TRAVEL and hospitality-focused venture capital firm, Velocity Ventures, has announced three new investments in travel and food and beverage (F&B) tech early-stage startups: Hong Kong-based travel booking platform TripGuru, Malaysia-based F&B procurement and inventory management platform Food Market Hub, and Singapore-based F&B consolidated feedback and review platform Tablevibe.
This brings to five the number of portfolio companies in the fund, joining Hong Kong-based F&B SaaS platform Aigens, and Singapore-based hotel revenue and distribution management platform ZUZU Hospitality.
“As a travel and hospitality focused fund seeking disruptive innovations, we are excited to be part of the growth journey with our new Portfolio Companies, as the travel and hospitality industry push for more innovative ways to be productive, flexible and generate revenue.” said Nicholas Cocks, founder and managing partner of Velocity Ventures.
“At the height of the pandemic, many investors were taking a more conservative approach in the travel tech and hospitality space. We saw it as an unprecedented opportunity to invest and earn outsized returns.
“With the Covid driven acceleration of digitisation and innovation and the adjustment to valuations driven by extreme distress in the sector we saw this as the time to support the industry and deploy capital. And we did just that – we have invested in five amazing tech start-ups.”
The firm aims to make 10 additional investments in the sector over the next 12 months.
It has also partnered with Pear Anderson, a South-east Asian tourism industry intelligence consultancy firm, to launch a tri-weekly newsflash which aims to provide industry partners a greater overview on the changing Covid-19 situation around the region.
The first edition of the Covid-19 impact newsflash has been published at velocityventures.vc/newsflash.