expense management Android and iOS
app for SMBs
DCM Ventures, Propel Venture Partners
$25M - Series B Jul 2017
FabHotels (2014, Gurgaon, $33.4M)
Standardized budget hotels
Goldman Sachs
$24.3M - Series B Apr 2016
HomeToGo (2014, Berlin, $29M)
Meta-search for vacation rentals
Insight Venture Partners
EARLY STAGE
$22M - Series B May 2017
Sweet Inn (2014, Jerusalem, $22M)
Managed branded apartments booking platform
Qumra Capital, BRM Group
$20M - Series B Sep 2017
Victor (2010, London, $44.5M)
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
$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

EARLY STAGE
$16.7M - Series B Jul 2016
Bertelsmann
$15M - Series B Mar 2017
Ixigo (2006, Gurgaon, $38.6M)
Online travel search engine
Sequoia Capital, Fosun Kinzon Capital
$13.5M - Series A Jun 2017
Pillow (2014, San Francisco, $16.2M)
Software solution provider for vacation rentals
Mayfield, Veritas Investments, Sterling Equity, Peak
Capital
$12M - Series B Jan 2016
Boxever (2011, Dublin, $19M)
Marketing Intelligence for the travel Industry
Silicon Valley Bank
EARLY STAGE
Airhelp (2013, New York City, $17.1M)
Claim management legal services for airlines in
Europe
Khosla Ventures, U-Start
$10.5M - Series B Jan 2017
Campanda (2013, Berlin, $19M)
Online rental marketplace for RVs
$10M - Series B Feb 2017
Travel Triangle (2010, Noida, $19.9M)
Marketplace for traveler-agent communication for
customized trip planning
RB Investments, vestechpartners
$10M - Series A Oct 2016
Cloud-based expense management Android and iOS
app for SMBs
New Enterprise Associates, Accel Partners
EARLY STAGE
$9.5M - Series A Feb 2016
StayNTouch (2012, Bethesda, $12.8M)
Hotel Enterprise PMS Overlay and Mobility Platform
Stanford University
$8M - Series A Jan 2017
Flyr (2013, San Francisco, $16.9M)
Provider of tools to predict and manage price
volatility of travel products
AXA Strategic Ventures, Amadeus
Travelyaari (2007, Bangalore, $10.1M)
Real Time Bus Tickets Booking Service
The Times Group
$6.1M - Series A Jun 2016
FabHotels (2014, Gurgaon, $33.4M)
Standardized budget hotels
Aarin Capital, RB Investments

EARLY STAGE
$5.6M - Series A Feb 2017
Nida Rooms (2015, Jakarta, $11M)
Budget hotel accommodation marketplace
Shanda Group
$5M - Series A Nov 2016
vacation rentals
Assurant
$5M - Series A Apr 2016
Xola (2011, San Francisco, $12.7M)
Booking and Distribution software for tourism
Rakuten
$5M - Series A Dec 2016
Suiteness (2014, Oakland, $6M)
Membership-based Luxury Hotel Booking
Bullpen Capital, Global Founders Capital, HVF, Kima
Ventures, Altair Capital, Y Combinator
EARLY STAGE
$4.1M - Series A Apr 2017
ZenRooms (2015, Singapore, $8M)
Asset-light branded budget hotel chain
Red Badge, SBI Investment Korea
$3M - Series A Mar 2016
Gujarat Venture Finance, CIIE
Series A Mar 2017
Series A Jul 2017
BeMyGuest (2012, Singapore, $8.5M)
Provider of niche travel experiences
Raffles Venture Partners, SPRING Singapore, Chan
Brothers
SEED STAGE
$4.2M - Seed Apr 2016
Nida Rooms (2015, Jakarta, $11M)
Budget hotel accommodation marketplace
Convergence Ventures, CyberAgent Ventures
$2.1M - Seed Sep 2016
JetBlue Technology Ventures
$1.4M - Seed Jan 2016
RedDoorz (2015, Singapore, $1.4M)
Standardized budget accommodation chain across
Indonesia
500 Startups
$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
$750k - Seed May 2016
Tripfez (2013, Kuala Lumpur, $750k)
Online travel search engine for hotels and deal
comparison
Gobi Partners
$147k - Angel Jan 2016

