TravelX Raises $10M in Seed Funding

Blockchain-based travel distribution startup TravelX has raised $10 million in seed funding that it will use to tokenize inventory in the travel space and develop new ways of distribution, according to press release Tuesday (March 15).

Borderless Capital led TravelX’s fundraising effort, with participation by Algorand, Draper Cygnus, Myelin Capital and Monday Capital.

“Friction and inefficiency continue to be pervasive in travel distribution, and the challenges related to the pandemic have increased the imperative for change,” said Juan Pablo Lafosse, CEO of TravelX. “Web3 will totally change travel, and we are happy to be enabling this transformation.”

TravelX, which launched in 2021, plans to launch its first service later this year.

“Blockchain technology introduces disruptive new value propositions and sources of efficiency for both suppliers and consumers of the travel industry,” said Barney Harford, former Orbitz CEO and an advisor to Florida-based TravelX.

Related: AirBnB Paid $1.5B in 2021 Tourism Taxes to U.S. States

In other travel industry news, online lodging marketplace Airbnb Inc. announced Thursday (March 17) that it paid more than $1.5 billion in tourism taxes last year in every U.S. state, the District of Columbia and Puerto Rico, achieving an 87% increase in tax revenues over 2019.

The top beneficiaries of Airbnb’s payout were Florida, which collected more than $308 million; Tennessee, with more than $92 million; and North Carolina, with more than $90 million. Airbnb remitted $54 million in Canada in 2021.