ITB Travel Tech Startup Session Closing Panel
Summary
This closing panel from the ITB Berlin Travel Tech Startup Session (Part 3 of 3) features host Lea Jordan in conversation with three panelists: Yuen Suzanna Chiu Lee (corporate venture/strategic investor), Lars Mangelsdorf (entrepreneur, co-founder of Yokco, acquired), and Michael Treskow (growth-stage VC investor). The session runs approximately 17 minutes and serves as a reflective wrap-up after four startup pitches earlier in the day.
The panelists reviewed the day's pitches, which covered AI-driven content creation, fintech for travel (notably accounts payable automation), community-based travel experiences, and GEO (Generalized Entity Optimization or AI search optimization for travel agencies, pitched by a startup called Avenue). Lars expressed particular enthusiasm for 'boring' problem-solving — specifically accounts payable pain — and highlighted the evolution of business models away from traditional SaaS per-seat pricing toward usage-based models such as per-scene pricing or card-based monetization on basis points.
When asked which startup they would fund, each panelist gave a distinct perspective. Suzanna selected 'Brian' (a startup from the pitches), contingent on Year 3 revenue reaching close to $100 million. She cited her portfolio company Asai — a travel call center automation co-pilot — as evidence that AI companies can generate real ROI: Asai delivers a 60% reduction in agent handling times and up to 70% potential reduction in operating costs. Michael, investing at growth stage, declined to commit without first speaking to customers (hotels or travelers) to validate the pitch narrative, underscoring that customer references and product renewal/retention signals are essential before writing a check. Lars chose Avenue (the GEO-focused startup) for its market potential, emphasizing the need to understand pipeline and go-to-market approach, and stressing the importance of working with travel agencies as partners rather than competitors.
On pitching strategy, the panel offered differentiated advice based on investor type. Suzanna advised founders to skip the 'travel is a big market' framing with corporate investors already embedded in the industry, and instead focus on product-market fit and unique differentiation. Michael emphasized the 'team-problem fit' — why a specific team is uniquely positioned to solve a specific problem — and noted that investors like him will call strategic partners like Suzanna to validate claims. Lars advised founders to explicitly address why AI agents or LLMs cannot simply replicate their solution, and to convey a sense of urgency and speed of execution.
On exit paths, Michael described the data-driven reality: IPOs are rare; most exits are strategic or financial acquisitions. His advice: 'Build a great business and the exit will follow.' Lars corroborated this from personal experience — he co-founded Yokco in 2019-2020 intending an exit to a large ERP player like Microsoft or SAP, but market consolidation toward all-in-one travel-and-expense platforms shifted the outcome. The acquisition was announced in January and within the same year (by November) they had a unified platform.
In a rapid-fire closing segment looking to 2028, each panelist made a prediction. Lars predicted AI agents will sustain but the hype will dissipate, with real value accruing to end-users (travelers) and travel companies. Michael agreed, stating AI agents and co-pilots will become underlying infrastructure — a 'means to an end' — and that competitive differentiation will no longer come from having adopted AI 6 months before competitors, since 'everyone is going to either use it or face the consequences.' Suzanna introduced an unexpected prediction: Digital ID will be a major emerging trend, citing the need for a trust layer in the ecosystem as AI systems gain access to traveler preferences and personal data. She also predicted the narrative of 'AI replacing enterprise SaaS' will settle into a more realistic coexistence model where both tools are complementary.
Key Takeaways
- •Suzanna Chiu Lee highlighted her portfolio company Asai as concrete evidence of AI ROI in travel: a travel call center automation co-pilot achieving a 60% reduction in agent handling times and up to 70% potential reduction in operating costs. She used this benchmark to underscore what she looks for before writing a check — tangible, measurable value generation.
- •Lars Mangelsdorf praised the shift away from traditional per-seat SaaS pricing toward innovative models such as per-scene pricing and card-based monetization on basis points, calling these 'the future of how business models will work in technology.' He views this evolution as a positive sign of startup maturity in the travel sector.
- •Michael Treskow, investing at growth stage, stated he would not commit capital without first speaking directly to customers: 'I want to be able to call a few hotels or travelers and I want to understand how they liked it, who they think is the competition.' He explicitly acknowledged missing early opportunities as a conscious trade-off for higher conviction.
- •Lars advised that founders pitching today must explicitly address why AI agents or LLMs cannot simply replicate their product: 'I would actually show like why AI or why LLMs or why agents won't be able to just simply copy what I do — what are the partnerships that I have, what is my unique proposition.' Speed and urgency of execution were also cited as critical signals for investors.
- •Suzanna advised corporate investors already operating in travel do not need market-size education: 'I don't need a lot of background on how attractive travel is as a market.' Instead, she wants founders to demonstrate product-market fit and an original differentiated approach that the rest of the ecosystem is not pursuing.
- •Michael confirmed that investors coordinate with each other post-pitch: 'I will call Susanna after one of these pitches and say, Hey, I just heard this great story. How much of it is true?' Founders should assume investors will validate their claims through industry networks and structure their pitch narrative accordingly.
- •On exit strategy, Michael's position was clear: 'Build a great business and then the exit will follow — as opposed to the other way around.' He noted that IPOs are historically rare and that most exits are strategic or financial acquisitions, and that the best outcome is when a company's value proposition resonates with both types of acquirers.
Transcript
All right. And look at the room. Everyone's still here. Although there's like the stand parties, you know, the drinks are given out. So, kudos to you and to the startups keeping the crowd in the room and everyone at the live stream as well. I don't know whether there's a red light. Thank you for being here with us. Um, we have uh about 13 minutes left. I think it's a good time to collect your thoughts. Is there anything that really stood out to you particularly? >> No, I think we have a good mix...
