#67 - DoorDash's $5B Acquisitions, Disney/OpenAI's $1B Partnership, & Wonder's $7B+ Valuation
Techne Times Issue #67
Disney & OpenAI Strike Landmark $1B Deal in Entertainment’s Largest AI Partnership
Walt Disney announced a $1B equity investment in OpenAI alongside a three-year licensing and commercial agreement centered on Sora, OpenAI’s generative video platform. Pairing capital with deep IP licensing, the deal is the entertainment industry’s largest AI partnership to date and opens Disney’s character vault to AI-native video creation under strict guardrails. Sora and ChatGPT Images will be able to generate user-prompted videos and images using more than 200 Disney, Marvel, Pixar, and Star Wars characters and worlds. Disney’s $1B bet positions major studios to proactively monetize iconic IP inside AI ecosystems, and the agreement marks a significant step in setting meaningful standards for responsible AI in entertainment.
Accommodation Tech
11/20/2025
Ramp raises $300M, valuation soars to $32B
Corporate spending management platform Ramp has raised $300 million. The financing round along with an employee tender offer has brought the company’s valuation to $32 billion. The funding follows the company’s $500 million raise in July and $200 million raise in June. Lightspeed Venture Partners led the raise with support from existing investors such as D1 Capital Partners, Founders Fund, GIC, Avenir Growth, Coatue, Thrive Global, Sutter Hill Ventures, T. Rowe Price and Glade Brook Capital, Partners among others
02/26/2025
Flywire acquires hospitality payments specialist Sertifi for $330M
Payments specialist Flywire Corporation has acquired Sertifi, a payments and workflow digitization platform for the hospitality segment, for $330 million. The acquisition adds the hotel category to Flywire’s existing travel payments business and is expected to add $35 to 40 million of revenue to Flywire this year. Sertifi, which has been in business for 20 years, offers a software-as-a-service (SaaS) platform for the hotel and hospitality industry that enables global brands including Marriott, Hilton and Hyatt and independent hotels groups to securely sign contracts, exchange payment details and complete payments with customers.
11/28/2025
Oyo-Parent Prism Edges Toward Third IPO Attempt With New Plan to Raise $744M
Oyo’s parent company, Prism, called an Extraordinary General Meeting (EGM) for December 20 to ask shareholders for permission to raise INR 66.5B ($744B) through a fresh issue of shares. Prism has not commented on the potential valuation it will seek, and the EGM documents that were accessed by Skift do not reference any valuation band or offer price expectations. But Prism’s planned IPO could be one of India’s largest in recent times for travel companies.
08/21/2025
Saudi short-term rental platform Gathern raises $72M Series B
Riyadh-based short-term rental platform Gathern secured $72M in Series B funding, valuing the company at over $266M. Founded in 2017, Gathern has become one of the Kingdom’s leading platforms for flexible accommodation, offering listings across villas, apartments and resorts. The company says it now works with more than 33,000 property owners, reflecting rising demand for alternative stays in Saudi Arabia’s evolving tourism industry.
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03/04/2025
Dutch hospitality scaleup Mews doubles down on growth with $75M raise
Hospitality scaleup Mews, based at TNW City in Amsterdam, secured $75M in its third major cash injection of the last year. The round follows a raise of $100M in credit financing in September and a $110mn equity round in March 2024 — when the startup became a unicorn. In total, Mews has bagged over $500M to date, making it one of the Netherlands’ most cash-flooded scaleups.
02/06/2025
We Now Know What Hilton Paid for NoMad Hotels: Just $56M
Hilton has revealed it paid $56M to acquire a controlling stake in NoMad Hotels, a smaller sum than recent comparable acquisitions in the luxury hotel sector. Now it plans to scale the brand to 30 to 50 hotels. When Hilton announced in April 2024 that it had acquired a majority controlling interest in Sydell Group, the owner of NoMad Hotels, it did not disclose deal terms. But Hilton revealed the price in an annual financial filing: Just $56M.
03/17/2025
Inn-Flow Secures $45M Growth Investment from Mainsail Partners
Inn-Flow, a leading provider of modern, all-in-one back-office management and accounting software specifically designed for hotels, announced a $45M growth capital investment from Mainsail Partners, a growth equity firm that specializes in partnering with vertical SaaS companies. This investment will help accelerate Inn-Flow’s ongoing product innovation, significantly enhance customer experience, and expand the team to better serve the evolving needs of hotel owners and management companies.
11/11/2025
Amenitiz raises $45M to fuel AI product growth and market expansion
Hospitality tech platform Amenitiz landed $45M in a mix of Series B funding and financing. The latest funding round what lead by Spanish venture capital firm Kfund through Leadwind, with participation from Thayer Ventures and Columbia Lake Partners. Support was also provided by existing investors, including Eight Roads, Point9, Otium, Backed and Chalfen Ventures.
