TravelX, a blockchain-based distribution protocol, raises $10m. in first funding round | TravelDailyNews International
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TravelX, a blockchain-based distribution protocol, raises $10m. in first funding round

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Backed by industry veterans, the startup looks to revolutionize travel industry in push towards Web3.

MIAMI - TravelX, the company building the travel industry's first blockchain-based distribution protocol, announced a $10 million seed funding round led by Borderless Capital, which closed last November. Other investors participating in the round from the travel, technology and blockchain verticals included Algorand, Draper Cygnus, Myelin Capital and Monday Capital. TravelX was founded by a group of industry veterans to accelerate the evolution and growth of a more dynamic and frictionless industry using blockchain technology.

"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," said Juan Pablo Lafosse, CEO of TravelX. "The industry response has been remarkably positive. Web3 will totally change travel and we are happy to be enabling this transformation."

TravelX allows airlines and travel suppliers to tokenize inventory, creating new modes of distribution and new use cases. Travelers will benefit with easier changes, cancellations, transfers and sales of tokenized inventory in a simpler, more streamlined manner.

"Blockchain technology introduces disruptive new value propositions and sources of efficiency for both suppliers and consumers of the travel industry," said Barney Harford, TravelX advisor and former CEO of Orbitz Worldwide. "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."

TravelX was born in 2021 to reimagine the travel industry and accelerate its response and adaptation to Web3, as well as connect travel and decentralized finance (DeFi). The company plans to launch its first service later this year. TravelX will also be hosting an exclusive event on April 13 at the Eiffel Tower in Paris. Additional details on attending and ways to participate virtually will be released closer to the event.

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