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
China Renaissance
$150M - PE Oct 2016
Tongcheng Network Technology Co (2004,
Beijing, $1.3B)
Online travel agency and local attractions online
ticketing site
Dalian Wanda Group
$144M - Series C Apr 2016
Huoli (2009, Beijing, $164M)
Developer of travel apps (Flights Manager, Economy
Hotel Manager)
HNA Group
$133M - Series D Dec 2017
Mafengwo (2010, Beijing, $168M)
Online trip sharing portal
General Atlantic, Ocean Link, Temasek
LATE STAGE
$125M - Series C Sep 2016
Handy (2012, Hong Kong, $138M)
Fully customizable smartphone for hotels to provide
services to tourists
$120M - Series E Nov 2017
Xiaozhu (2012, Beijing, $270M)
P2P homestays marketplace
Yunfeng Capital, JOY CAPITAL
$105M - Series C Nov 2017
51tour (1996, Shanghai, $105M)
Travel agency for outbound tourism
CITIC Capital, Poly Yuan Investment, Legend
Holdings
$92.5M - Series C Mar 2016
Travelzen (2007, Shanghai, $104M)
Booking engine for travel services
Addor Capital
LATE STAGE
$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, Capital Today
Group
$60M - Series C Oct 2017
Klook (2014, Hong Kong, $97.2M)
Online marketplace for unique travel experiences
and activities
Goldman Sachs
Woqu (2014, Shenzhen, $45M)
Travel website for outbound tourists
Lightspeed China Partners

Most Active Investors (VC, PE) by Stage in Online Travel; Last 5 years (Jan 2013-Jan 2018)
Most Active VC & PE Investors
44
Online Travel > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Caixa Capital Risc (8 Investments)
ByHours.com, BidAway, Trip4real
1
Y Combinator(7 Investments)
Rocketrip, Guesty, Roomstorm
2
Blume Ventures(4 Investments)
RailYatri, WeAreHolidays, Audiocompass
3
Jungle Ventures(4 Investments)
Catchthatbus, Voyagin, RedDoorz
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
Accel Partners (5 Investments)
Duetto Research, TravelBank, Campanda
3
Howzat Partners (5 Investments)
ByHours.com, GlampingHub, Nezasa
4
General Catalyst Partners (4 Investments)
Trover, Lola Travel, Freebird
5
Holtzbrinck Ventures(4 Investments)
Onlinetours, Dreamlines, ClickBus
6
Matrix Partners India (4 Investments)
Stayzilla, Treebo Hotels, WeAreHolidays
7
Sequoia Capital(4 Investments)
Skyscanner, OYO Rooms, Ixigo
8
XAnge(4 Investments)
Evaneos.com, Evaneos Travel, Travador
9
Altair Capital(3 Investments)
Suiteness, Cancelon, Guesty
10
LATE STAGE
Tiger Global Management(3 Investments)
Airbnb, Hotel Urbano, HolidayIQ
1
Adams Street Partners(2 Investments)
Tripping, TurnKeyVR
2
General Atlantic (2 Investments)
Airbnb, FlixBus
3
GGV Capital(2 Investments)
Airbnb, HotelTonight
4
KPCB(2 Investments)
Airbnb, GoEuro
5
Nokia Growth Partners(2 Investments)
GetYourGuide, Hipmunk
6
Vostok New Ventures(2 Investments)
BlaBlaCar, One Two Trip
7
Accel Partners
HolidayIQ
8
Amadeus
Yapta
9
Amadeus Capital
Travelstart
10

Online Travel > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Online Travel; Last 5 years (Jan 2013-Jan 2018)
Most Active Ecosystem Investors
INCUBATOR
500 Startups(37 Investments)
Wanderu, Catchthatbus, misterb&b
1
Start-Up Chile(13 Investments)
GlampingHub, Viajala Colombia, Recorrido
2
Techstars(13 Investments)
Much Better Adventures, Voyhoy, Hot Hotels
3
NDRC(7 Investments)
Boxever, Dynamic Res, TravaPlan
4
Rocket Internet(5 Investments)
TravelBird, ZenRooms, ClickBus
5
Eleven Ventures(4 Investments)
Stigni.bg, Tour Via Me, Adormo
6
Blue Startups(4 Investments)
Airwander, Hostfully, Advlo
7
Brand Capital(4 Investments)
Yatra, Travelyaari, ICanStay
8
GSF(4 Investments)
WeAreHolidays, GuideTrip Tour Guide, WeAreHolidays
9
88mph(3 Investments)
Touristlink, BookNow, Ahoy
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
Travel Startups(9 Investments)
Adventure Bucket List, Africa Bookings, Veedback
4
NXTP Labs(7 Investments)
Escapando, Vontrip, WePlann
5
Startupbootcamp(7 Investments)
Routier, PASSNFLY, Triprebel
6
Accomplice(6 Investments)
Hopper, Secret Escapes, Rocketmiles
7
MakeMyTrip(6 Investments)
HolidayIQ, Gofro, Inspirock
8
NFX Guild(6 Investments)
Gogobot, FairFly, Kimkim
9
Seedrs(6 Investments)
Snaptrip, AirSorted, Firefly Experience
10
DEBT INVESTORS
InnoVen Capital(8 Investments)
Yatra, OYO Rooms, Travel Triangle
1
Western Technology Investment(8
Investments)
HotelTonight, TheClymb.com, TravelPost
2
Silicon Valley Bank(6 Investments)
Zozi, Secret Escapes, Boxever
3
Advantage Capital
Traxo
4
Leader Ventures
Viator
5
NXT Ventures
Groupize
6
Pinnacle Ventures
ViajaNet
7

