Digital innovations in travel – Traveltech report 2021 from Tech Nation

‘Traveltech encompasses both the application of technology to the tourism and hospitality industry. Technology has already transformed these sectors and they are further poised to benefit from new products and services utilising robotics, artificial intelligence and immersive technology’

Joshua Ryan-Saha, Director, Traveltech for Scotland

Traveltech has seen incredible growth internationally with companies including the Expedia Group reimagining how we book our stays. The UK has been a leader within the space, Scottish market leader Skyscanner has enhanced booking processes as well as Culture Trip using Artificial Intelligence to provide optimum travel content and experiences.

The last few years have delivered new challenges, Covid-19 had a tremendous impact on travel with restrictions in place worldwide consumers have been unable to navigate as they once could. This report analyses the UK Traveltech ecosystem from an investment lens before and during Covid-19 to measure opportunities within the industry.
The data collected for this research shows that despite Covid-19, Traveltech is a strong and stable sector, moving from what is considered to be an emerging space to a more established sector.

• Over £1bn has been raised by Traveltech companies in the last 3 years
• Traveltech companies received over 800 deals in the last 3 years
• Record equity investment in Traveltech in 2019 raising £504mn with 306 deals
• Despite the pandemic, Traveltech companies raised £358mn in 2020 from 249 deals
• 50% of Traveltech companies are at seed stage, showing a real pipeline in the sector

The Traveltech Report 2021 is a great starting point for tech businesses and entrepreneurs to understand the market and develop strategies to take advantage of the growth opportunities enabled by Traveltech.

The future of Traveltech is being shaped by the pandemic and the climate crisis. New companies are being formed around the increased demand for nomadic and remote working including UK Traveltech companies Selina and Swurf. Innovative products at the intersection of fintech and Traveltech are being launched including new options for flexible payments and insurance. There are a growing number of Traveltech companies seeking to support the drive to Net Zero carbon emissions. These include Edinburgh early-stage start-up Electrek Explorer that is focused on enabling low carbon electric vehicle travel.

Tech Nation fuels the growth of game-changing founders, leaders and scaling companies so they can positively transform societies and economies. We provide them with the coaching, content and community they need for their journey in designing the future.

For the detail, take a look at the report here

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