Travel startup funding rebounded slightly in 2024, but 2025 is shaping up to be down again. Are we still feeling the hangover from highs of 2021? Is generative AI helping companies run leaner, thus requiring less capital? Or are we on the cusp of another tech investment super cycle? Phocuswright research takes a look at the funding landscape, shares insights from a recent survey of entrepreneurs and speculates what's to come.