Latest news with #Barcelona-based
Scotsman
a day ago
- Business
- Scotsman
Travel Tech: Can Scotland produce another Skyscanner?
Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Ever since Edinburgh-based flight search business Skyscanner was snapped up by Chinese travel group Ctrip almost a decade ago for £1.4 billion, the dream of producing another local 'unicorn' has been kept alive by numerous entrepreneurs in Scotland. Nikki Gibson is one of them. Three years ago the former corporate events executive founded Edinburgh-based Swurf, an app that links peripatetic workers with hotels, gyms and other places across the UK where they can park their laptops and work for a day. Advertisement Hide Ad Advertisement Hide Ad This week she and Alison Grieve, a board member and editor of Young Company Finance, welcomed users to a monthly 'coworking' session at the Kimpton Hotel on Edinburgh's Charlotte Square. "Travel tech", pioneered by firms such as Skyscanner, help travellers plan city breaks to destinations such as Prague | Getty Images Gibson founded the business to tap into what she calls a growing 'digital workforce' seeking temporary workspaces, while providing foot traffic for hospitality businesses recovering from the pandemic. The roughly 55 venues signed up to Swurf in Scotland pay an annual fee to be listed on the app, while users enjoy perks like discounted food and coffee. Swurf and other startups in Scotland such as Obvlo and Holibob are part of a global phenomenon known as 'travel tech' – businesses involved in the digitalisation of travel, tourism and hospitality. Its growth has coincided with the post-pandemic rebound in travel and a proliferation of digital nomads and includes established names like and ticketing system Amadeus. Recent startups include TravelPerk, a travel and expense management platform and Barcelona-based Exoticca, involved in the digitalisation of long-haul travel. AI creating travel itineraries Investors have loved the story, in particular how AI is enabling the personalisation of travel itineraries in a way that humans could never manage on a large scale, while increasing the efficiency of booking technology and revenue management. Advertisement Hide Ad Advertisement Hide Ad Edinburgh-based Obvlo, founded four years ago by Aberdeen University graduate Callum McPherson, is a 'digital concierge' using AI to help hotels build personalised food and sightseeing recommendations for guests before they check in. Investors include US-based Blue Run Ventures and Edinburgh family office Murray Capital. Edinburgh is a natural hub for this given a steady increase in tourism, which is driving a spurt in hotel development. It also has a thriving ecosystem of travel tech entrepreneurs and promoters associated with the university's Edinburgh Futures Institute (EFI), one of six innovation hubs under the Edinburgh City and Region Deal's Data Driven Innovation programme driving collaboration between academia and business. Josh Ryan-Saha, an authority on AI and data-driven innovation in tourism, operates out of the EFI, where he runs Traveltech for Scotland, a cluster involving over 200 tourism and technology companies that he founded in 2020. He cites TravelPerk as an example of Scotland's tech travel credentials. The Barcelona-based company opened a hub in Edinburgh in 2022 staffed largely by software engineers, some of them former Skyscanner employees. 'They could see the talent was coming out of Edinburgh because of the informatics and data capability at the university,' Ryan-Saha says. Advertisement Hide Ad Advertisement Hide Ad Scotland also has a mature funding ecosystem of private equity, VC and angel investors, among them Gareth Williams, co-founder and former chief executive of Skyscanner who has backed Swurf. Angel Capital Scotland, which represents around 2,000 private investors, says the value of deals to fund startups of all types in 2023-24 was up slightly to £106m, involving 94 transactions of between £20,000 and just over £4m. Skyscanner co-founder Gareth Williams | TSPL Scottish government support is also helping through the role of Scottish Enterprise as an early-stage co-investor. McPherson says a £10,000 grant from Scottish Development International allowing Obvlo to attend a tourism conference in Miami resulted in the company being named by organisers as a 'hot travel startup' for 2025. Scarcity of funding Yet all of this masks a tough reality for Scotland's travel techs: funding is becoming scarcer. While Scotland's investment share of equity fund raisings for all types of businesses in the UK grew last year slightly to 4.8 per cent involving 199 deals worth £59m according to consultancy Beauhurst, such funding across the UK in the final quarters of last year was the lowest in deal volume since 2014 due to geopolitical instability and tough macro-economic conditions. Advertisement Hide Ad Advertisement Hide Ad Travel tech funding has fared no better, dropping globally to nearly a decade low in 2023 to $5.2 billion, according to Phocuswright, a research firm whose parent company is hosting a travel tech conference in London next month. It predicts that the number of funding rounds likely to have been completed in 2024 will fall to the lowest level on record. Moreover, investors are becoming stricter about what they'll commit to. Scottish Enterprise acknowledged this in its latest report on Scotland's risk capital market published last week, saying 'changes in investor risk-appetite have perpetuated the drift towards later stage opportunities, with early-stage below £10 million and new to equity investment being the most challenging areas'. Cara Whitehill, a vice-president at Thayer Investment Partners, a US venture capital firm specialising in travel tech, explains that investors are now looking 'for more traction earlier in the lifecycle compared to a few years ago, so it will be tough to capture funding without having something relatively concrete you can point to.'