Online Travel > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/7)

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
54
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
Logistics Tech
Nov 2017
RealEstate Tech
Nov 2017
Local Services
Nov 2017

Cumulative funding in the market
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
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.56 Feed Report - Online Travel - Jan 2018
January 2018Tracxn BlueBox – Online Travel
Online Travel > Market Details > BlueBox

Key Sub Sectors
57
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)
1046 304 $6.3B
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)
742 156 $3B
Enterprise
Companies providing technology solutions to travel suppliers and tour operators
Gogo (1991, Itasca, Public)
1615 345 $2.9B
Transport
Online platforms that enable users to discover and book inter-city transportation
SideStep (1999, Santa Clara, Acquired)
585 157 $2B
Tours & Activities
Online platforms offering discovery and booking of tours, activities and attractions
Zozi (2007, San Francisco, Acquired)
606 191 $561M
Travel Planning
Companies that assist users in travel planning with travel info, organizing tools, or community
support
Zvents (2005, San Mateo, Acquired)
Trippiece (2011, Tokyo, $82.1M)
993 232 $529M
Holiday Packages
Online platforms that enable users to book holiday packages
GoAhead Tours (1995, Bellevue, Acquired)
TravelBird (2010, Amsterdam, $59.3M)
369 82 $383M
Services
Online platforms that offer services for travellers during their transit period
GateGuru (2009, Boston, Acquired)
TrueStar SecureBag (1999, Gallarate,
$20.6M)
75 24 $61.2M
Business Travel
Online booking platforms that focus on business travelers
Corporate Lodging Consultants (1977,
Wichita, Acquired)
TRAVO (2015, Santa Monica, $4.6M)
33 9 $13.6M
Online Travel > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/13)
58
Online Travel > Market Details > Detailed Sector Taxonomy

59

60

61

62

63

64

65

66

67

68

69

70

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 276 | Funded 83 | Total Funding $4.2B)
$1.1B
(-$1.1B)
20
(-13)
Airbnb
2
(+3)
Accommodation > Hotels > Booking > Aggregators
Online platforms that enable users to discover and book hotel rooms
(Companies covered 340 | Funded 92 | Total Funding $408M)
$173M
(+$62M)
28
(+1)
Secret Escapes
(2010, London, $184M)
3
(-1)
Travel Agencies > Booking
Online platforms that enable users to purchase travel services
(Companies covered 540 | Funded 117 | Total Funding $2B)
$361M
(-$91.7M)
19
(-2)
Ibibo Group
(2007, Gurgaon, Acquired)
4
(-)
Accommodation > Hotels > Booking > Asset Light
Companies operating a chain of standardized budget hotels
$429M
(+$245M)
17
(-1)
OYO Rooms
(2013, Gurgaon, $448M)
5
(-2)
Tours & Activities > Guided & Unguided
Online platforms that enable booking of tours & activities
$132M
(-$49.8M)
22
(-20)
GetYourGuide
(2009, Berlin, $170M)
6
(-)
Transport > Air Travel > Private Jets > Complete Charter
Online platforms that enable users to charter private jets
$315M
(+$122M)
13
(-)
WheelsUp
(2013, New York City, $171M)
7
(-)
Travel Agencies > Metasearch
Online platforms that enable users to search and compare travel services from across different OTAs
$302M
(-$28.4M)
11
(-1)
Skyscanner
(2002, Edinburgh, Acquired)
71
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 (January 2016 - December 2017)
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 $142M )
3
TripActions (2015, Menlo Park, $39.6M)
2
Holiday Packages > Concierge
Online platforms that allow users to build holiday packages with personalized travel itineraries
1 Lola Travel (2015, Boston, $44.7M)
3
Travel Agencies > Metasearch
Online platforms that enable users to search and compare travel services from across different OTAs
1 Ixigo (2006, Gurgaon, $38.6M)
4
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)
5
Travel Agencies > Booking
Online platforms that enable users to purchase travel services
(Companies created 540 | Funded 117 | Total Funding $2B )
1 HolidayMe (2013, Dubai, $11M)
6
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
74
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (January 2016 - December 2017)
Online Travel > Market Details > Top Markets of Early Stage Investors

