Where are they now? Catching up with the Hot 25 Travel Startups for 2023

It has been several years since PhocusWire
named its Hot 25 Travel Startups for 2023.

As we prepare to announce our class of 2026, we are once again checking in with some of our standout alumni of Hot 25 Travel Startups from 2021, 2022, 2023, 2024 and 2025. 

Many have since undergone major
transformations. Some, like Fora Travel, have scaled rapidly through
significant funding rounds and strategic acquisitions. Others, such as
Fetcherr, which has also attracted sizeable funding, have strengthened their global footprint and investor backing as
airlines race to adopt artificial intelligence (AI)-driven revenue tools.

Meanwhile, startups like Neoke are
advancing trusted digital identity solutions that could reshape how travelers
move securely across borders.

Some responses have been edited for
brevity.

Fetcherr

Specializing in dynamic pricing and
market forecasting, Fetcherr is at the forefront of AI-driven solutions for the
airline industry.

Co-founder and CEO Roy Cohen: 

The completion of the company’s third round of funding, led by
Salesforce Ventures, opening our global offices in Warsaw, Miami, Chicago and
Tel Aviv and successfully onboarding all of our new clients and seeing outstanding results.

• The biggest challenge I’m dealing with currently
  is:

Accommodating the demand and fast scale-up.

• My view on startup funding:

There’s less interest in AI language models—more interest in AI that creates true added value to the
business, and less interest in service solutions—more interest in product/enterprise infrastructure solutions.

• The technologies or innovations that
  excites me the most are:

Innovations that
can create a true, measurable added value. Innovations that prove that
AI-based business decision-making can significantly improve the
results. 

Fora Travel

Fora Travel aims to redefine the role of
travel advisors and power the next generation of travel advisors.

Co-founder, Henley Vazquez:  

2025 has been a landmark year for Fora. We announced $60 million in
Series B and C funding, led by Thrive Capital and Insight Partners, to
accelerate our mission to modernize the travel industry. Our community
surpassed $1.8 billion in bookings and more than 3 million nights booked by advisors in all 50
U.S. states and across 92 countries.

In August we announced the acquisition of
Legends, an award-winning AI startup whose predictive data platform will power
personalization across the Fora Advisor Portal, client-facing experiences and
supplier tools—a step change in how we connect travelers, advisors and
partners.

Another milestone was launching our accessibility training and certification program in partnership with an advisor
from our community, setting a new standard for inclusive, barrier-free luxury
travel. We also expanded internationally with travel agency licensing in British
Columbia and an agency branch in Mexico.

On the product front, we’ve continued
shipping meaningful innovations, from AI-powered itineraries to price drop—a
feature that alerts advisors when a refundable booking drops by more than 5% or
$50. Each new development is designed to make our advisors more productive and
client experiences more seamless. 

• The biggest challenge I’m dealing with currently is:

Our biggest
challenge—and greatest opportunity—is scaling quickly while staying true to
our DNA. As we evolve into a more consumer-facing brand, we must do so in a way
that empowers our advisors. At the same time, the pace of innovation is
accelerating. We’re shipping new tools at record speed, and the challenge is
ensuring each release meets our high standards of quality and craftsmanship.
Finally, traveler behavior is shifting toward shorter booking windows and
higher expectations for convenience. The challenge is proving that an advisor,
amplified by technology, can deliver the best of both worlds: trust and speed,
at scale.

• My view on startup funding:

Startup funding has matured significantly since the 2021-22 cycle.
Today’s investors are more disciplined, prioritizing sustainability,
efficiency and high-quality products over a growth-at-all-costs mentality. And
our own raise this year underscores that capital is available for companies
creating real, long-term value.

The travel industry is at an inflection
point: It’s a $1.8 trillion market dominated by distribution channels that
don’t serve travelers or suppliers particularly well. Fora is changing
that equation by lowering the barriers for people to build travel businesses
and by creating a single, efficient distribution channel that delivers
higher-quality clients at lower cost.

• The technologies or innovations that
  excite me the most are:

The
convergence of humans and technology, especially through AI. We see AI as a
force multiplier:

• For advisors, it removes the administrative burden, enabling
  them to serve more clients, market more effectively and grow their
  businesses faster
• For travelers, it delivers the best of both worlds—the speed
  of an OTA combined with the trust and expertise of a human advisor.
• For partners, tools like Legends’ predictive insights are
  unlocking smarter, more efficient distribution at scale.

We’re also inspired by innovation that
extends beyond AI—such as accessibility tools that make barrier-free travel a
reality for all, and community-driven platforms that foster authentic
connection between advisors and travelers.

Neoke

By integrating trusted digital identity,
Neoke is transforming the travel experience by modernizing identity verification.

Co-founder and CEO Vikas Bhola: 

Global scale and ecosystem growth: Achieved 10X revenue growth, expanding Neoke’s identity infrastructure across airlines, airports, governments and technology partners. Together, we’re building a trusted global ecosystem that powers seamless, privacy-first travel—now preparing for launch with a 50 million-passenger airport hub.

Agentic identity in action: Advanced profile agents and agentic orchestration, enabling personalized, document-free journeys. In partnership with Cathay Pacific, Hong Kong International Airport, Narita Airport and the International Air Transport Association, Neoke showcased the world’s first contactless cross-border travel experience—from booking to borders to boarding.

• The biggest challenge I’m dealing with currently
  is:

Staying narrowly focused while the
opportunity landscape expands. We have to make deliberate choices about where
to apply our efforts so every step aligns with our long-term vision. It’s
tempting to chase every adjacent use case, but maintaining that discipline in
focus is something we work on every day.

• My view on startup funding:

The funding environment today calls for patience and clarity.
Decisions take longer, and investors are looking for genuine conviction and
alignment. The best partnerships start well before a funding round; that’s when
you can really see what each partner brings and whether they share your vision.
In the end, it’s really alignment, finding investors who don’t just believe in
the vision but are ready to help you navigate the path to get there.

• The technologies or innovations that
  excite me the most are:

Those
enabling agentic travel—where intelligent systems collaborate, reason and
act on a traveler’s behalf. Soon every journey—from booking to border—will
be guided by agents that understand your preferences, verify your identity and
interact securely across travel partners. Neoke builds the connective layer
that makes this possible, enabling seamless, trusted and truly connected
travel without repeated data entries and identity checks. 

At Neoke, our north star is clear: to make
trust programmable and interoperable across ecosystems. We see a world where
every interaction, every agent and every service is connected—where people
and intelligent systems can navigate the digital world with confidence,
transparency and agency.