Yahoo
a day ago
- Business
- Yahoo
‘Cities turned into theme parks': Why Airbnb is facing trouble in Spain
With its enviable climate, food and architecture, Spain pulled in 98 million visitors in 2024 — making it the world's second most-visited country after France. But that popularity comes with an unenviable side effect. A surge in homes being listed on platforms like Airbnb means Spain's main urban centers like Madrid, Barcelona and Valencia are now in the grip of a housing rental crisis that has, in recent months, become Spaniards' primary worry, according to the Spanish Center for Sociological Research. Now that anxiety has triggered an official backlash. Earlier this month, Spain's Social Rights, Consumer Affairs and 2030 Agenda Ministry demanded the removal of nearly 66,000 property rental listings on Airbnb, saying they contravene tourist accommodation regulations. While Airbnb is appealing the move, it can't come soon enough for some in Spain who say their lives have been blighted by the lack of affordable living accommodation. 'Not being able to afford the purchase or even just the rent of a decent apartment for oneself is devastating for the dignity of working people,' Madrid resident Enrico Congiu told CNN. The 40-year-old works as a family doctor and shares an apartment with two other people the same age close to the capital's downtown. Barcelona-based Raquel Pérez, 41, is another young professional who says she feels trapped by a housing shortage she says can only be alleviated by restrictions on holiday lets. 'Currently, it is almost impossible to rent an apartment in Barcelona', she told CNN. 'And we Barcelonans find ourselves having to share an apartment at the age of 40, or having to move to neighboring cities.' She added: 'I am in favor of eliminating the licenses for tourist apartments and converting them into long-term rental contracts. In fact, I would bring this measure forward to 2026.' The price per square meter of house rentals has risen 85% nationwide in Spain over the last decade, according to data from the real estate website Idealista, with tourism and seasonal rentals viewed as key inflationary drivers. There are 400,000 tourist-use housing units in Spain, according to the latest data from the Spanish Statistical Office. The Bank of Spain estimates the country's housing deficit to be between 400,000 and 450,000 dwellings — figures that appear to have spurred the government into action against the rentals it deems are in breach of regulations. 'Behind each of the 65,000 property listings there used to be homes for families, workers, students, who today are expelled from their neighborhoods and see how their cities are turned into theme parks for the excessive profit of a few investment funds and big companies,' Pablo Bustinduy, Spain's minister for social rights, consumer affairs and 2030 agenda said on Sunday. Most of the targeted listings violated existing rules by not providing a license number, providing a wrong one or not indicating the legal nature of the owner, according to the ministry. A request that has been backed by Madrid's High Court has ordered rental platform Airbnb to immediately withdraw 5,800 property rental listings identified by the ministry located in regions like Andalucia, Madrid, Catalonia, Valencia, the Balearic Islands and the Basque Country. Asked about the move, Airbnb told CNN that it will continue to appeal all decisions affecting this case. It also accused the ministry of 'using an indiscriminate methodology' to single out rental properties that Airbnb says do not actually need a license. Airbnb pointed out that it is already working with the governments of the Canary Islands, Murcia and Ibiza to pursue illegal listings. The national government isn't the only Spanish authority tackling the issue. Barcelona City Council announced in June 2024 that it will not renew housing licenses for tourist apartments after 2028. That means that more than 10,000 tourist apartments will have to be made available for locals to rent or purchase. The move has upset some property owners, with the Association of Tourist Apartments of Barcelona (Asociación de Apartamentos Turísticos de Barcelona) demanding more than $4.4 million as compensation for about 7,200 apartments affected by this measure. And not everyone is convinced it will tip the balance in favor of those struggling to find long-term accommodation. 'More affordable housing and better regulation would be needed,' Xavier Solé, a Barcelona resident, told CNN. Some tourists, meanwhile, say they agree with a clampdown on Airbnb-style rentals, even if they find them a preferable option. Lara Sorbili, who recently visited Madrid from Buenos Aires, told CNN that she agreed with any efforts to help reduce rental prices for locals, but still chooses Airbnbs where possible. 'I find it to be more convenient as I can have a kitchen, refrigerator… it's much more comfortable,' Sorbili told CNN. 'It also reduces the cost for a family trip if I travel with my children.' Deborah Murphy, who flew from Ireland to spend time in the Spanish capital, added that new measures were 'probably for the best.' 'There are so many hotels already available, then you take housing away from people who could live there, instead of tourists who come for a few days and add nothing to the economy.'
