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The Venture Codex

Thayer Ventures

400 Pacific Ave. Second Fl. West, San Francisco, California, 94133, United States

Overview

Thayer Ventures (Thayer) invests in technology companies with a focus on the travel industry. This industry represent more than $10 trillion in annual global economic activity, is thriving with entrepreneurial activity due to disruptive changes within the sector that began more than a decade ago. Recent consumer trends have accelerated this disruption for operators across the travel world, creating unprecedented opportunities for technology providers to make significant inroads into what was previously a closed market. Additionally, travel industry suppliers are dealing with massive shifts in travel planning, organizing and booking driven by the Internet and social media platforms. As a result, the travel industry is being forced to rapidly deploy new technologies in order to exploit the opportunities created by this shifting consumer behavior. The combination of these factors has created a unique environment for innovative technology providers to make significant inroads into this massive, growing, and evolving marketplace.

Total investments
54
Lead investments
14
Investments · 12mo
3
Active investors
5

Sector focus

  • Hospitality
  • Publishing
  • Travel
  • Venture Capital
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Investment portfolio

  • TravelX

    Participated · Series A · Aug 2026

    TravelX builds an AI-native post-booking revenue management platform that turns static airline inventory into continuously optimized, dynamic commercial assets. The company positions itself as the intelligence layer for next-generation airline revenue management, using AI to respond to evolving demand, operations, and customer circumstances after booking. TravelX plans to use the $45 million Series A to accelerate product innovation, expand its AI platform, and grow its global commercial presence. Kaszek led the new round—its first investment in aviation tech—with participation from Thayer Ventures. TravelX previously raised $10 million in a Series A led by BNM Capital for its blockchain technology.

  • Clarasight

    Participated · Series A · Apr 2026

    Clarasight provides an AI platform that integrates and normalizes fragmented travel, expense, card and HR data into a real-time, AI-ready model for enterprise travel and expense programs. Its Data Management Agents ingest data from travel management companies, expense tools, card programs and HR systems to enable automated workflows, policy exception detection, what-if scenario analysis, and defensible supplier negotiations. The company reported roughly 10x recurring revenue growth over the prior year and now manages data for programs representing over $5 billion in travel and expense spend. Clarasight counts four of the sixteen largest corporate travel programs in the BTN 100 among its customers, including two Big Four accounting firms, and says customers have cut reporting time by 99% and reduced manual data review cycles by over 90%. The recent Series A financing is intended to accelerate product development and expand go-to-market efforts across North America and Europe. Clarasight positions its platform to give lean teams infrastructure and automation to run complex global travel programs without adding headcount.

  • Amenitiz

    Participated · Series B · Nov 2025

    Founded in 2017 in Barcelona, Amenitiz offers independent hoteliers a single cloud platform that unifies reservations, operations, payments, online presence, and revenue management. The company now serves more than 15,000 properties, up from 4,000 at the time of its 2022 Series A, and its customers have processed over €3 billion in bookings for 15 million guests in the past 18 months. Recent feature launches include AmenitizBoost for direct-booking marketing and PriceAdvisor for dynamic pricing, tools that the firm says can lift revenue by up to 20%. Amenitiz is doubling down on AI-driven product innovation to further automate hotel workflows and plans to introduce additional revenue-generating modules while expanding into new European markets. The platform targets the 750,000-plus independent hotels that constitute more than 80% of Europe’s hospitality market, aiming to give them the digital capabilities traditionally reserved for large chains. Historically, Amenitiz raised €620k in seed funding in 2019, €6.5 million in 2021, and €27 million in a 2022 Series A round, and it also acquired Ododo in 2022 to bolster its offering. Backed by a roster of international investors, the company positions itself as the default operating system for Europe’s independent hotel segment.

  • DIAMO

    Led · Seed · Apr 2025

    DIAMO is a revenue platform purpose-built for independent hotels, combining dynamic pricing, omnichannel digital marketing, and a conversion-optimized website and booking engine into a single product. The platform integrates automated dynamic pricing and digital marketing to optimize the guest booking journey and offers expert revenue managers to guide clients. DIAMO says its solution can increase revenues by up to 35% while saving time for owner-operated and small-team properties, particularly hotels with under 150 rooms. The company is leveraging AI across its stack and is preparing to launch ANDI, an AI assistant that will auto-configure revenue strategy, launch ad campaigns, and provide ongoing pricing and distribution recommendations. DIAMO serves clients globally across the USA, Canada, Central America, Europe, Africa, and Asia. The company is headquartered in New York and targets smaller independents that cannot afford enterprise technology or dedicated revenue teams.

  • Rain

    Participated · Equity · Mar 2025

    Rain delivers a full-stack, compliant payments platform that lets enterprises issue stablecoin cards, offer rewards, convert fiat to stablecoins, power wallets and execute global payouts through a single partner. As a Visa Principal Member, its cards work anywhere Visa is accepted, supporting millions of purchases in more than 150 countries. The network already moves more than $3 billion in annualized transaction volume for over 200 partners such as Western Union, Nuvei and KAST, and the programs built on Rain can reach over 2.5 billion people. During the past year the company’s active card base expanded 30× and its annualized payment volume climbed 38×, signaling fast market adoption. Total funding now exceeds $338 million and the latest round pegs the company’s valuation at $1.95 billion, a 17× increase in ten months. Looking ahead, Rain intends to extend its licensed footprint across North America, South America, Europe, Asia and Africa, deepen its platform through strategic acquisitions, and develop new products that make stablecoin payments seamless for businesses and consumers.

Team