In part 1 of our exploration of M&A trends in the travel sector, we talked to the bankers and advisors who have a front row seat to the circus that is the M&A process. Given this is their job day-in and day-out, they have a deep understanding of the steps involved in buying or selling a business, can anticipate the gotcha’s and stumbling blocks, and are primed to help their customers avoid pitfalls that can unexpectedly snag a deal.Now we turn to the other side of the table and talk to the founders for their perspective on the exit. Since most founders will only experience an M&A event once or twice in a career, there is considerable information asymetry in the process. Exits can also take many different forms, depending on who’s buying, whether the startup is bootstrapped or venture-backed, and what’s actually being sold.We talked to three travel startup founders who have gone through this process (a couple of whom have done it multiple times), to hear what their experiences were like, lessons learned, what they might have done differently, and what their exits enabled them to go on to do next. Because after all, an exit is just an entrance to somewhere else.FollowsGilad Berenstein — hostCara Whitehill — hostSarah Dusek — guestSam Shank — guestJeroen Van Velzen — guestGo DeeperThinking Bigger - Sarah DusekThe Art Of The Founder Exit - ForbesWhy Founders Are Afraid to Talk About Exit Strategies - Harvard Business ReviewWhat Founders Need to Know Before Selling Their Startup - Harvard Business ReviewEuropean founders are thinking more creatively about exits. Here are some of the options - SiftedExit strategies: When to sell and not to sell - Silicon Valley Bank

Dining out, room service, fine dining, continental breakfasts, a fancy cocktail, and food and drink in general have always been a part of the travel experience and hospitality offering. Today more than ever before Michelin Stars, hidden gems, street eats, food tours, cooking classes, Agriturismo, and gastropubs are the central aspirations of an enormous percentage of the traveling public.As we learned from 100’s of millions of travelers at Utrip, for most Americans, and everyone else too, most trips revolved around food, drink, and relaxation. But even though we all know this, for some reason the arena of F&B Tech and Restaurant Innovation are often absent from major conversations, conferences, and events within our industry.To begin to address this hole in our conversation, and to learn from the incredible innovation sweeping through this industry, we are excited to dig into all things Tech and Innovation in the restaurant space.To kick off this conversation, we decided to slightly change our format and split this episode into two conversations. First, we will be joined by David Peller. David lives and works in Singapore, a region much more focused on restaurant tech than the American startup market. In his various roles, David invests in, sits on boards of, and helps lead both restaurants and restaurant concepts themselves and many technology companies innovating in this space. So he is the perfect person to give us a high-level overview of the scope and breadth of the innovation landscape in F&B on both the restaurant side and Technology company front.And after that we will dive into the deep end with a conversation with 3 innovators working directly within these themes to learn what's actually going on, how meaningful it really is, and what lessons the rest of us can take.FollowsGilad Berenstein — hostCara Whitehill — hostDavid Peller — guestWiggs Civitillo — guestUrsula Siker — guestMarc Zornes — guestGo Deeper2025 Food Industry Tech Trends: AI and Supply Chain Solutions Lead Investment Priorities - Food Industry ExecutiveEmbracing Advanced Tech In The Food And Beverage Industry, Part 2: AI And Automation - Forbes6 Technologies That Boost F&B Revenue - HospitalityNetAI M&A Wave Coming in the Food and Beverage Sector - Mergers & AcquisitionsWhat are the barriers to innovation in food and beverage? - Food Navigator

We’ve spent a lot of time on the pod talking about startups, and now we’re going to shift gears to talk about the finish line, and what the climate is looking like for exits. The IPO market has been virtually non-existent the past couple years, and M&A activity (particularly for Big Tech) has been stagnant.That said, there is a ton of capital sitting on the sidelines, seemingly ready to jump in when conditions improve. Coupled with the volume of early-stage companies that have matured from concept to commercialization since the pandemic, this combination of dry powder, lower interest rates, and a new administration taking over that is anticipated to be more deal-friendly all seem to point to conditions ripening nicely for more M&A activity.So, what does the state of M&A look like in the travel tech sector heading into 2025? Is the market open for business again, and if so, who is buying what?FollowsGilad Berenstein — hostCara Whitehill — hostMorgann Lesne — guestRoopak Pati — guestJonathan Weibrecht — guestGo DeeperVenture Buyouts: Look Where Other Investors Aren’t Looking - Substack: The CapitalistEurope could lead the world for travel tech but needs more ambition says leading investment banker - Breaking Travel NewsPlay or be played: M&A consolidation in corporate travel - BTN EuropeLeisure M&A: Travel deals are back! - BDO UKWhat's driving the resurgent M&A interest in the travel sector? - TravelTrade Gazette