Incubators Rocket Internet (#1), 500 Startups (#1)
Seed Y Combinator (#2), Lerer Hippeau Ventures (#2)
Series A/B Redpoint Ventures (#2), Maveron (#1)
Series C+ Technology Crossover Ventures (#2), CapitalG (#1)
HouseTrip Apr - 2016
Acq by TripAdvisor
HomeAway Nov - 2015
Acq by Expedia for $3.9B
Only-apartments
IPO'd
$2M - Series A
Snaptrip (2014, London, $6.5M)
$1.3M - Series A
Angel
Bidroom (2013, London, $1.1M)
$40M - Series C
RedAwning (2010, Berkeley, $40M)
$500k - Angel
Explore (2015, Bangalore, $500k)
$8.5M - Series A
misterb&b (2013, Paris, $10.5M)
Seed
14Square (2014, Pune, $300k)
$1B - Series F
$10k - Seed
Worldpackers (2013, Sao Paulo, $10k)
Seed
Stayology (2015, Bangalore)
Jan 2018
Towards sustainable tourism in Barcelona, Airbnb
eliminates 2,500 ads during 2017, Property Portal Watch
Jan 2018
Airbnb reaches tax agreement with Missouri , The Business
Journals
Jan 2018
Snaptrip Surpasses £1.4 Million Through Seedrs Funding
Round, Crowdfund Insider
Jan 2018
Airbnb beats big property landlord’s lawsuit in California,
TechCrunch
Jan 2018
Florida’s Airbnb surged 75% over the year, Travel And Tour
World
Jan 2018
Airbnb boosting China listings, strengthening government
ties, Chinadaily
Dec 2017
Three million people are staying in Airbnbs over New Year’s.
Eight years ago, only 1,400 were., Recode
Dec 2017
Area Airbnb hosts earned $6 million in supplemental income
this year, Nooga
Dec 2017
Landlords earning over €100,000 a year on Airbnb, Irish
Examiner
Dec 2017
Airbnb reports 126 percent growth of Missouri guests in
2017, Missouri Business Alert
Dec 2017 KeyNest integrates with Airbnb, travolution.com
Dec 2017
Airbnb open to talk on regulation with govt,
TheMalaysianReserve
News
0
5
10
15
20
$0k
$500M
$1.B
$1.5B
$2.B
2014 2015 2016 2017 2018
YoY Funding Rounds
2
10
23
83
276
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Accommodation > Vacation Rentals > Booking > Homes/Apartments: Market Factsheet
Market: Homes/Apartments
75
ExitsMost 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 276 | Funded 83 | Total Funding $4.2B

Accommodation > Vacation Rentals > Booking > Homes/Apartments: Top Companies
Analyst’s Pick
Technology Crossover Ventures, CapitalG,
JPMorgan Chase & Co. and 47 Other Investors
GV, Technology Crossover Ventures, IVP and 9
Other Investors
Wimdu (2011, Berlin, $90M)
Marketplace for renting private accommodation
Rocket Internet, Kinnevik
Marketplace for last minute booking of holiday
rentals
Editor's Pick. Stage: Series A
Seedrs, Envestors network, Bestport Ventures and
4 Other Investors
Analyst’s Pick
Myindianstay (2011, Panjim, $200k)
Online portal for travellers to search and book local
stays
Editor's Pick. Stage: Seed
Worldpackers (2013, Sao Paulo, $10k)
Online marketplace that connects travellers with
hosts through the exchange of skills for
accommodation
Barn Invest
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

