Skift Take
Thayer, the best-known VC firm that invests in travel startups, is essentially merging with a newer fund called Derive. The deal is being pitched as a way to "drive innovation in travel tech," which is VC-speak for "we want to make money off the next big thing in travel apps."
Thayer Ventures and Derive Ventures have tied up to create Thayer Investment Partners, an investment platform aimed at driving innovation in travel technology, Skift learned on Monday.
Why it matters: No other traditional U.S.-based venture capital firm has invested more capital in travel startups over the past decade than Thayer Ventures. The quasi-merger comes as the travel industry grapples with emerging opportunities in AI and the adoption of cloud-native technologies.
Key Details Chris Hemmeter from Thayer Ventures, along with Tyler Carrico and Mike Scott from D