Where are they now? Catching up with the Hot 25 Travel Startups for 2022

It’s been about three years since we’ve named our class of Hot 25 Travel Startups for 2022.

As we gear up to announce our Hot 25 Travel Startups for 2025, we’re checking in with companies that were named on our lists over the past few years.

Some of our class of 2022 have undergone changes, like Amadeus acquiring Kambr, MangoPay acquiring Nethone, TapTrip being sold to Tripstax and Vacayou expanding to offer a B2B solution, TripFusion.

We reached out to a few from our 2022 list, including Flyzy, KIDO Dynamics, MyStay, RoomPriceGenie and Travala. Some responses have been edited for brevity.

Flyzy

Flyzy is a B2B travel agency software, offering a global distribution system and advanced tour operator solutions.

Co-founder Arjit Singh:

The biggest challenge I’m dealing with today is… raising awareness and scaling technology-driven solutions in Tier 2 and Tier 3 cities across South Asia. Despite being the largest market in the world, over 50% of the population still relies on outdated, traditional methods to address travel-related needs, leading to higher costs and poor experiences. In the coming quarters, our goal is to deepen our presence in these regions and guide them toward adopting the best tech solutions for a more efficient and satisfying experience.

My view on the current funding environment for travel startups… travel is one of the hottest industries across the world, it’s growing massively across the globe and getting close connected at the same time. You can see a lot of IPOs coming up for the decade-old companies and a lot of new companies raising big rounds in USD. In terms of funding, you can see a lot of growth rounds happening as Series A and Series B as compared to seed stage rounds. New Startups have to work hard in the initial days to build some revenue before going for a round while mature startups have a good market waiting for them to capitalize upon. 

There has been increased M&A activity in travel. My approach to evaluating such an opportunity – on the buy or sell side – would be… the travel market has seen a sudden spike after COVID restrictions, which generated a lot of cash for legacy travel brands, Mergers and acquisitions are good options for scale starts to join the big leagues at the same time for legacy companies to expand their horizon into new sectors using new technology and smart brains. It’s a win-win situation in both cases and founders should be open to them in these growing times. 

The technologies or innovations that excite me most are… because… the most exciting technological change that happened after covid era is the use of AI, travel companies are trying to use the tech to provide the best customer expertise and streamline the operational hiccups are the same time. it is tough to replace the human touch in the travel experience, but AI can play a big role in optimizing the operations of travel companies. 

KIDO Dynamics

KIDO Dynamics is a data intelligence company with a special focus on people mobility, providing insights into people’s movement patterns to facilitate informed decision-making.

CEO and founder director Alberto Hernando:

The biggest challenge I’m dealing with today is… at Kido Dynamics, we provide detailed analytics on tourism from various data sources, including mobile phone data, connected cars and high-resolution satellite imagery. Our insights cover metrics like the number of nights tourists spend at any location, how many places they visit, their frequency of visits, their points of origin and their favorite destinations. However, our biggest challenge remains convincing tourist municipalities that they need data to improve their strategies. The principle is simple: “You can’t fix what you can’t measure!” Fortunately, awareness is growing, and we expect that adopting data-driven strategies will soon become the norm for smart destinations.

My view on the current funding environment for travel startups… while the pandemic paused many initiatives and investment activity has slowed significantly since its peak in 2021, I believe we’re starting to see a rebound. I’m optimistic that 2025 will be a record-breaking year for travel startups, with renewed investor interest in the sector.

There has been increased M&A activity in travel. My approach to evaluating such an opportunity – on the buy or sell side – would be… it’s crucial to engage with the right players and constantly test the market. Startups should always be ready to seize opportunities as they arise. Similar to the funding landscape, I think 2025 will be a pivotal year for acquisitions. The priority should be to ensure that the financials for 2024 are solid, as this will lay the foundation for attracting the best deals. We still have a couple of months to close those critical deals and make a strong mark for this year.

The technologies or innovations that excite me most are… right now, I think AI and space technology are the most exciting developments in tech. While AI has been around for years, it has matured significantly in the last couple of years, becoming an integral part of our daily lives. GPT-based solutions have transformed how we interact with technology—now, we can simply ask for what we need! For example, we’ve implemented a new interface called KidoGPT, which allows analysts to obtain any insight just by asking. It’s an amazing tool for those looking to be more efficient in their reporting processes.