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
77
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 - - 460 369 631k 30.1M 273k 1k 10% 68.4k 42% 31.3k 5%
5.0 HomeAway 2005 Austin Acquired $513M - 4 - - 16 5k 59k 7.9M 35.9k 2k 56% 3k 13% 1k 2%
5.0 Worldpackers 2013 Sao Paulo Seed $10K - 5 - - - 129k 12k 308k 2.3k 45k 53% 604 36% - -
4.9 RedAwning 2010 Berkeley Series C $40M - 5 - - 2 500k 358 750 18 143k 40% 1 3% 61 19%
4.9 Snaptrip 2014 London Series A $6M - 4 - - 5 334k 1.7k 3k 14 20k 6% 1 17% 20 1%
4.9 Case Vacanza 2015 Milano Unfunded - - 4 - 4 - 113k 1.6k 300k 1.7k 66k 137% 20 1% 57 4%
4.9 Sutochno 2011 Ulyanovsk Unfunded - - 4 4 3 - 53k 465 303k 2.4k 1k - 184 9% 13 3%
4.9 Travelio.com 2014 Jakarta Seed $2M - 4 - - 1 514k 4.2k 30k 516 -36k -6% 102 25% 7 -
4.8 GowithOh 1997 Barcelona Unfunded - - 3 3 2 - 331k 3.8k 750 7 -163k -33% 1 7% 42 1%
4.8 misterb&b 2013 Paris Series A $11M - 4 - - 2 88k 29 330k 1.6k - - 599 103% 7 29%
4.8 Tripvillas 2010 Bangalore Seed $2M - 4 - - - 475k 916 8k 47 56k 14% 3 5% 33 4%
4.8 Abritel 1997 Marseille Unfunded - - 3 - 4 - 23k 13k 300k 2.7k 8k 50% 437 20% -1143 -8%
4.8 Casamundo 2003 Hamburg Funded - - 4 - - - 70k 134 300k 205 17k 30% 48 32% - -
4.7 iTrip Vacations 2009 Brentwood Unfunded - - 4 - - 1 812k 41k 8k 20 265k 48% 2 11% - -
4.7 GoJainYatra 2015 Mumbai Unfunded - - 5 - - - 697k 302 30k 84 - - 29 51% 8 2%

Incubators 500 Startups (#5), Techstars (#3)
Seed Y Combinator (#2), Omidyar Network (#1)
Series A/B Howzat Partners (#3), Axon Partners Group (#2)
Series C+ Vaizra Investments (#1), Idinvest Partners (#1)
Ikyu Feb - 2016
Acq by Yahoo Japan for $830M
Booking.com Jul - 2005
Acq by Priceline for $135M
Design Hotels Dec - 1999
IPO'd
$2.4M - Seed
Splitty (2015, Zichron Yakov, $2.4M)
Seed
Mistay (2016, Gurgaon)
$10M - Series B
Vntrip.vn (2014, Hanoi, $13M)
Seed
Nustay (2014, Barcelona, $500k)
$3.3M - Series A
Groupize (2011, Boston, $7.9M)
$111M - Series D
Secret Escapes (2010, London,
$184M)
$3.8M - Series B
Otelz.com (2013, Istanbul, $3.8M)
Seed
Afristay (2006, Cape Town, $2.2M)
$1.2M - Seed
DIB Hotel (2015, Stockholm, $1.2M)
$2.9M - Series A
Favstay (2015, Singapore, $2.9M)
Jan 2018
Hotels.ng launches Hotel.africa & Fly.africa its international
hotel & flight booking sites, TechMoran
Jan 2018
eRevMax becomes certified Innovative Supplier Partner for
Agoda, Hospitality Biz India
Jan 2018
HotelPlanner & Meetings.com Promotes Melissa Le’ppin as
New Chief Sales Officer , PRWeb
Jan 2018
Advertising watchdog bans ‘misleading’ Booking.com TV ad
promoting free cancellations, travolution.com
Jan 2018
Booking.com Presents Thrifty North American Travel
Destinations for 2018, PR Newswire
Dec 2017
Booking.com’s reinvention, Mafengwo’s financing and other
updates, ChinaTravelNews
Dec 2017
Splitty raises $2.4 million for its hotel search platform,
Tech.eu
Dec 2017
Expedia Affiliate Network and Hotels.com unleash finalists
for accelerator, Tnooz
Dec 2017 QT Sydney to welcome top New York chef, Spice News
Dec 2017
Booking Booster is here to stay to support sustainable
tourism startups, StartupJuncture
Dec 2017
Rakuten Inc. : teams up with Booking.com to offer minpaku
lodging services, 4-Traders
Dec 2017
Small Luxury Hotels Of The World And Trendwatching
Release Luxury Travel Trends For 2018, Hospitality Net
Dec 2017
HRS Plans to Open Two More U.S. Offices in 2018, Business
Travel News
News
0
5
10
15
20
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
$160M
2014 2015 2016 2017 2018
YoY Funding Rounds
3
8
21
92
340
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Accommodation > Hotels > Booking > Aggregators: Market Factsheet
Market: Aggregators
78
Exits
Most Active Investors
Recent Investments
to discover and book hotel rooms
Secret Escapes
(2010, London, $184M)
Ostrovok.ru
(2010, Moscow, $50.6M)
Oktogo.ru
(2009, St. Petersburg, $38M)
Dayuse
(2010, Paris, $17.5M)
Travelguru
(2005, Mumbai, $15M)
Top Companies
Online Travel > Market Details > Market: Aggregators
Companies Created 340 | Funded 92 | Total Funding $408M

