Founded in 2009, Thayer Ventures has built the preeminent venture platform for travel and transportation entrepreneurs to leverage unequaled counsel from our experienced team, strategic LPs, industry-leading advisors and the entire Thayer portfolio ecosystem. Thayer Ventures has built a compelling platform to identify and acquire a company to go public via a blank check company in the travel and transportation market.
The travel and transportation market itself contributed $8.9 trillion to global GDP in 2019 according to the World Travel & Tourism Council. As a global whole, the industry represents 10% of GDP and is one of the largest industry-level employers, accounting for 330 million jobs, or 1 in every 10 (World Travel & Tourism Council, 2019). Travel has been notable for its early and rapid adoption of digitization relative to other industries, first in the move to online and now increasingly in the mobile sphere given the rise and widespread adoption of smartphones and other connected devices. Thayer believes digital transformation will continue to evolve as the rise of new technologies and business models influence the way business and consumers interact with the travel and transportation ecosystem
The formation and growth of new businesses in travel and transportation technology has been driven not just by industry factors but also by early-stage funding into the sector. As the industries we follow, both new and old, have been disrupted or digitized we have seen the winners and losers materialize. Despite the significant disruption caused by COVID-19, Thayer believes that consumer sentiment and business indicators for travel and transportation will return to historical levels and resume growth once the pandemic has stabilized itself enough such that individuals can resume historical activities and behaviors. In the aftermath of past pandemics and major global crises, such as 9-11, the 2008-2009 Financial Crisis and H5N1, temporary declines in the industry were followed by a return to prior levels of demand. There are businesses in our target markets that have thrived during the COVID-19 crisis, and other businesses in our target markets with fundamentally sound value propositions that can both withstand the current environment and benefit from any rebound in activity in future periods. Therefore, as the travel market rebounds, we believe the next two years will be an opportune time to invest in and own a well-positioned business in our target markets. Furthermore, the changing travel preferences, increasing focus around safety, and enhanced duty of care requirements for corporations due to COVID-19 will drive further shifts and innovations in our target markets.