Travel Tech Insider

Private equity is playing an increasingly visible — and influential — role across travel and hospitality. From platform rollups and carve-outs to growth equity investments in scaled travel tech, PE capital is reshaping who owns what, how companies grow, and what “success” looks like beyond venture-backed exits.
This episode unpacks how private equity really works, how it differs from late-stage venture capital, and why travel and hospitality have become such compelling hunting grounds for PE firms right now. We start with the fundamentals: what private equity is, how funds are structured, who the LPs are, and how different types of PE strategies — from growth equity to buyout funds — show up in travel. From there, we dig into what makes a strong PE investment target, including the metrics, moats, and operational characteristics that matter most at this stage of a company’s life.
The conversation then turns to M&A strategy, including how PE firms evaluate acquisition opportunities, when rollups make sense versus single-asset plays, and what founders should (and shouldn’t) do to prepare for future M&A conversations. We also demystify the PE process itself — how firms engage with founders, what diligence looks like, and what realistic timelines founders should expect.
Whether you’re a founder, operator, or investor, this episode offers a clear, candid look at how private equity is shaping the future of travel.
Follows
Gilad Berenstein – host
Cara Whitehill - host
Evelyn Duan — guest
Vinay Shah — guest
Go Deeper
Travel industry trends and the opportunity for private equity - McKinsey & Company
M&A trends in travel, leisure and hospitality - KPMG
Economic uncertainty ‘reshaping deal-making’ as travel and tourism M&A slows — HotelDive
The coming wave: Consolidation in tours and experiences — PhocusWire
M&A Activity Continues to Escalate in the Global Hotel Operator Sector - Goodwin

As we close out Season 3 of Travel Tech Insider, we’re stepping back to reflect on the conversations, debates, and signals that defined the past year—and to look ahead at what 2026 may have in store for travel, hospitality, and the technology shaping it all.
We kick things off at the macro level, asking our guests to share one or two defining lessons from 2025. Those insights span far beyond any single theme—touching on investing, AI, business building, travel behavior, and even how leaders are adapting personally in a rapidly changing world. We’ll also hear from our investors on one standout investment from 2025 that they’re particularly excited about, alongside a look back at which major industry trends truly hit the mark this year.
From there, we revisit the core topics that shaped Season 3, offering fresh perspective, candid reflections, and a few hot takes along the way. We unpack what’s really happening in the vacation rental market, the growing influence of social commerce, and the continued evolution of AI from experimentation to infrastructure. We explore the expanding role of FinTech and stablecoins in enabling frictionless, agent-driven commerce, examine cruising as a microcosm of innovation in travel, and reflect on why corporate travel remains in flux amid shifting work patterns and economic pressures. We also touch on the state of private equity and rollups in travel, and what consolidation signals about the maturity of the sector.
We close the season by turning our gaze forward, asking each guest to share their predictions, priorities, and areas of focus for 2026. From emerging business models to changing power dynamics and new opportunities on the horizon, this season finale ties together the threads of Season 3 while setting the stage for what comes next.
Follows
Gilad Berenstein – host
Cara Whitehill - host
Max Niederhofer — guest
Besty Mulé — guest
Sarah Kopit — guest
Go Deeper
How AI Bookings Will Rewrite the Travel Company Playbook - Bain & Company
Skift Megatrends 2026 - Skift
Hot Travel Startups 2026 - PhocusWire
Clear Skies for Corporate Travel in 2026 - Morgan Stanley
2026: Going Public. Going Global. Going Big. - Arival Travel

When we last visited the corporate travel side of the industry with OG Steve Singh about a year and a half ago, most of us were still kicking tires on ChatGPT and “agents” still referred to humans.
Fast forward to today, and the implications of agentic AI are reaching into every nook and cranny of even the most slow-moving corners of the industry, like corporate travel. With travelers getting more comfortable relying on LLMs to help them plan leisure travel, will they naturally extend that usage for their business trips?
And if so, what would that mean for the managed travel industrial complex that exists to optimize the budget and policy rules for corporate travel? Everything feels up for grabs, from how suppliers distribute their inventory and service the traveler, to how corporate travel managers ensure compliance and keep travelers safe, to how the TMCs (travel management companies) to whom much of this responsibility has been outsourced continue to earn the right to even exist.
On the M&A front, we’re seeing the gravitational force of scale take hold, with AMEX GBT’s acquisition of CWT (and subsequent rumors of them being up for sale) and Navan’s recent IPO.
And we haven’t even gotten to GDSes or NDC yet.
What does business travel look like for all these stakeholders in this moment of extended transformation? We’ll dig in with two industry experts to unpack where corporate travel is headed.
Follows
Gilad Berenstein – host
Cara Whitehill - host
Cory Garner — guest
Jay Boehmer — guest