NDTV
a day ago
- Automotive
- NDTV
Royal Enfield Fuel Fury 650 Is a Custom, Rally-Spec Bear 650
Royal Enfield Bear 650 created a lot of buzz at the time of its launch. A bit of this was carried forward even after the launch of the scrambler. However, some folks believed that the bike was not quiet enough when it came to hardcore off-roading. Resolving all such complaints, the enthusiasts at Barcelona-based Fuel Motorcycles created the Royal Enfield Fuel Fury 650, a custom scrambler using the Bear 650 as a base. What's even more interesting is, the bike pays tribute to Eddie Mulder, the iconic champion of the 1960 Big Bear Run. In terms of appearance, the Fuel Fury maintains the modern appeal of the Bear 650 with elements resembling the Fury 500 from the '60s. Commanding most attention is the dual-LED headlight surrounded by a metallic frame. Additionally, the front fender is now higher, the shape of the single-piece seat is changed, and the tail section is now narrower. All of this is complemented by a bright paint scheme. The side panel of the bike has "Big Bear Run" text on it with "249" number, while the tank has "In Gut We Trust" written on it. To enhance the off-road aesthetics and add more functionality to the mix, the brand has added elements like an upswept free-flow exhaust, skid plate, handguards, rally pegs, and tank grips to the original tank. The custom-made foam seat is wrapped in waterproof Alcantara with red stitching. There is also a new suspension setup with full adjustability, with gas canisters at the rear end. The combination of 19- and 17-inch wheels has been updated to include 21-inch front and 17-inch rear tubeless cross-spoke wheels, which come equipped with Mitas off-road tyres. The electrical connections have been repositioned in the front, and a rally-inspired command center is prominently situated in the cockpit, featuring a built-in navigation system equipped with GPS roadbook, odometer, tachometer, speedometer, and rally controls. Additionally, the Fury 650 includes a motogadget unit for crucial data display. At its core, the bike has the same 648 cc parallel-twin engine pushing out 46 hp of power and 56 Nm of peak torque. This powertrain has been employed on other bikes of the brand as well, like the Interceptor 650, Continental GT 650, and others.
Scotsman
2 days ago
- Business
- Scotsman
Why we need to invest in new business start-ups catering for digital nomads
Edinburgh is well placed to become a hub for the growing new 'travel tech' sector - but investment is key Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Ever since Edinburgh-based flight search business Skyscanner was snapped up by Chinese travel group Ctrip almost a decade ago for £1.4 billion, the dream of producing another local 'unicorn' has been kept alive by numerous entrepreneurs in Scotland. Nikki Gibson is one of them. Three years ago the former corporate events executive founded Edinburgh-based Swurf, an app that links peripatetic workers with hotels, gyms and other places across the UK where they can park their laptops and work for a day. Advertisement Hide Ad Advertisement Hide Ad This week she and Alison Grieve, a board member and editor of Young Company Finance, welcomed users to a monthly 'coworking' session at the Kimpton Hotel on Edinburgh's Charlotte Square. "Travel tech", pioneered by firms such as Skyscanner, help travellers plan city breaks to destinations such as Prague | Getty Images Gibson founded the business to tap into what she calls a growing 'digital workforce' seeking temporary workspaces, while providing foot traffic for hospitality businesses recovering from the pandemic. The roughly 55 venues signed up to Swurf in Scotland pay an annual fee to be listed on the app, while users enjoy perks like discounted food and coffee. Swurf and other startups in Scotland such as Obvlo and Holibob are part of a global phenomenon known as 'travel tech' – businesses involved in the digitalisation of travel, tourism and hospitality. Its growth has coincided with the post-pandemic rebound in travel and a proliferation of digital nomads and includes established names like and ticketing system Amadeus. Recent startups include TravelPerk, a travel and expense management platform and Barcelona-based Exoticca, involved in the digitalisation of long-haul travel. AI creating travel itineraries Investors have loved the story, in particular how AI is enabling the personalisation of travel itineraries in a way that humans could never manage on a large scale, while increasing the efficiency of booking technology and revenue management. Advertisement Hide Ad Advertisement Hide Ad Edinburgh-based Obvlo, founded four years ago by Aberdeen University graduate Callum McPherson, is a 'digital concierge' using AI to help hotels build personalised food and sightseeing