In Phocus

Travel startup funding remained tough throughout 2025, with Phocuswright data signaling the year would likely fall below $5 billion after a modest recovery to $5.8 billion in 2024. A few headline rounds stood out, including Perk’s $200 million Series E, Klook’s $100 million and later raises from companies like Ramp, Airalo and Peek, but big checks were otherwise scarce and investors consistently urged founders to extend runway and manage cash as if the next round might not arrive. In this interview with Linda Fox in the PhocusWire Studio, investors Roopak Pati of Oppenheimer and Betsy Mulé of F-Prime Capital unpack what the funding slowdown means for travel startups and why they still see reasons for optimism. They discuss how AI is accelerating efficiency and adoption across the industry, while also complicating the path for some B2C travel companies as AI platforms increasingly showcase travel booking use cases. The conversation also explores what’s next, from renewed IPO momentum to the likelihood of stronger M&A activity in 2026. Along the way, Pati and Mulé share what they’re watching, including tech-forward players in corporate travel, and why investors are placing more, smaller bets as winning business models become harder to predict.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

Co-founded by CEO John Lyotier and chairman of the board Chris Jensen in 2013, Vancouver-based TravelAI now operates more than 475 consumer-facing brands. The company generated over $268 million in gross booking value in 2024, and the CEO expects that figure to be be closer to $500 million in 2025. TravelAI is actively pursuing its goal of creating the “web of one,” working towards improved personalization in travel. In a recent interview in the PhocusWire studio at The Phocuswright Conference, co-founder and CEO John Lyotier discussed the company’s progress and his thoughts on next steps. “The web of one goes back to the whole concept of can you create a web experience where you have a personalization layer that is only delivering one website to one person. So, this is your website, your experience,” he said. “The next evolution of that is more or less the ‘web of none,’ where the same information and same data and same content you would create to put in a website is available across any medium.” To achieve this, Lyotier said another layer—a shared vector protocol—is necessary.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

Dave Stephenson, Chief Business Officer at Airbnb, shares exciting insights into how the platform is evolving from just a rental service to a comprehensive travel experience. He reveals that nearly half of the bookings for new services like massages and private chefs are from users unfamiliar with the platform. Dave discusses the importance of authentic local experiences and how the tech rebuild facilitates the integration of diverse service providers. He also hints at future plans for loyalty programs and the introduction of hotel listings, making Airbnb relevant for even more travelers.

Connecting the dots of the traveler journey is priority in the ground transportation sector, but tangible examples of connected trip in action are still somewhat “rare.” Travelers can book a full trip in Sweden, including a train, taxi and a bus, which is working well, but there aren’t many models beyond that, according to SilverRail chief commercial officer Cameron Jones. During an interview in the PhocusWire studio, Jones said the connected journey is still evolving, as is customer buying behavior. “There’s this view that a customer might want to book everything in one transaction and one journey and planning experience, but I'm not sure that's the case,” he said. When it comes to artificial intelligence (AI), tech is already helping with aggregating content and pricing, and the next phase will include purchasing. “It just makes things simple, and I know, for us, that’s all we ever want is to try and make that purchasing experience simple,” said Nicole Kerr, CEO of Mozio.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

The “connected trip” has become a bit of a tired buzzword, but the ability to bundle different trip elements is not less coveted in the travel space. During an interview in the PhocusWire studio at The Phocuswright Conference last month, Manuel Hilty, CEO and co-founder of Nezasa, and Andrew Boch, CEO of Mobi.AI, discussed the end-to-end traveler journey and the gaps that remain. While some think of the connected trip as being “top-down,” Boch highlighted Mobi.AI’s context-aware approach to artificial intelligence (AI). “We think that, when you’re changing your flight, that should be aware of what your hotel plans were, and it should be aware of what the purpose of your trip was. Like when you’re staying at a hotel, the hotel should know why you’re there,” Boch said. “That sort of context should be preserved throughout the travel experience, and fundamentally, all the downstream suppliers need some method of both understanding that context, ingesting that context and then, hopefully, acting on that context.” The pair also commented on generational differences in data sharing, AI’s impact, agentic opportunity and more.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