Accommodation > Hotels > Booking > Aggregators: Top Companies
Market: Aggregators
Analyst’s Pick
luxury hotels
Temasek, Idinvest Partners, Silicon Valley Bank and
10 Other Investors
Travelguru (2005, Mumbai, $15M)
Online travel website offering search, booking, and
deals on flights, hotels and holiday packages
Sequoia Capital, Battery Ventures, WestBridge
Capital Partners
Splitty (2015, Zichron Yakov, $2.4M)
Hotel booking platform
Techstars Venture, Techstars, BIP Capital and 3
Other Investors
Afristay (2006, Cape Town, $2.2M)
Online marketplace for accommodation booking
Analyst’s Pick
As You Stay (2015, New York City)
App to book hotel rooms and pay on hourly basis
FindMyStay (2012, Delhi)
Online platform to search & book hotel rooms and
bid for hotel prices
Indian Angel Network
HotelMatching (2016, Republic)
AI-based hotel booking platform
Jovago (2013, Karachi)
Online platform to book hotels in SEA

80
Accommodation > Hotels > Booking > Aggregators: Leaderboard
Market: Aggregators
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 Yamsafer 2011 Ramallah Series B $5M - 4 4 3 1 424k 190k 3M 9.3k 13k 3% 1.3k 16% 4.7k 3%
5.0 Dayuse 2010 Paris Series A $17M - 4 4 4 1 543k 2.7k 41k 83 - - 15 56% 33 1%
5.0 Booking.com 1996 Amsterdam Acquired - - 5 - - 46 119 129k 75.8M
1846.
2k
1k 10%
586.5
k
51% 8.9k 7%
5.0 Agoda 2005 Singapore Acquired - - 5 - - 7 948 19k 30.1M
237.5
k
1k 1% 42.2k 24% - -
4.9 Ostrovok.ru 2010 Moscow Series C $51M - 5 - - 1 18k 1.9k 300k 5k 4k 29% 411 9% -23 -1%
4.9 Splitty 2015
Zichron
Yakov
Seed $2M - 5 - - 1 1.3M 11k 300 17 - - 1 6% 1.3k 13%
4.9 Roomer 2011 Tel Aviv Series A $7M - 4 - - 1 305k 2k 60k 185 48k 18% 9 19% 77 4%
4.9 ByHours.com 2012 Barcelona Series A $6M - 4 - - - 261k 3.9k 75k 621 -1k - 61 12% 2.1k 75%
4.9 Guide to Hotels 1999 Sao Paulo Unfunded - - 4 - 4 - 168k 18.8k 750k 5.3k 6k 3% 590 14% - -
4.9 Secret Escapes 2010 London Series D $184M - 4 - - 9 24k 62k 750k 4.3k 5k 23% 127 4% - -
4.8 Hotels.com 1991 Dallas Acquired - - 5 - - 9 751 - 30M
300.7
k
1k 14% 15.2k 7% - -
4.8 Jalan 1999 Tokyo Unfunded - - 4 - 1 - 4k 212k 35.2M 35.6k 2k 59% 1.3k 4%
-
27341
-12%
4.8 Hotel De 2001 Nuremberg Unfunded - - - - - - 165k - - - 97k 141% - - - -
4.8 Hotel Planner 2003
West Palm
Beach
Unfunded - - 5 - - 6 44k 3.8k 75k 2.2k 4k 8% 11 1% 160 4%

