Phocuswright unveils Top 25 travel startups of 2024, 8% from Asia Pacific

FocusWirethe media and news division powered by Phocuswright, unveiled its list of “Hot 25 Travel Startups for 2024” at the Phocuswright Conference in Fort Lauderdale, Florida.

This year’s selection stands out for the resilience and innovation demonstrated by the startups, with 8 of the 25 winning companies having been founded in the challenging year of 2020. Another five were established in 2021, and four in 2022, signaling an increase in creative solutions during the pandemic.

Mike Coletta, Research and Innovation Manager at Phocuswright, emphasized the dynamic nature of the travel industry, stating, “Times of crisis expose opportunities to take risks, fix what’s broken and try new concepts “. The resulting innovations, born during the dark days of the COVID-19 pandemic, are now manifesting in the form of the Hot 25 Travel Startups for 2024.

To explore each company’s unique offerings and plans for 2024, click on the respective links provided below:

The selection process, which spanned a year-long effort to identify early-stage startups worldwide, resulted in more than 150 potential winners, ultimately narrowed down based on the strength of innovation, growth potential, sector diversity and founder demographics.

Phocuswright’s Hot 25 Travel Startups list, now in its sixth year, has highlighted a total of 150 companies since its inception. Cumulative funding raised from the first five incoming years amounts to an impressive $2.2 billion.

For a look back at past selections, check out the Hot 25 Travel Startups by 2023, 2022, 2021, 2020 and 2019.

Analyzing the demographics of this year’s class, 74% operate primarily on a B2B basis, collectively accounting for 56% of all funding. The companies span different verticals, with 20% serving the airline sector, 18% in hotels and hostels, 11% in short-term rentals, 10% in corporate travel, the 6% covering multiple verticals, and another 6% in tours and activities.

Geographically, 53% of the companies are based in North America, 33% in Europe, 8% in Asia Pacific, and the rest in the Middle East, South America and Africa. In particular, twelve companies were acquired, three closed, and one merger from their selection, highlighting the dynamic nature of the startup landscape.

To be considered for the Hot 25 Travel Startups of 2025, companies are encouraged to visit Phocuswright’s innovation platform. For more details on the featured companies, Phocuswright research clients can access the interactive Travel Startups database using the “FocusWire Hot 25 Startups“filter.

As we navigate the ever-evolving landscape of the travel industry, the Hot 25 Travel Startups for 2024 offer a glimpse into the future, showcasing the resilience and transformative power of innovation in challenging times.