Skift Take
More renewable jet fuel companies are raising money to develop products, but a lot more money is needed to reach the industry’s zero-emissions goals by 2050.
Three travel startups have announced fundraises of nearly $90 million over the last week.
>>Velocys, which develops tech to enable renewable jet fuel production, has raised $40 million from a new group of owners and investors.
The company previously traded on the London Stock Exchange but became a private company last month with funding from Carbon Direct Capital, Lightrock, GenZero, and Kibo Investments.
The England-based company said it makes reactors that clients can use to convert a number of products into jet fuel, known as sustainable aviation fuel. The company says its technology is compatible with a number of feedstocks, including municipal solid waste, woody biomass, carbon dioxide, and green hydrogen
The company last October opened a 52,500-square-foot factory in Ohio. The factory can initially produce 12 reactors per year, which the company said is the typical requirement to operate a renewable fuel facility at commercial scale. There are plans to expand capacity as demand grows.
The funding will go toward product manufacturing, scaling, hiring, and training.
Henrik Wareborn is continuing as the company’s CEO.
Bob W: $43.1 Million
Bob W, a short-term rental company, has raised $43.1 million (€40 million) in a series B funding.
Evli Growth Partnership led the round. Taavet+Sten, the investment arm of online bank Wise’s co-founders, also participated, along with Flashpoint, Supercell co-founder Mikko Kodisoja, and others.
The Denmark-based company operates properties under its own brand, which it typically secures through rental or management agreements. It has its own app for booking and guest management.
The rentals contain furniture and decor by local brands and artists, the company said. Bookings can include features like breakfasts, gym access, and local experiences.
The company said it has now secured over €70 million in funding to date.The company last raised €21 million in 2022.
Bob W has rentals in 10 countries and 17 cities in Europe.
Explurger: $4.5 Million
Explurger, a social media platform meant for travelers, has raised $4.5 million in series A funding.
Affle (India) Limited led the round in exchange for 9.03% ownership in the company, with support from a group of angel investors.
India-based Explurger said the app allows users to share photos and videos, track past travels, and make future plans.
| Company | Stage | Lead | Raise |
|---|---|---|---|
| Velocys | Unspecified | Unspecified | $40 million |
| Bob W | Series B | Evli Growth Partnership | $43.1 million |
| Explurger | Series A | Affle (India) Limited | $4.5 million |
Skift Cheat Sheet
Seed capital is money used to start a business, often led by angel investors and friends or family.
Series A financing is typically drawn from venture capitalists. The round aims to help a startup’s founders make sure that their product is something that customers truly want to buy.
Series B financing is mainly about venture capitalist firms helping a company grow faster. These fundraising rounds can assist in recruiting skilled workers and developing cost-effective marketing.
Series C financing is ordinarily about helping a company expand, such as through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.
Series D, E, and, beyond These mainly mature businesses and the funding round may help a company prepare to go public or be acquired. A variety of types of private investors might participate.