Travel venture capital has fundamentally changed. Funding that hit a decade low in 2023 has rebounded, but it's no longer the growth-at-all-costs era of the 2010s. Today's VC market is disciplined, bifurcated, and concentrated in fewer, larger bets on proven companies. At the same time, alternative funding structures (venture debt, corporate venture, strategic capital) are proliferating. Innovation in travel is increasingly coming from cross-industry partnerships (tech companies entering trav...