Borderless Capital sponsored a $10 million seed fundraising round for TravelX, which is developing a blockchain-based distribution mechanism for the travel sector. According to TravelX CEO Juan Pablo Lafosse, the funds will be used to expand the company’s personnel and market the introduction of its first product later this year.
Algorand, Draper Cygnus, Myelin Capital, and Monday Capital were among the other investors in the round, which ended in November. TravelX, which was founded a year ago, is working on a distribution protocol that would allow airlines and travel providers to tokenize their inventory and distribute it across many channels for new distribution techniques and use cases. Travellers will benefit from point-of-sale benefits such as quicker travel changes, cancellations, transfers, and sales of tokenized merchandise, according to the business.
TravelX co-founder Facundo Diaz said that the multi-chain protocol is already running on Ethereum, Polygon, and Algorand, with hopes of adding Solana in the future.
“Blockchain technology delivers disruptive new value propositions and efficiency sources for both travel companies and consumers.” In a press statement, Barney Harford, a TravelX advisor and former CEO of travel giant Orbitz Worldwide, said, “I am aligned with this team’s aim of pushing the industry into the new dispersed world and am delighted to collaborate with these seasoned airline and travel leaders.”
That is some good news for TravelX to cheer about.