As 2025 draws to a close, we’re still tallying up how travel venture capital has fared. Our full review of 2024 points to signs of life — but not in the way founders might hope. Funding ticked up slightly last year to $3.5 billion from $2.9 billon in 2023. Yet the absolute number of deals continued to fall sharply. It is a market defined less by recovery and more by consolidation.
Investors are still writing checks, but they’re writing far fewer of them, and almost exclusively to companies that already look like winners.
Average deal size more than doubled from $4.9 million to $10.1 million, one of the highest levels in the past decade. But the deal count dropped from 587 deals in 2023 to just 344 deals.
Capital ha
