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The funding for the world’s first 100% flight-free dynamic holiday planning tech startup, Byway, will allow the company to increase investments in its low carbon sustainable travel technology and expand into new markets.
European law firm Fieldfisher has advised Byway, a pioneering travel tech startup and B Corporation championing sustainable, flight-free travel, on an oversubscribed Series A funding round raising £5 million. The investment round was led by Heartcore Capital, with participation from Eka Ventures and re-investing Byway angels.
Byway, known for its unique journey-planning technology, JourneyAI, will use the funds to accelerate development and drive its expansion into new regions. Since its launch in March 2020, Byway has grown three times year-on-year and has significantly impacted sustainable travel, with an average carbon saving of 718kg per trip. This Series A funding will enable Byway to continue leading the charge in making flight-free holidays mainstream, promoting a low-carbon, environmentally friendly travel experience.
This deal was led by Corporate Partner Tom Ward alongside Associate Chloe Hassall and Trainee Solicitor Bayley Brigg with support from a multi-disciplinary team consisting of Partner Sarah Tedstone, advising on data privacy aspects and Senior Associate Richard Branson, advising on employment matters.
Cat Jones, Founder and CEO of Byway, commented: "Tom and the venture capital team at Fieldfisher are consistently fabulous at guiding us through milestone transactions, and have been for years. They are proactive, always available, and make us feel like we’re their most important client despite the many other plates they must be spinning.”
Tom Ward, Co-Head of Fieldfisher's Emerging Companies and Venture Capital practice, added: "We're delighted to have helped Cat and Byway on this Series A round. We've had the privilege of supporting Byway since its first seed investment and are excited to see their next phase of growth. We anticipate that throughout 2024, a lot of venture capital dealflow will continue to go to innovative businesses that focus on sustainability, the environment, and helping to tackle the climate crisis. We're thrilled that Fieldfisher is acting for a large portfolio of emerging UK companies in this space."
Fieldfisher's corporate practice has a strong track record of advising on sustainability-focused deals. Earlier this year, the firm advised Scottish electric bus service provider, Ember Core, on its £11 million Series A and supported zero-emission parcel delivery service, HIVED, on a USD$12.4 million Series A round, as well as cleantech packaging pioneer Again on a £2.55 million venture capital fundraising.