This week at its annual symposium, International Air Transport Association (IATA) announced that is creating a stand- alone venture capital fund apptly name the NDC Innovation Fund.
The fund will be open to invest in a number different company profiles, including travel tech providers, e-commerce sites, travel hubs, content providers and all NDC enabling companies across all travel products (air/hotel/car/cruise/activity). Basically any company using the IATA NDC standard model.
The initial fund size will be $5million USD Capital. The typical capital investments will range from $500,000- $1M. These investments will be in exchange for a revenue share agreement. The fund will invest in pre-product (seed stage) up to post-product (Series A stage) travel startups and companies.
The IATA Director General and CEO, Tony Tyler said in a statement “We believe that the combination of IATA’s knowledge of the NDC standard and our relationship with our member airlines and others in the air travel value chain along with Travel Capitalist’s financial and travel investment expertise will create an attractive opportunity for companies interested in the space.”
It is estimated that the verification process will take two to three months before candidates are accepted. (Find more information on the funds website.)