Additionally, space technology is becoming omnipresent. We recently introduced satellite imagery into our pipeline, thanks to a program with the European Space Agency (ESA BIC Switzerland). The results have been fantastic—we can now count how many people are at the beach! By combining this satellite data with mobile network data, we provide accurate insights into how many people visit the beach during a season. Just a few years ago, this level of accuracy would have been unimaginable.

Indeed, satellites are getting cheaper, and 6G will soon enable direct mobile phone connections via satellite. In fact, 5G satellites are already operational! This is revolutionary for travel, as it means we’ll be able to stay connected almost anywhere—whether at sea, in the air or on a remote mountain. Practically, every corner of Earth will be connected (except for caves or bunkers, of course).

MyStay

MyStay is a smartphone app and mobile website that improves communication and service between hotels and guests.

CEO and co-founder Pavlina Zychova:

The biggest challenge I’m dealing with today is… not only delivering the technologies that enable this shift but also ensuring they can be seamlessly integrated into existing systems as hotels are increasingly seeking ways to streamline their operations, enhance guest satisfaction, and reduce costs. 

My view on the current funding environment for travel startups… the funding environment for travel startups is challenging, but there are still interesting opportunities. The pandemic has shifted investors’ priorities, and they now focus more on technologies and automation that improve efficiency and respond to new trends, such as contactless check-ins and digitalized guest services. For companies like MyStay, which address these issues, investment opportunities remain promising.

There has been increased M&A activity in travel. My approach to evaluating such an opportunity – on the buy or sell side – would be… when evaluating M&A opportunities, we would focus on whether the potential partner can complement our technology and share our vision of digitizing hotel services. On the buy side, we would look for technologies or services that can enhance our portfolio and increase value for our customers. On the sell side, we would ensure that our contribution is properly valued and that the partner has the capability to further develop our technologies.

The technologies or innovations that excite me most are… because… those enabling contactless and automated services for hotels, such as digital keys, contactless payments and personalized communication tools between guests and hotels. These innovations not only improve the guest experience but also help hotels streamline their operations and reduce costs. In a time when safety and efficiency are paramount, these technologies represent the future of the hospitality industry.

RoomPriceGenie

RoomPriceGenie is a revenue management system helps consumers optimize their room prices based on data, seasonality and events.

CEO Ari Andricopoulos:

The biggest challenge I’m dealing with today is… honestly everything is great at the moment. Maybe more competitors in our space present a challenge, but in a good way – they make us work harder!

My view on the current funding environment for travel startups… it’s really good. Investors finally like this area.

There has been increased M&A activity in travel. My approach to evaluating such an opportunity – on the buy or sell side – would be… I suppose it would be “does it create huge extra value?” A bit boring of an answer but it’s true.

The technologies or innovations that excite me most are… I know you want me to say AI but it’s still really early to see how it will affect the industry. Having said that, we are creating some cool things in that area which I hope will have a big impact.

Travala

Travala is a travel platform that allows people to book over 3 million travel products with popular cryptocurrencies, find deals on hotels, flights, tours and activities in various destinations worldwide.

CEO Juan Otero:

The biggest challenge I’m dealing with today is… narrowing down which of the latest technologies to implement into our product. There are countless novel ideas that we’d love to explore as a team, but being selective and strategic is becoming increasingly challenging when there are an almost infinite number of ways to harness the power of technologies like web3 and AI that are evolving at lightning speed.

My view on the current funding environment for travel startups… is very positive. We’re seeing plenty of investment in the sector — particularly in travel tech — with many of these startups receiving funding for delivering products and services that are employing emerging technologies to disrupt the status quo. In particular, many integrations with major players are taking place as these incumbents look to tap into innovative ways to streamline processes and add value for their customers.

There has been increased M&A activity in travel. My approach to evaluating such an opportunity – on the buy or sell side – would be… to have a holistic focus on the future. Startups are driving change in the industry, and it’s clearly attracting the attention of major players and VCs. As the industry collectively works towards a greener tomorrow, the key opportunities for both sides lie in striking a balance between progress, efficiency and sustainability.

The technologies or innovations that excite me most are… web3 and AI, as these two areas are making rapid strides to better our lives in different ways. Web3 is becoming increasingly more accessible, which is crucial in the pursuit of widespread decentralization to bring travel accessibility to anyone, anywhere in the world. In terms of AI, we’re already seeing the benefits of implementing this technology to efficiently scale different areas of the business and are exploring new ways to harness this tool to provide our customers with enriched travel experiences.