Global dealmaking has clearly thawed. Deal values rose 36% from 2024 to 2025, while volumes were basically flat, with more value coming from bigger “megadeals” (63 in 2024 to 111 in 2025). That matters for travel tech because the buyers who can write decisive cheques have returned, but they are underwriting harder and moving with more selectivity than in the easy-money years.
At the same time, travel startup funding has not magically snapped back to 2021 vibes. Phocuswright estimates travel startup funding rose to $5.8B in 2024 from $5.3B in 2023, yet it calls both years 10-year lows, far below the $16.3B peak in 2021. That combination creates a very 2026 reality: more founders are building with an “exit path” in mind earlier, because the next round is not guaranteed to be generous.