The fintech sector has expanded massively beyond its origins as a way to modernize and connect the plumbing across the various segments of the financial services world. The intersection of fintech and travel — the “Financialization” of the travel sector — is leading to some incredibly interesting applications that help consumers find value and help merchants more efficiently serve those consumers. Alternative forms of payment, loyalty program extensions, creative new approaches to funding travel purchases and insurance-type products that help travelers protect their trip investments are all popular examples of this trend.Now we’re seeing the convergence of fintech and travel in the reverse direction — call it the “Travelization of Finance” — where deep integration of travel offerings into financial services platforms is unlocking opportunities to explore the world that previously wouldn’t have been possible for many. Unlocking the spending power of things like rent and healthcare expenses, or creating new credit alternatives for pre-credit customers are activating new demand channels for travel sellers that they couldn’t reach before.Tune in to our latest episode to hear from guests Ankur Jain, Founder & CEO of Bilt Rewards, and Hussein Fazal, Founder & CEO of Super.com, are pushing the cutting edge forward in this unique moment of digital transformation between travel and fintech.FollowsGilad Berenstein — hostCara Whitehill — hostAnkur Jain — guestHussein Fazal — guestGo DeeperHow Fintech Companies Are Progressing in the Travel Space - PhocusWireSuper apps’ secret sauce - PhocusWrightMeet The Fintech Billionaire Making A Fortune Rewarding Home Renters - ForbesThe rise of the theme-based super app - FinextraTravel Disruptors: Bringing fintech to travel booking - McKinsey & CompanyWhy is FinTech in Travel accelerating while slowing down elsewhere? - LinkedIN

It might be hard to tell at times, but we’re in the midst of a renaissance when it comes to the air travel experience. Everything from the aircraft we fly to the routes they take to the in-flight experience is getting a major redesign. The pandemic and subsequent Infrastructure Act provided the downtime and funds for our airports to get badly needed investment, enabling them to modernize their operations and overhaul the passenger experience into something that is actually pleasant. While it’s been over 30 years since the last flight of the Concorde, new aviation technology is opening up alternative modes of transport that will make getting from here to there faster, cheaper, more accessible and more climate-friendly.FollowsGilad Berenstein — hostCara Whitehill — hostPasha Saleh — guestBrian Cobb — guestGo DeeperAlaska Airlines’ venture lab spins out its first startup: Odysee - TechcrunchThe Future of Aviation Report - ICAOThe race to become the world’s first document-free airport - CNNSupersonic passenger planes 1 step closer to return after successful Boom XB-1 test flight nears sound barrier - MSNExploring the Future of Urban Air Mobility (UAM): Key Concepts and Innovative Technologies - Sustainable ReviewThe future of air mobility: Electric aircraft and flying taxis - McKinsey & Company

We’ve talked a lot on the pod about the mythical Connected Trip concept, and the vision for a unified travel experience across all the different touchpoint throughout the journey. One that is personalized and understands the context of the trip — is it for work or for fun, with family or solo, international or local — and what type of support we might need throughout the journey.One key foundational element of this vision is the concept of identity: who you are, what are your preferences, and what relationships do you have with the various suppliers and service providers that are part of the experience.This is one of the last few areas of the travel industry that hasn’t gone through a full digital transformation yet, but with the advances in AI, Gen AI and the evolution of cloud- and services-based architecture, it sure feels like all the ingredients are there. So where are we now with the concept of digital identity and a universal travel profile that can finally unlock a smoother, slicker journey?FollowsGilad Berenstein – hostCara Whitehill - hostVikas Bhola – guest Go DeeperDigital identity models: What’s next for secure and seamless travel? - World Economic ForumDigital travel and decentralized identity reveal the value of simplicity - IndicioHow Verifiable Credentials and Digital ID Will Transform Travel - PhocusWireTravel And Mobile Are Driving Decentralized Digital Identity (DDID) Growth - Forrester [$]Decentralized Identity Foundation Hackathon Kicks Off With Travel Solutions Track - PhocusWire

Last season we took a deep dive into the venture investing scene here in the US, including the different approaches taken by corporate ventures teams and institutional funds, and the growth of new platforms like studios and accelerators.Now it’s Europe’s turn. We’ll take a look at the European venture scene and what investors are seeing on that side of the pond. Valuations, M&A activity, implications of governmental regulation, and fundraising trends for both VCs and startups.The ecosystem across Europe and the UK is has taken a big step forward in its maturity, with the rise of travel tech “mafias” as the unicorns like Booking and Get Your Guide spawn the next generation of startup founders with the recycled cash from those exits. Coupled with the strong corporate venture capital (CVC) foundation and the commitment by governments to support their startup ecosystems, it seems this market is flush with the alchemy of funds, talent and ideas to position it for some incredible growth.We talk to some of the big brains who are actively investing across the UK and EU to hear what they are most excited about.FollowsGilad Berenstein – hostCara Whitehill - hostMichael Trescow – guestBobby Demri – guestBeat Blaser - guestGo DeeperThe Travel And Mobility Tech Sector Attractiveness Report - TNMTThe EU AI Act: A Critical Analysis of Its Potential Impact on Innovation in Europe (and Benefits to the US) - LinkedINEuropean startups and policy: Navigating challenges, harnessing opportunities - EU-StartupsVCs torn about European startups’ M&A path - Sifted [$]Europe’s Venture Capital Scene Is Narrowing The Gap With The US Despite Global Investment Slowdown - ForbesStepping Up Venture Capital to Finance Innovation in Europe - IMF