Travel Tech
10/22/2025
Navan IPO: Travel tech company targets $6.5B valuation in $960M Nasdaq offering
Navan announced October 21, 2025 that its Nasdaq IPO roadshow is underway. The company plans to offer 36.924 million Class A shares, including 30.0 million new shares and 6.924 million sold by existing investors.The expected price range is $24–$26 per share, implying a total raise of roughly $960 million. At the top of the range, the valuation would be approximately $6.45 billion – significantly below its $9.2 billion private valuation in 2022. Lead bookrunners are Goldman Sachs and Citi, with Jefferies, Mizuho and Morgan Stanley also on the deal. Navan will list on the Nasdaq Global Select Market under ticker “NAVN.”
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11/07/2025
RateGain acquires Sojern, strengthens AI-led global travel tech leadership for $250M
RateGain Travel Technologies completed its acquisition of Sojern, a marketing platform purpose-built for the hospitality industry. The acquisition marks a significant milestone in RateGain’s vision to build one of the world’s most comprehensive, AI-powered growth platforms in travel and hospitality. The integration of Sojern’s capabilities will allow travel and hospitality brands to connect marketing, distribution, and revenue decisions through an AI-driven platform that enhances multichannel demand generation, accurate pricing intelligence, and personalized traveler engagement at scale.
07/14/2025
Singapore’s Airalo Becomes Unicorn After Raising $220 Million In CVC-Led Round
Singapore-based Airalo becomes the first eSIM unicorn with a $220M round led by new investor CVC, placing its valuation above $1 billion. Airalo is the world’s first and largest eSIM provider, serving 20M+ travelers across 200+ destinations globally. They are setting the benchmark for global connectivity by enabling travelers to access high-quality roaming services while traveling abroad, delivering powerful coverage – minus the premium – and signals the rise of eSIMs as critical digital infrastructure for global mobility.
11/14/2025
TBO Tek Acquires Classic Vacations for $125M, Reports $4.5B Gross Booking Value
TBO Tek, a B2B travel-tech platform, has reached $4.5B in gross booking value. The company operates in over 150 countries and has experienced double-digit growth in its supplier and buyer base. TBO Tek is investing in AI-powered dynamic packaging and API integrations to drive future growth. The company aims for 25-30% annual revenue growth from FY26 onwards. TBO Tek acquired Classic Vacations for $125M, expanding its presence in the North American luxury travel market. The company’s global expansion strategy has resulted in a diverse geographical revenue mix across APAC, Europe, Latin America, North America, and Africa.
01/28/2025
TravelPerk buys Yokoy and raises $200M from investors
Barcelona-based travel management firm TravelPerk has acquired spend management specialist Yokoy and secured another $200M in funding from investors. The TMC, which was named last week in BTN Europe’s The Hotlist 2025, said it had purchased Switzerland-based fintech Yokoy to allow it to provide “a deeper and more unified travel and expense offering” to clients.
09/24/2025
WeTravel Secures $92M in Series C Funding To Develop AI Tools
WeTravel lands $92M to develop AI tools for multi-day trip operators: WeTravel, a booking and payments specialist for multi-day trips, has secured $92 million in Series C funding. The investment was led by Sapphire Ventures with participation from Left Lane Capital, Base10, Cross Creek and other angel investors. The round, which triples its valuation, will go towards further developing its platform to expand its payment infrastructure and build artificial intelligence (AI)-powered tools to drive automation. WeTravel is also planning to expand a number of its global offices and grow its B2B partner network.
11/20/2025
Peek secures $70M to build out AI
Tours and activities platform Peek has secured $70 million in funding to expand its artificial intelligence (AI) platform. The round was led by growth equity firm Springcoast Partners, with participation form existing investors such as WestCap, Goldman Sachs Alternatives, Eric Schmidt, Jack Dorsey and Kayak founder Paul English. As part of the announcement, Perk also confirmed its acquisition of online ticketing software company ACME Ticketing and attraction management system Connect&GO. Peek said the acquisitions expand its reach to over 150 million customers, with ACME bringing expertise in ticketing, memberships and donations and Connect&GO offering “all-in-one attraction management” that includes RFID technology and on-site visitor tools.
11/11/2025
Grab to invest $60M in remote driving tech company Vay
Grab is expanding its presence in the autonomous and remote driving space by investing in Vay.
The Singapore-based superapp has signed definitive agreements to invest $60M in cash in Berlin-based Vay, a remote driving technology provider. Once the deal closes, Grab will have a minority stake in Vay.
The companies said the deal is subject to regulatory approvals but expected to close this quarter. Within a year of closing, pending “financial and operating milestones, regulatory approvals and other conditions,” Grab will up its investment by $350M.
04/24/2025
Modern travel agency Fora Travel raises $60M
Modern travel agency Fora Travel, a PhocusWire Hot 25 Travel Startups for 2023, raised $60M in its Series B and C rounds. The funding was led by Insight Partners and Thrive Capital, and past investors such as Forerunner Ventures and Heartcore Capital participated as well. Evan Frank, co-founder of Fora Travel, shared the news on LinkedIn and said the investment will be used “to modernize the travel industry for good.”