Go Deeper
Deloitte: Corporate Travel Forecast a Mixed Bag Amid Complex Conditions - Deloitte
How Corporate Travel & Payments Could Change by 2030 - PhocusWire
The State of Corporate Travel and Expense 2025 - Skift
Meet Tomorrow’s Business Travelers - AMEX Global Business Travel
How artificial intelligence is reshaping the future of travel and expense management - ITBrief

The cruise industry has quietly become one of the most fascinating — and technologically advanced — corners of the travel sector. Once viewed as a niche for retirees and sun-seekers, it’s now riding a powerful wave of innovation, luxury, and digital transformation. From ultra-high-end yachts to fully connected smart ships, cruising has evolved into a microcosm of where travel is headed next.
In this episode, we unpack the major trends shaping the modern cruise market — and explore what makes it such a compelling space for travelers, technologists, and investors alike.
From the luxury side of the industry, global hospitality icons like Four Seasons, Ritz-Carlton, Belmond, and Aman are extending their brands into the water, bringing the same elevated design and service ethos that they’re known for on land.
At the same time, around-the-world itineraries and the rise of residential cruise lines — floating communities where travelers actually live aboard — are blurring the lines between hospitality, real estate, and adventure.
Then there’s the family dimension. Cruising has become a top choice for multi-generational travel — offering everything from kids’ discovery camps to Michelin-level dining for grandparents — all within a single, self-contained experience.
And while sustainability is often a buzzword across the travel industry, cruising may actually be leading the way. From LNG-powered vessels and advanced waste treatment systems to experiments with alternative fuels and onboard recycling ecosystems, major cruise operators are investing billions to minimize their environmental footprint.
But perhaps the most underappreciated story — at least for the digital crowd — is the astonishing level of connectivity that exists onboard. In many ways, cruise lines have already built what other sectors of travel are still chasing — a truly connected trip experience, where data flows across every stage of the customer journey.
In today’s conversation, we’ll bring together several leaders from across the sector to explore the forces driving this boom.
Welcome aboard!
 
Follows
Gilad Berenstein – host
Cara Whitehill - host
Shane Buksh — guest
Thatcher Brown — guest
Sam Chamberlain — guest
Captain Bill Wright — guest
 
Go Deeper
State of the Cruise Industry Report 2025 - Cruise Lines International Association (CLIA)
Inside the Strange and Lonely Test Run of a New Cruise Ship - Wall Street Journal [$]
Next Growth Phase for Cruises and a New Sustainability Test - Skift
Virtuoso’s New Vice President of Global Cruise Shares Current and Future Trends - Travel Age West
Gen Z and millennials fuel cruise industry rebound - Hospitality Today

Fintech has quietly become one of the most transformative forces in the travel industry — shaping how we pay, how we earn and redeem loyalty, and increasingly, how companies manage global transactions behind the scenes. From B2B payment flows between hotels, OTAs, and suppliers to B2C innovation in digital wallets, loyalty currencies, and embedded finance, fintech is no longer just an enabler — it’s a strategic differentiator.
Fintech also plays a role in the expanding agentic AI space. After all, agents can’t really “agent” without the ability to execute a transaction. How will autonomous digital agents transact on behalf of travelers? What role could blockchain and digital identity play in enabling trusted, frictionless payments between humans and machines?
We’ll also examine the regulatory shifts reshaping the playing field — including the GENIUS Act and other global efforts to modernize payment infrastructure and consumer protection.
Follows
Gilad Berenstein – host
Cara Whitehill - host
Randall Davies — guest
James Lemon — guest
Go Deeper
What’s up with stablecoins after the GENIUS Act? - Brookings
Are Stablecoins the Game-Changer for Cross-Border Payments? - Edgar Dunn & Company
The 2025 McKinsey Global Payments Report - McKinsey & Company
KYAPay: Toward an Open Payment and Identity Layer for Agentic AI - ***KYAPay.ai & Skyfire.xyzWhitepaper***
The era of payment stablecoins has arrived - Deloitte