Blockchain-based travel distribution startup TravelX has raised $10 million in seed funding.
The round was led by Borderless Capital, with Algorand, Draper Cygnus, Myelin Capital and Monday Capital also participating.
TravelX aims to create a more frictionless industry using blockchain technology to tokenize inventory and develop new ways of distribution.
The team of travel and blockchain specialists behind TravelX include Juan Pablo Lafosse, founder of Almundo, Roula Zaaour, a former Hopper executive and Francisco Vigo, founder of Avantrip.
Lafosse, CEO of TravelX, says: “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. Web3 will totally change travel and we are happy to be enabling this transformation.”
Barney Harford, former Orbitz CEO and an advisor to Florida-based TravelX, adds: “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.”
The company, which launched in 2021, plans to unveil its first service later this year.