04/03/2025
Scapia lands $40M for travel fintech
Travel fintech specialist Scapia raised $40M in Series B funding. The investment in the India-based company was led by Peak XV Partners with existing investors, Elevation Capital, Z47 and 3STATE Capital also participating. The funding will go towards boosting the team, enhancing its product offerings and accelerating growth plans, Scapia said in a statement. Scapia offers a co-branded credit card targeting Gen Z and millennials which offers rewards, Scapia coins, which can be redeemed for flights, hotel stays and other products. Users earn 10% rewards on all transactions, rising to 20% for travel bookings made via the Scapia app.
F&B Tech
05/06/2025
DoorDash to buy UK’s Deliveroo for $3.86B, SevenRooms for $1.2B
DoorDash on Tuesday announced two major acquisitions as it seeks to expand its reach in Europe and diversify its sources of revenue. DoorDash said it has agreed to buy its U.K. rival Deliveroo for about £2.9B (around $3.87 billion) as the U.S. food delivery company seeks to expand into new markets. Alongside this, DoorDash separately said it is acquiring SevenRooms, which provides CRM, marketing, and operations software to help restaurants, hotels, and public venues with reservations and guest management, for $1.2B in cash.
09/14/2025
Thoma Bravo Takes Olo Private in $2B All-Cash Deal
Olo Inc. (NYSE:OLO), a leading open SaaS platform for restaurants, announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm, in an all-cash transaction valuing Olo at approximately $2B in equity value. The transaction is expected to help accelerate Olo’s growth and strengthen its platform and offerings for the over 750 restaurant brands it serves globally. Upon completion of the transaction, Olo will become a privately held company.
06/03/2025
Food Delivery Startup Wonder Raises $600M, Bringing Valuation to Over $7B
Food delivery startup Wonder raised $600M to fuel its rapid expansion across the U.S., bringing its valuation to over $7B. The round included support from existing investors like New Enterprise Associates, Accel, Google Ventures, and Forerunner, as well as new contributions from Amex Ventures and other strategic backers. Founded by former Walmart e-commerce chief Marc Lore, Wonder aims to grow its network of food halls from 46 to over 90 locations by the end of 2025, opening new sites at a pace of one per week.
02/24/2025
Just Salad Raises $200M to Accelerate Growth, Make Everyday Health and Sustainability Possible
Just Salad, the fast-casual restaurant chain with a mission to make everyday health and sustainability possible, announced its raise of $200M in capital from an investor group led by Wellington Management, alongside D1 Capital Partners, Neuberger Berman, and Stripes. The capital raise values the company at approximately $1B. Proceeds of the transaction will be used to support new unit growth as well as continued investment in menu innovation, advanced technology initiatives and customer experience.
11/13/2025
Kitchen United Raises $100M Series C for Tech Hub
For decades, that final ten-minute purgatory at the end of a meal has frustrated guests and slowed servers. Now, a restaurateur-founded startup called sunday wants to make that pain point disappear — and investors are buying in. The Atlanta-based payment platform, created by hospitality veterans who lived the inefficiency firsthand, has raised a $21M Series B led by DST Global Partners. The fresh capital will accelerate U.S. expansion and solidify sunday’s position as one of the fastest-growing hospitality fintechs worldwide.
02/10/2025
Boostly Secures $22M to Accelerate Growth as Leading Provider of Restaurant Marketing Automation Software
Boostly, the leading provider of automated SMS marketing and feedback solutions for restaurants, has raised $22M in growth capital, led by PeakSpan Capital with participation from existing investors Y Combinator, Trestle Partners, and Singularity Capital. This significant Series A round comes just six months after Boostly’s $5.6M Seed round, underscoring the company’s extraordinary growth trajectory and market potential. The fresh capital will fuel innovation and expansion as Boostly continues to empower restaurant owners to unlock the value of their first-party customer data and drive revenue with proven marketing tools and strategies.
11/13/2025
Sunday’s $21M Series B And Its Global Race To Transform Restaurant Payments
For decades, that final ten-minute purgatory at the end of a meal has frustrated guests and slowed servers. Now, a restaurateur-founded startup called sunday wants to make that pain point disappear — and investors are buying in. The Atlanta-based payment platform, created by hospitality veterans who lived the inefficiency firsthand, has raised a $21 million Series B led by DST Global Partners. The fresh capital will accelerate U.S. expansion and solidify sunday’s position as one of the fastest-growing hospitality fintechs worldwide.
11/21/2025
AKA Foods secures $17.2M seed funding to launch world’s first secure AI system for food innovation
AKA Foods has secured $17.2 million in seed funding to launch AKA Studio, a secure AI platform transforming food product formulation. By combining sensory data, R&D insights and intelligent AI assistants, the system accelerates innovation cycles, supports clean-label reformulation, and helps food companies bring healthier, more sustainable products to market faster. Foodtech company AKA Foods Ltd has raised $17.2 million in seed funding to launch AKA Studio, a secure AI platform designed to transform how food and beverage companies create, optimise and launch new products.