Byway, a travel tech startup and B Corporation supporting flight-free travel, has raised £5 million in a Series A funding round.
Heartcore Capital led the round, with participation from Eka Ventures and investors from Byway. The funds will be used to accelerate the development of Byway’s unique journey planning technology, JourneyAI, and fuel its expansion into new regions.
As demand for sustainable travel continues to grow – with 76% of travellers wanting to travel more sustainably and 47% planning to travel less – Byway is at the forefront of making fly-free holidays mainstream. Since launching in March 2020, Byway has tripled year-on-year. With an average carbon saving of 718kg per flight, Byway customers have saved 3,045 tonnes of carbon compared to flying, the equivalent of planting 18,270 trees. 95% of Byway customers have rated the service 5 out of 5 stars.
Byway’s innovative JourneyAI technology is the world’s first 100% flight-free holiday planning tool. It combines transport and accommodation data with specialized place- and trip-based content into an intelligent dynamic packaging engine that designs personalized, multi-stop trips away from tourist hotspots. JourneyAI optimizes trips for fun rather than speed, enriching travelers’ holiday experiences and making travel part of the journey rather than just a means to an end.
The latest funding round was led by Heartcore Capital, known for investing in tech companies that bring happiness and magic to the world, including GetYourGuide, Travelperk, and Fora. Eka Ventures, which focuses on sustainable consumption, also participated, along with Byway’s angel investors, including HERmesa Angel Syndicate, impact investor Julia Davies, and former SAGA CEO Susan Hooper.
With the new investment, Byway plans to expand its team, launch its products in new markets, and further develop its fly-away technology. Over the coming months, Byway will be hiring employees in technology, product, finance, business development, and customer support. Job postings will be available on its website and LinkedIn page.
Kat Jones, CEO and Founder of ByWay, expressed her excitement: “It has been a pleasure to witness such tremendous interest from investors passionate about the future of flight-free travel when raising our Series A. I am thrilled that in Heartcore and Eka we have found partners who believe in the joy of flight-based vacations and the potential of JourneyAI to change travel for the better.”
“Hartcore has been investing in world-class founders who are building the future of travel for over a decade,” added Max Niederhoffer, General Partner at Hartcore Capital. “We felt the need to support ByWay’s mission to make tourism more fulfilling and sustainable, and we believe their technology will become a cornerstone of the next generation of online travel. We are thrilled to be backing another world-class European travel team and particularly like ByWay’s collaborative, supportive and inclusive mission-driven culture.”