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海擇短評 Haize Comment：
近期Lufthansa Innovation Hub公布了2024年的"TNMT行業吸引力報告(TNMT Sector Attractiveness Report)，所謂吸引力報告可以理解為投融資報告；由於航空業在旅遊行業中較常進行戰略投資，也有幾家很具代表性的投資人，因此海擇資本對該報告比較重視。疫情後金融和經濟環境相對疫情前出現重大改變，風險投資資金對旅遊與出行行業也有了新的視角，這篇報告可以解讀新常態對強烈影響大型旅遊與出行公司(包括航空公司、OTA、酒店集團和出行類公司)所做投資的影響。
整體來說，雖然疫情期的2020年，投資額相對2019年出現明顯的下降，但也有200億美金。隨著資本成本上升，2023年旅遊與出行科技初創公司的風險投資降至90億美元，相對於2022年的190億美元與2021年的300億美元，連續兩年快速滑落，不到2021年高峰期的三分之一，也不及疫情嚴重的2020年；如果與疫情前的2019年(340億美金)相比，僅為2019年的26%。我們認為認為一部份的原因是，在利率上升的情況下，投資者變得更加謹慎；另一部分原因是隨著地緣政治風險的增加，創業公司的潛在市場變小了，這也意味著它們必須儘快盈利，才能證明自己的投資價值，能快速完成這些指標的公司較少。
另外一個值得關注的是，在創投基金年復一年趨向謹慎的同時，願意出手投資的投資方，更多的是大型旅遊與出行公司，而非純財務投資方。以2019年看，在全年成交項目中，企業戰略投資的佔比約26%；但在2023年，企業戰略投資的佔比已達35%。雖然不能說財務投資退出已成趨勢，但可以理解為，企業戰略投資為新創公司提供了更多的應用場域；同時，成熟的旅遊公司通過企業戰略投資、收購或組建合資企業，對新創公司進行投資，擁有比創投的財務投資更多面向的轉型能力。
在本期海擇觀點我們不細談各項投資，這部分恐怕兩萬字也寫不完。不過我們可以簡單歸納，人工智慧、線上旅遊、地面交通，是這幾年投資仍在成長的細分市場；其中人工智慧的變革，甚至滲透到其他各類旅遊的細分領域，不僅能提高運營效率，也能成為各類旅遊公司加速進入潛在市場的增長和創新工具。而其中大型旅遊與出行公司的主要參與者，包括亞洲航空、捷藍風投、空客風投、捷藍風投、JR東日本Startup、Argor Capital、GoTo集團的Gojek Ventures和Grab Ventures，在過去五年中共完成了超過250筆投資交易，都是未來帶動旅遊創新的重要公司。
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Lufthansa Innovation Hub recently released the 2024 "TNMT Sector Attractiveness Report," which is essentially an investment report. Given the frequent strategic investments in the aviation sector within the travel industry and the presence of several notable investors, Haize Capital pays close attention to this report. The post-pandemic financial and economic environment has significantly changed compared to the pre-pandemic period, and venture capital now views the travel and mobility sector differently. This report interprets the impact of the new normal on investments made by major travel and mobility companies, including airlines, OTAs, hotel groups, and mobility companies.
Overall, while investment dropped significantly during the pandemic in 2020 compared to 2019, it still reached $20 billion. With rising capital costs, venture capital investment in travel and mobility tech startups fell to $9 billion in 2023, down from $19 billion in 2022 and $30 billion in 2021. This is less than one-third of the 2021 peak and below the $20 billion of the severe pandemic year of 2020. Compared to the pre-pandemic $34 billion in 2019, it’s only 26%. We believe this decline is partly due to investors becoming more cautious amid rising interest rates. Additionally, increasing geopolitical risks have reduced the potential market size for startups, meaning they must quickly become profitable to prove their investment value. There are fewer companies able to meet these rapid profitability targets.
Another noteworthy trend is that as venture capital funds become increasingly cautious year after year, more investments are coming from large travel and mobility companies rather than pure financial investors. In 2019, corporate strategic investments accounted for about 26% of all deals; by 2023, this share had risen to 35%. While it cannot be said that financial investment is exiting the scene, it indicates that corporate strategic investments are providing more application opportunities for startups. Additionally, mature travel companies, through corporate strategic investments, acquisitions, or joint ventures, have more avenues for transformation than venture capital financial investments. This trend shows that corporate strategic investments are playing a crucial role in the development of new startups.
AI, online travel, and ground transportation are the sub-sectors where investment has continued to grow in recent years. AI, in particular, is transforming various travel sub-sectors, not only enhancing operational efficiency but also serving as a tool for travel companies to accelerate their entry into potential markets, driving growth and innovation. Key players in the travel and mobility sector, including Asia Air, JetBlue Ventures, Airbus Ventures, JR East Startup, Argor Capital, Gojek Ventures, and Grab Ventures, have collectively completed over 250 investment deals in the past five years. These companies are crucial for driving future travel innovations.
標籤 Label： Travel Mobility Start-up Investment Innovation