TravelX, the firm focused on building the travel industry’s blockchain-powered distribution protocol, announced a $10 million seed funding round – which has been led by Borderless Capital (closed last November).
Other investors participating in the investment round from the travel, technology and blockchain verticals included Algorand, Draper Cygnus, Myelin Capital and Monday Capital. TravelX was established by industry veterans to “accelerate the evolution and growth of a more dynamic and frictionless industry using blockchain technology.”
Juan Pablo Lafosse, CEO of TravelX, stated:
“Friction and inefficiency continue to be pervasive in travel distribution, and the challenges related to the pandemic have increased the imperative for change. At TravelX, we’re excited to be building a blockchain-enabled solution that will help suppliers and intermediaries enhance efficiency and profitability, while also improving the traveler experience, The industry response has been remarkably positive. Web3 will totally change travel and we are happy to be enabling this transformation.”
TravelX enables airlines and travel suppliers “to tokenize inventory, creating new modes of distribution and new use cases.” Travelers will “benefit with easier changes, cancellations, transfers and sales of tokenized inventory in a simpler, more streamlined manner.”
Barney Harford, TravelX advisor and former CEO of Orbitz Worldwide, remarked:
“Blockchain technology introduces disruptive new value propositions and sources of efficiency for both suppliers and consumers of the travel industry. I am aligned with this team’s mission of bringing the industry into the new distributed world and excited to work with these experienced airline and travel executives.”
TravelX was founded last year to “reimagine the travel industry and accelerate its response and adaptation to Web3, as well as connect travel and decentralized finance (DeFi).”
The firm intends to launch its first service later in 2022.
TravelX will also be “hosting an exclusive event on April 13 at the Eiffel Tower in Paris.”
Additional details on attending and ways to participate virtually “will be released closer to the event.” For more details about TravelX, check here.
As noted in a release, TravelX is building a DLT-based distribution protocol designed “to create a more secure, decentralized, frictionless, transparent and efficient travel industry.”
The firm’s tech enables travel suppliers “to more efficiently manage their inventory, unleashing use cases that enhance both travelers’ flexibility and suppliers’ profitability.”