While artificial intelligence (AI) is impacting travel marketing, the best use cases are still being determined. AI-supported digital travel marketing can work—as long as it still has a human touch, according to Rob Torres, SVP of media solutions and retail partnerships for Expedia Group. In October, Expedia Group released research that examined what content is driving traveler choice. The company showed participants a mix of non-AI-enhanced, AI-enhanced and fully AI content. “A good percentage of the travelers really didn't mind, and actually, I don't want to say they preferred [it], but they did not mind the AI-enhanced content as long as it did have some human touch in it as well,” Torres said during an interview in the PhocusWire studio at The Phocuswright Conference. As responses were positive, Expedia Group determined that content creation could benefit from some level of AI implementation.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

After 26 years with the company and 10 as CEO, Priceline recently announced that Brett Keller would hand over the reins to Brigit Zimmerman in January. In an interview in the PhocusWire studio, Keller reflected on his time at the OTA, where he has held several roles including CMO and COO. His best advice for his successor was to surround herself with the best possible team and be sure to retain them, pointing to the longevity of Booking Holdings leadership team.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

Within the vacation rental industry, opportunity abounds as operators lean into consolidation and professionalization. During an interview in the PhocusWire studio at The Phocuswright Conference last week, Sharad Sunderesan, founder and CEO of Homescreen, and Eric Goldreyer, CEO of Savvy, shared their thoughts on these trends. “You’ll see consolidation bring about that degree of consistency across the board, which helps with dealing with those increased guest expectations,” Sundaresan said. According to Goldreyer, short-term rental (STR) guests also want standardization, but, more importantly, they want to forego travel anxiety and have a reliable point of contact if something goes wrong. “They want a professional. They want someone that they can call,” he said. “If you’re in a vacation rental, you’re taking a group, and there’s higher pain points. You want to make sure that you can minimize those to the best of your ability.” Conversation shifted to artificial intelligence and how it may address significant challenges such as persistent manual processes and fragmentation.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

Cryptocurrency is carving out a role in travel—from B2C bookings to B2B settlements—through stablecoin-powered payments and crypto-savvy consumers making high-value transactions. Although cryptocurrency still represents a small portion of global travel spending, industry leaders believe change is coming quickly. “Travel is an emotional and high-value purchase,” said Damien Cramer, senior vice president of global travel at Nuvei. “Seventy-four percent of customers won’t complete a booking if their preferred payment method isn’t offered.” While consumers are increasingly open to paying with cryptocurrency, businesses have been slower to adopt it, especially for B2B transactions. That may be changing as stablecoins offer more predictable value and faster settlement. “The speed and ease of stablecoin transactions are becoming more profound,” Cramer said.  During an interview in the PhocusWire studio with senior reporter Morgan Hines, Nuvei’s Cramer discussed how crypto is evolving rapidly and becoming more mainstream, with faster transactions and better fiat tracking. He also touched on how adoption is expected to grow particularly in industries such as hospitality, where the technology could mean a cheaper, more efficient way to transfer funds internationally.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.

Saudi Arabia-based OTA Almosafer, which means “traveler” in Arabic, is making headway in the Middle East. Now head of the company, Muzzammil Ahussain has risen the ranks from COO to EVP to CEO—a role he’s held since January 2023. In an interview with PhocusWire, Ahussain said Almosafer sets itself apart from global OTAs like Booking.com and Expedia through “local understanding and local knowhow” of Saudi Arabia. “We are not just an OTA in our consumer business; we’re actually a fully omnichannel business,” he said. The CEO also discussed the greatest challenges facing the company, which include prioritizing different opportunities within Saudi Arabia and the Gulf Cooperation Council, identifying areas to leverage artificial intelligence and human capital development.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.