New Travel Technology Fund TeamABC To Be Headquartered In Dublin
According to The Irish Times, TeamABC, a venture capital fund involved in the travel sector, is setting up its headquarters in Dublin.
The fund focusses on early-stage companies, with a strong interest on increasing sustainability and digital transformation in travel.
TeamABC was set up by Clyde Hutchinson, Aurelius Noell, and Brian Marrinan, who have a vast amount of experience either working in the travel industry or in start-ups.
Noell was formerly the chief commercial officer at Level and Viva Air, two airlines.
Marrinan established Ireland's first start-up accelerator programme, NDRC, amongst other experiences in start-ups.
Speaking to The Irish Times, Hutchinson said the group are "investing in efficient and sustainable air, land, and sea transportation and tourism."
Investments will be aimed at companies at pre-seed level, with investments to be made in "the hundreds of thousands, rather than in millions."
The fund made its first investment last month, supporting French airline revenue management group Yeildin.
Yeildin has been touted as having the potential to reach a $1 billion dollar valuation.
With offices in Vienna, Dubai, and Mexico City, Hutchinson has said that the company will have a global focus, but is currently observing a number of Irish start-ups.
Hutchinson believes that intense demand for holidays from consumers who have been restricted for the past year will return the struggling travel industry to normality.
"Everyone wants to go off and do their bucket list trip," he added.
An increased focus on sustainability within travel is predicted once it can safely resume, with companies expected to devote a larger number of resources to meeting the challenge than ever before.
According to Hutchinson, "doing something like tree planting as a way to offset carbon emissions simply isn't going to cut it in the future."
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