Incubators GIST Network (#1), Techstars (#1)
Seed Tar Heel Capital (#1), Almaz Capital (#1)
Series A/B Sequoia Capital (#2), General Atlantic (#2)
Series C+ Tiger Global Management (#1), IDG Ventures India (#1)
Abercrombie & Kent Oct - 2017
Acq by Zhonghong Holdings Group for
$412M
Despegar.com Sep - 2017
IPO'd
Ibibo Group Feb - 2017
Acq by MakeMyTrip for $720M
Yatra Dec - 2016
IPO'd on NASDAQ
On The Beach Holidays Sep - 2015
IPO'd on LON
Orbitz Feb - 2015
Acq by Expedia for $1.6B
Preview Travel Feb - 2015
Acq by Expedia for $280M
$1.3M - Series A
Transfer Travel (2016, Douglas,
$1.3M)
Seed
FomoTravel (2015, Cape Town)
Series A
$4M - Series A
FinalPrice (2016, Hermosa Beach, $4M)
$50M - PE
$2.7M - Angel
TRVL (2010, Amsterdam, $2.7M)
Jan 2018
Cleartrip Local launches Magic Finder to enhance customer
experience, Asian News International
Jan 2018
Virtuoso Releases Best of the Best Catalog, Travel Industry
Wire
Jan 2018
Yatra.com Further Strengthens its Corporate Travel Segment
Offering, PR Newswire
Jan 2018
SAS Debuts Next Generation Lounge at Oslo Airport,
Hospitality Design
Jan 2018
Indonesia's Tiket.com co-founder, CTO Natali Ardianto has
left the company, E27
Jan 2018
MakeMyTrip launches Made for You Holidays for domestic
travel, Travel News Digest
Jan 2018
Latin America travel unicorn Despegar is hunting but could
be hunted too, ChinaTravelNews
Jan 2018
ProSiebenSat.1 sells travel website to Lastminute.com,
digitaltveurope.com
Jan 2018
Ebix Completes Acquisition of Paul Merchants Remittance
Business and the Travel Exchange Via.com, while Ending its
Bid to Acquire the Strategic Consulting Company Vara
United, GlobeNewswire
Dec 2017
Via, Mercedes-Benz Vans partner with Berlin transit to
launch rideshare service, Metro Magazine
Dec 2017
MakeMyTrip India reports 31% increase in revenue for FYl7,
Travel Biz Monitor
Dec 2017 ProSiebenSat.1 sells stake in Weg.de, Telecompaper
Dec 2017 SAS starts operations under Irish AOC, ATWOnline
News
0
2
4
6
8
10
12
14
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
2014 2015 2016 2017 2018
YoY Funding Rounds
22
28
47
117
540
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Travel Agencies > Booking: Market Factsheet
Market: Booking
81
Exits
Most Active Investors
Recent Investments
to purchase travel services
GO Voyages
(1997, Paris, $568M)
Ibibo Group
(2007, Gurgaon, $250M)
Hotel Urbano
(2011, Rio De Janeiro, $135M)
Hotwire
Cleartrip
(2005, Mumbai, $74M)
Top Companies
Online Travel > Market Details > Market: Booking
Companies Created 540 | Funded 117 | Total Funding $2B

Travel Agencies > Booking: Top Companies
Market: Booking (1/2)
Analyst’s Pick
Online Travel Agency for hotels, flights, tour
packages and cruise travel bookings
Expedia, Sequoia Capital, General Atlantic and 6
Other Investors
Naspers, Tencent
Hotel Urbano (2011, Rio De Janeiro, $135M)
Online Travel Agency in Latin America
Editor's Pick. Stage: Series E
Priceline Group, Insight Venture Partners, Tiger
Global Management
Online travel search engine and bookings platform
Soonicorn. Stage: Public
InnoVen Capital, Norwest Venture Partners, IDG
Ventures India and 7 Other Investors
Analyst’s Pick
Priceline (1997, Norwalk, $77.3M)
Online travel booking
Harmony Partners, 1st Venture, Sunrise Ventures
train bookings
Concur, DFJ, DAG Ventures and 4 Other Investors
NOVATURAS (2000, Kaunas, $53.8M)
Online travel agency for flights, hotels, tours
booking
Enterprise Investors
Horizontal OTA platform providing accommodation
and travel services
Editor's Pick. Stage: Funded
Analyst’s Pick
Bank of Saint Petersburg, Vostok New Ventures,
Goldman Sachs and 2 Other Investors
MakeMyTrip (2000, Delhi, $39M)
Ctrip, Naspers, Helion Venture Partners and 5
Other Investors
Via (2006, Bangalore, $19.3M)
Online travel platform for booking flights, hotels,
Minicorn. Stage: Acquired
Kalaari Capital, Sequoia Capital, WestBridge Capital
Partners, IndoUS Venture Partners
Expedia (1996, Bellevue, $16.3M)
Internet based travel agency
Technology Crossover Ventures

