Awake Travel raises USD 500K, showing that the travel industry is still a viable investment
Although the travel industry will be amongst the most hard-hit in Latin America, VCs are investing in startups in anticipation for the day when travel restrictions are lifted. Awake Travel, a platform that allows travelers to book eco-friendly trips and experiences in Colombia, recently raised a seed investment of US$500,000. The round was led by Colombian organizations, Bancolombia Foundation and Fondo Acción.
As a result of COVID-19, travelers will stay away from crowded metropolitan cities; and instead they will search for local outdoor destinations, like those that Awake Travel offers. Awake’s platform allows travelers to find unique destinations and small communities in Colombia, where risks of disease are lower than in large cities.
The World Travel & Tourism Council (WTTC) estimates that major economies in Latin America will see significant falls in GDP due to their reliance on the hospitality business; with Mexico estimated to fall 15.5% and Brazil 7.7%.
Awake’s investment, however, shows that there is still confidence in the travel industry, especially for secluded locations; and perhaps it is time to restructure the travel industry as a whole.