Ancillaries! It’s such a nebulous term for the travel industry that it’s incredibly hard to figure out exactly how big the market is — but we know it’s massive and getting bigger by the day.In some cases, what we refer to as ancillary products are actually the primary reason for the trip to begin with! Think Disney park tickets or the surfing lessons you booked for that major milestone birthday trip.In other cases, they’re things we used to get for free before folks like RyanAir realized they could charge for them separately — like seats on the plane or bringing your luggage with you.We’ve also seen the rise of ancillaries as an intersectional business model, where certain services can be sold as either a standalone offering or as a value-add option bundled with other components of the trip — like car rentals and in-destination tours and activities, or even travel insurance.An even newer segment of the ancillary market is creating entirely new categories of demand, packaging things like hotel amenities into day passes for local customers.Are ancillaries still “ancillary”, or are they becoming the main dish?FollowsGilad Berenstein – hostCara Whitehill - hostElad Schaffer – guestMichael Wolf - guestGo Deeper2024 CarTrawler Yearbook of Ancillary Revenue – Report - IdeaworksAirlines are pushing ancillaries to boost revenue, but offerings slow to come - PhocusWireHotels figured out they were leaving money on the table. Enter the paying non-guest. - Hotels MagShaping Airline Retail: The Unstoppable Rise of Airline Ancillaries - OAGFrom Base Stays to Premium Experiences: How AI is Redefining Ancillary Revenue Generation for Hotels - HFTP

Corporate travel has been ripe for disruption for quite some time, so why is it taking so long?Road warriors hate the tools they are compelled to use (and frequently bypass), travel managers hate the cat-and-mouse games they have to play to enforce policy on their employees and to police rates and configuration rules with their TMC partners. Suppliers hate the complexity involved in getting the right offers to the right customers. TMCs hate the goat rodeo of program leakage and shoe-horning new technology services on legacy tech platforms.We’ve seen some innovation around the edges, but it comes in fits and starts and struggles to realize the transformative traction that truly shifts the paradigm. Is it a technology challenge, a commercial challenge, or a bit of both? Will disruption come from the travelers themselves — a new generation of road warriors that refuses to go along with the status quo? Will suppliers finally gain the upper hand over intermediaries via NDC or direct booking commercial arrangements? Will AI be the straw that breaks the back of legacy tech platforms that simply can’t keep up?Who is leading the way, and when will we get there?Follows:Gilad Berenstein - hostCara Whitehill – hostSteve Singh - guestGo Deeper:Hotel Chains Bet on New Ways of Selling to Corporate Travelers - SkiftFormer Expedia exec’s startup uses AI to help smaller companies book travel - TechcrunchTransforming Corporate Travel: An Open Roadmap to Fixing a Broken System – MadronaBlockskye Ready for the Long Journey to Transformation – Business Travel NewsBusiness Travel Would Be Booming—if Flying Weren’t So Miserable – Wall Street Journal [$]

Following up from our Season 1 episode on the investor perspective in travel tech, we bring you the latest from the front lines of venture capital and corporate innovation.What, if anything, has changed for the ecosystem in the past year? Are we bullish or bearish on where the innovation market is heading for travel, hospitality and mobility? If you’re a startup in this space, how should you be thinking about fundraising now? And if you’re heading up innovation within a corporate enterprise, how can you best capitalize on the new ideas coming to market so you don’t get left behind?For this episode we hosted a Salon featuring some of our good friends in the investing community, Gaurav Tuli (Partner, F-Prime Capital), Suzanna Chiu (Head of Amadeus Ventures) and Katelyn Foley (President, UP.Labs, to break down what they’re seeing, what they’re excited about, and how they each approach investing in innnovation in the travel sector.We also shine a light on some of the alternative models available for fundraising and innovation, digging into the differences in models among traditional venture capital, corporate venture capital, accelerator programs and the venture studio model. Each of these approaches may work better (or worse!) for a given type of startup or corporate innovation team, so we break it down for you.Finally, we hear from our guests what areas they are keeping a close eye on and where they are most excited to invest.Follows:Gilad Berenstein - hostCara Whitehill - hostGaurav Tuli - guestSuzanna Chiu - guestKatelyn Foley - guestGo Deeper:Travel Startup Funding Peaked Pre-COVID. Now TravelPerk And Others Are Scaling Up, CrunchbaseDeep Dive: Understanding the Venture Studio Model, VC StackThree essentials of successful corporate venture capital, McKinseyWhy corporate venture capital programs are more important than ever, EYThe Travel And Mobility Tech Sector Attractiveness Report 2024, Lufthansa Innovation Hub and TNMT