Perspectives on the future of travel & technology.

Thayer Investment Partners participates in TravelX's Series A, led by Kaszek, as the company scales the RmX platform turning static airline inventory into a dynamic, continuously optimized asset. It's a category we think is genuinely underpriced by the broader market — what happens to an airline seat after it's already been sold.

Airlines have spent decades getting sophisticated about pricing a seat before it sells. Once a ticket is issued, that inventory typically becomes commercially frozen, even as demand, operations, and passenger circumstances keep shifting underneath it. TravelX's RmX platform works inside that gap: it identifies flights and seats with resale potential, sends targeted buyback or swap offers to passengers, compensates the travelers who move, and releases the original inventory back into the airline's normal sales channels. TravelX is turning static airline inventory into a dynamic, continuously optimized asset — already live with Viva, Volaris, AirAsia, WestJet, Scoot, and Cebu Pacific Air.

“We think this is the intelligence layer that redefines post-booking revenue management for global aviation.”

— Thayer Investment Partners

This is also Kaszek's first investment in aviation technology, a notable vote of conviction from one of Latin America's most active venture firms. The round brings TravelX's total funding to $45 million. It arrives with the company led by Juan Pablo Lafosse as CEO, alongside Pablo Santillan as CTO and Francisco Vigo as COO — a team that has spent the past several years learning exactly where legacy reservation systems, passenger rules, and irregular operations make this problem hard, and building RmX to work inside those constraints rather than around them.

Thayer Investment Partners is thrilled to back TravelX's Series A, alongside Kaszek. We're proud to partner with Juan Pablo Lafosse and the team on what's next. Post-booking revenue management is the kind of category that looks obvious only in hindsight: airlines have built enormous sophistication around pricing inventory once, and comparatively little around re-pricing it continuously after the sale. We think that gap is worth billions across global aviation, and we're glad to be backing the team building the infrastructure to close it. Read the entire announcement at BusinessWire.

TIME, in partnership with Statista, has named Thayer Investment Partners to its second annual ranking of America's 350 Top Venture Capital Firms. The methodology weighs four factors: fundraising (30%), capital deployed and deal volume (20%), performance including IPOs and follow-on conviction (40%), and leadership in rounds and board seats (10%).

It is a list dominated, unsurprisingly, by generalist firms with decades of scale — Sequoia, a16z, Lightspeed. Making that list as a venture platform built specifically around one industry is a different kind of validation: it says a focused thesis, applied consistently, can still compete on the same scorecard as multi-sector giants.

“None of that happens without conviction in a single thesis: travel deserves a dedicated venture platform. Connecting dots and opening doors across the largest and most dynamic industry in the world: hotels, transportation, airlines, cruise, agencies, restaurants, events, sports, entertainment, and experiences.”

— Thayer Investment Partners

This recognition caps a year of real structural change for the firm. Thayer Ventures and Derive Ventures came together as Thayer Investment Partners, deepening our bench of strategic and financial investors while backing founders building the next generation of infrastructure for travel and hospitality. None of that consolidation was an end in itself — it was in service of the same thesis we've held for over a decade, applied with more capital and more operating depth than either platform carried alone.

We're grateful to our team, our founders, and our partners for building this with us, and proud to sit on TIME's list alongside the industry's largest generalist funds. We're even more focused on what comes next: there is a lot more climbing left to do. View the entire list of America's 350 Top Venture Capital Firms at Time.com.

We congratulate the MarginEdge team on closing an $80 million Series D, with Derive Ventures and Thayer Investment Partners among the participating investors, alongside Osage Venture Partners and Western Alliance Bank, in a round jointly led by Schooner Capital and Ten Coves Capital. The round brings MarginEdge's total funding to $162 million, nearly doubling what the company has raised since its founding — and it deepens our conviction in a business we have long believed sits at the center of restaurant technology's next decade.

MarginEdge now supports more than 13,000 restaurants and has processed over 40 million invoices, representing roughly $28 billion in purchasing volume. For more than a decade, the company has quietly turned that operational exhaust — purchasing, inventory, recipes, sales, accounting — into structured data. That data is now the foundation for a wave of AI products the company is shipping at a pace few restaurant-tech platforms can match.

“Hospitality starts with people. Our job is to build technology that gives operators more time to focus on their guests. We've spent the last decade helping restaurants organize every part of their business – from purchasing and inventory to recipes, accounting and payments. Clean, trusted restaurant data is the heart of powerful AI, and now we can put it to work in ways that simply weren't possible before.”

— Bo Davis, Co-Founder & CEO, MarginEdge

That AI push is already visible across the platform: Tom the Tomato, MarginEdge's built-in assistant, combines restaurant expertise with each operator's own data to recommend orders, flag waste, and explain unexpected performance swings. The company has also extended intelligence beyond its own walls with a restaurant-specific MCP connector — letting operators securely plug their MarginEdge data into tools like ChatGPT and Claude — alongside the MarginEdge Card for payments and continued investment in sales forecasting and invoice automation.

We are proud to continue supporting Bo Davis and his team and couldn't be more excited about what's next. MarginEdge is proof that the most durable AI products in any vertical are built on top of data infrastructure nobody else bothered to organize. Restaurants generate an enormous amount of operational signal every day; MarginEdge has spent ten years turning that signal into the substrate for genuinely useful automation, rather than a thin AI layer bolted onto someone else's workflow. That is the pattern we look for across every category we back, and restaurant tech is no exception. Read the entire announcement at GlobeNewswire.