recommendations for guests before they check in. Investors include US-based Blue Run Ventures and Edinburgh family office Murray Capital. Edinburgh is a natural hub for this given a steady increase in tourism, which is driving a spurt in hotel development. It also has a thriving ecosystem of travel tech entrepreneurs and promoters associated with the university's Edinburgh Futures Institute (EFI), one of six innovation hubs under the Edinburgh City and Region Deal's Data Driven Innovation programme driving collaboration between academia and business. Josh Ryan-Saha, an authority on AI and data-driven innovation in tourism, operates out of the EFI, where he runs Traveltech for Scotland, a cluster involving over 200 tourism and technology companies that he founded in 2020. He cites TravelPerk as an example of Scotland's tech travel credentials. The Barcelona-based company opened a hub in Edinburgh in 2022 staffed largely by software engineers, some of them former Skyscanner employees. 'They could see the talent was coming out of Edinburgh because of the informatics and data capability at the university,' Ryan-Saha says. Advertisement Hide Ad Advertisement Hide Ad Scotland also has a mature funding ecosystem of private equity, VC and angel investors, among them Gareth Williams, co-founder and former chief executive of Skyscanner who has backed Swurf. Angel Capital Scotland, which represents around 2,000 private investors, says the value of deals to fund startups of all types in 2023-24 was up slightly to £106m, involving 94 transactions of between £20,000 and just over £4m. Skyscanner co-founder Gareth Williams | TSPL Scottish government support is also helping through the role of Scottish Enterprise as an early-stage co-investor. McPherson says a £10,000 grant from Scottish Development International allowing Obvlo to attend a tourism conference in Miami resulted in the company being named by organisers as a 'hot travel startup' for 2025. Scarcity of funding Yet all of this masks a tough reality for Scotland's travel techs: funding is becoming scarcer. While Scotland's investment share of equity fund raisings for all types of businesses in the UK grew last year slightly to 4.8 per cent involving 199 deals worth £59m according to consultancy Beauhurst, such funding across the UK in the final quarters of last year was the lowest in deal volume since 2014 due to geopolitical instability and tough macro-economic conditions. Advertisement Hide Ad Advertisement Hide Ad Travel tech funding has fared no better, dropping globally to nearly a decade low in 2023 to $5.2 billion, according to Phocuswright, a research firm whose parent company is hosting a travel tech conference in London next month. It predicts that the number of funding rounds likely to have been completed in 2024 will fall to the lowest level on record. Moreover, investors are becoming stricter about what they'll commit to. Scottish Enterprise acknowledged this in its latest report on Scotland's risk capital market published last week, saying 'changes in investor risk-appetite have perpetuated the drift towards later stage opportunities, with early-stage below £10 million and new to equity investment being the most challenging areas'. Cara Whitehill, a vice-president at Thayer Investment Partners, a US venture capital firm specialising in travel tech, explains that investors are now looking 'for more traction earlier in the lifecycle compared to a few years ago, so it will be tough to capture funding without having something relatively concrete you can point to.'
RTÉ News
2 days ago
- Business
- RTÉ News
Spain's eDreams full-year net profit jumps almost 40%
Spanish online travel booking company eDreams said today that its full-year net profit jumped as it signed up more paying customers than it had targeted back in 2021. The company's net profit rose almost 40% from the previous year to €45.1m. Analysts had forecast an average net profit of €50.8m for the Barcelona-based firm, whose fiscal year ends in March, according to LSEG data. The company said it now had 7.26 million paying subscribers and expected that number to grow by at least another million by March next year. Back in 2021, it had targeted to sign up 7.25 million subscribers by March 2025. The firm also reiterated its guidance for cash earnings before interest, taxes, depreciation and amortization to rise to between €215m and €220m in the fiscal year ending on March 31, 2026, up from €180m in 2025. While subscriptions are common in other industries, such as music, television and telecoms, eDreams pioneered a membership model giving customers access to discounts on airlines and hotel bookings through its website after paying a flat annual fee of €70 to €90. Almost 87% of its profit in the fiscal year were made on subscription, the company said.
