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-phocus

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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-phocus

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During its its third quarter earnings call in early November, Airbnb shared some early results of its experiences and services launches.

At the time, the company said almost half of those booked were not related to an accommodation booking. Meanwhile, 10% of those who booked a service—think massages and private chefs—were totally new to the platform.

Airbnb is “super encouraged” by those results, chief business officer Dave Stephenson said during an interview in the PhocusWire studio at The Phocuswright Conference 2025.

They not only reveal demand for the new business lines but also that the platform can be seen for more than just short-term rentals, he said.

The company's recent marketing initiatives have also been aligned with the launches and communicating the message that users can get more than just an Airbnb rental from the platform.

“It’s not just about the home. It’s really about the trip. It’s about all the experiences that you can have in the community that that you're traveling to. We want these authentic experiences, these authentic stays to get to a sense of the place. So that's where you're seeing our advertising kind of expanding the definition of what it means to be in an Airbnb,” Stephenson said.

He went on to discuss how the company rebuilt its technology stack to enable the sale of services and experiences and allow for the onboarding of different service providers with their own requirements.

All episodes: https://www.phocuswire.com/in-phocus

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