移動式高端旅行社在日本出現典範了嗎？
Has a Paradigm for Mobile High-End Travel Agencies Emerged?

海擇短評 Haize Comment：

移動式高端旅行社在日本出現典範了嗎？

近期日本高端旅行社令和旅遊(Reiwa Travel)公告取得總額約3,400萬美元的融資，由三井住友旗下的SMBC-GB Growth No. 1 Investment Limited Partnership領投，加計此前融資，總融資額約4,900萬美元。考慮到日本人出境遊的慘澹現況與高端旅遊一直被視為規模難以量化的產業，令和旅遊號稱出團4.5萬次的實力，非常值得關注(但我們沒說非常值得投資)。

日本的出境旅遊市場有多低迷？此前海擇觀點提過，即便在今年7月暑期旺季，日本人的出境旅遊人次仍比2019年同期下降37%，而團隊遊還比整體數據更差，出境旅遊人次僅有10%選擇跟團，這數據在2019年超過20%。在這麼艱難的背景下，還能成功融資，而且旅遊行業3,400萬美金已經等同於C輪以上融資，用釋股10%回推，這可能是3億美金量級的公司，也難怪行業會將此次融資視為日本旅遊新創公司的強心針。

那麼，令和旅遊是用什麼故事進入賽道，得到投資人高度認同？該公司成立於2021年4月，創始人為篠塚孝哉(Takaya Shinozuka)。篠塚孝哉是日本的連續創業家兼網路名人，先後創立住宿預訂網站Relux與美食網站Taste Local，在私德部分也與創業成績同負盛名，有興趣者可以自行搜尋。篠塚的理想是創建能代表令和時代的數位旅行社，具體來說，他對產品差異化定位，是"智慧型手機客製化頂級海外旅行(最上クラスの海外旅行をスマホでテーラーメイド)"，通過提供客戶獨特體驗，例如在難以預訂的熱門餐廳享用晚餐、在世界頂級豪華酒店住宿以及提供最高效的航線建議，達成量身訂製的旅遊禮賓服務。隨著生成式AI的成熟，篠塚的新故事是加速對AI領域的投資，以實現全新的旅行預訂體驗，涵蓋AI旅行搜尋體驗、AI旅行禮賓服務與動態定價。

融資故事的落地不能離開商業模式。海擇資本認為，令和旅遊駕馭高端旅行盈利的商業模式有兩個：

1. 服務有價：令和旅遊在客戶訂單成立前，與一般高端旅遊相同，不針對行程規劃收費。但在訂單成立時，就針對每筆產品元件(大交通、小交通、住宿、餐廳...)收取服務費，行程內容的退改與臨時需求也一樣收取服務費，與一般業者收取套裝打包費用不同。而在模式運作過程中，除了來自客戶的服務費，還有供應商的銷售佣金與後返，整體利潤率未必比傳統高端旅行社低。特別如果從行程規畫、成單到出行都能如篠塚說的AI化，每張訂單的平均服務成本將能戲劇化的降低。

2. 從一般旅客走量：令和旅遊另外做了一款類似OTA的APP"NEWT"，受眾設定為非高端的客戶，目前用戶能預訂住宿與機+酒套裝行程兩種型態的產品，推估主要目的是拉高所銷售的高端供應商庫存，爭取更多佣金、更好的後返、更緊密的關係；同時非高端的客戶也可能轉化成高端客戶，可以更數據化的獲取高端新客。

根據篠塚的說明，本次融資預算除了用於開發AI，還將用於增加國內旅遊與航班預訂兩類產品，同時會計劃在韓國、新加坡、泰國等地進行全球擴張。設若成功，將堪稱亞洲第一高端旅遊品牌。海擇資本認為，境外做不成這件事，不代表日本做不成；但，日本做得成，也不代表在境外能同獲成功。我們的結論，還是開頭的那句--這家公司非常值得關注。

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Haize Capital Insights of the Day

Has a Paradigm for Mobile High-End Travel Agencies Emerged?

Recently, Japanese high-end travel agency "Reiwa Travel" announced a funding round of approximately $34 million, led by SMBC-GB Growth No. 1 Investment Limited Partnership under Sumitomo Mitsui. Including previous rounds, the total funding now reaches about $49 million. Given the challenging landscape of outbound travel from Japan and the traditionally hard-to-quantify nature of the high-end travel sector, "Reiwa Travel’s" claim of organizing 45,000 trips is noteworthy (though not necessarily a clear indicator for investment potential).

Just how bleak is Japan’s outbound travel market? According to Haize Capital, even during the peak summer season of July this year, the number of Japanese outbound travelers was down 37% compared to 2019, with only 10% opting for group travel, compared to over 20% in 2019. Despite these difficulties, Reiwa Travel has successfully secured funding—$34 million being akin to Series C-level financing in the travel industry. Assuming a 10% equity dilution, this suggests a company valuation approaching $300 million, which is why the industry is hailing this as a major boost for Japanese travel startups.

What story has Reiwa Travel used to gain such investor confidence? Founded in April 2021 by Takaya Shinozuka, a serial entrepreneur and internet celebrity in Japan, Reiwa Travel aims to create a digital travel agency that represents the Reiwa era. Shinozuka's vision focuses on "customized luxury overseas travel via smartphone," providing clients with unique experiences such as dining at hard-to-book Michelin-starred restaurants, staying in world-class luxury hotels, and offering personalized concierge services. As generative AI technology matures, Shinozuka’s new narrative emphasizes accelerating investment in AI to enhance travel booking experiences with features like AI travel search, AI concierge services, and dynamic pricing.

However, the story wouldn’t work without a viable business model. Haize Capital suggests that Reiwa Travel’s profitability in high-end travel comes from two core aspects:

1. Service Fees: Unlike typical high-end agencies that charge clients upfront for trip planning, Reiwa Travel charges service fees for each component of a confirmed booking (transportation, accommodation, restaurants, etc.). They also collect additional fees for itinerary changes or last-minute requests. Combined with commissions from suppliers, this model could potentially offer profitability on par with traditional agencies. If Shinozuka’s vision of an AI-powered process materializes, service costs per transaction could be significantly reduced.

2. Volume from General Travelers: In addition to its high-end offerings, Reiwa Travel launched the NEWT app, similar to OTAs, targeting non-luxury travelers. This likely helps boost sales for their high-end suppliers by increasing commissions and fostering stronger relationships, while also converting some non-luxury customers into future high-end clients.

According to Shinozuka, the newly raised funds will be allocated toward developing AI technologies and expanding product offerings to include domestic travel and flight bookings. The company also plans to expand globally to markets like South Korea, Singapore, and Thailand. If successful, Reiwa Travel could become Asia’s leading high-end travel brand. While *Haize Capital* remains cautious about whether such success can be replicated internationally, they believe the company is definitely one to watch.

標籤 Label： ReiwaTravel SMBC HighEndTravel AI Relux TasteLocal TakayaShinozuka