Travel Agencies > Booking: Top Companies
Market: Booking (2/2)
Analyst’s Pick
Provider of niche travel experiences
Minicorn. Stage: Series A
Raffles Venture Partners, SPRING Singapore, Chan
Brothers and 4 Other Investors
FinalPrice (2016, Hermosa Beach, $4M)
Subscription-based travel booking platform
Editor's Pick. Stage: Series A
Almaz Capital, Sistema Venture Capital
Quicket (2011, Berlin, $1.3M)
App to book flights and hotels
X.Million Capital Ventures
EaseMyTrip (2008, Delhi)
Web platform to search and book for flight tickets
and holiday packages
FlightHub (2012, Cornwall)
Online travel agent in Canada
Analyst’s Pick
Orbitz (1999, Chicago)
OZON travel (2009, Moscow)
Online travel agency in Russia
Wakanow (2008, Lagos)
Online travel agent in Nigeria
WTFares (2013, Nagpur)
Online Travel Agency for Flights and Hotels Booking

84
Travel Agencies > Booking: Leaderboard
Market: Booking
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 MakeMyTrip 2000 Delhi Public $39M - 4 4 3 90 949 70k 30.6M
542.3
k
1k 11% 66k 14% 6.3k 10%
5.0 GO Voyages 1997 Paris Funded $568M - 5 - 5 1 28k 13k 300k 9.8k 7k 31% 733 32% 2.7k 24%
5.0 Cleartrip 2005 Mumbai Series E $74M - 4 4 2 27 4k 24k 30.1M
222.6
k
-1k -3% 12.5k 6% 4k 20%
5.0 Yatra 2006 Delhi Public $88M - 4 4 3 60 4k 224 8M
228.5
k
-1k -2% 46.8k 26% 1 -
5.0 One Two Trip 2011 London Series C $43M - 4 - - 3 39k 3.1k 3.1M 11.1k 3k 8% 1.3k 21% 83 3%
4.9 Webjet 1998 Melbourne Public $1M - 5 - - 4 23k 2.9k 300k 3.2k 1k 1% 218 26% 59 2%
4.9 Despegar.com 1999 Miami Public $331M - 4 - - 9 70k 109k 30.6M
152.2
k
46k 200% 3.3k 2% 3.7k 3%
4.9 Anywayanyday 2008 Moscow Series B $10M - 4 4 4 - 56k 7.2k 7.6M 5.7k 17k 41% 375 7% -165 -2%
4.9 Orbitz 1999 Chicago Acquired - - 4 - - 1 4k 163k 3M 43.9k 1k 16% 1.3k 4% 2.7k 2%
4.9 Hotwire 2000
San
Francisco
Acquired $77M - 4 - - 1 6k 31k 3M 13k 1k 15% 257 3% 2k 7%
4.9 HolidayCheck 2003 Bottighofen Seed - - 4 - - - 8k 9.2k 3M 19k 1k 15% 603 4% 144 2%
4.9 Via 2006 Bangalore Acquired $19M - 4 - - 25 13k 7k 3.1M 19.9k 2k 9% 2.4k 13% 68 1%
4.9 Decolar.com 1999 Guarulhos Series A - - 5 - - 1 6k 246k 7.9M
169.2
k
-1k -13% 2.8k 2% 3.7k 2%
4.9 CheapTickets 1986 Chicago Acquired - - 4 - - - 15k 8.6k 3M 7.4k 3k 19% 253 4% 72 1%

Market: Asset Light
85
Online Travel > Market Details > Market: Asset Light

Market: Asset Light

Market: Guided & Unguided
88
Online Travel > Market Details > Market: Guided & Unguided

Market: Complete Charter
91
Online Travel > Market Details > Market: Complete Charter

Market: Metasearch
94
Online Travel > Market Details > Market: Metasearch

Market: Metasearch
Online Travel > Market Details > Market: Metasearch

Tracxn - Online Travel Startup Landscape

Tracxn - Online Travel Startup Landscape

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