Wayfold Series A

Travel startup pitch deck with take rate and seasonality shown

Every travel investor tests the same thing, which is what happens in February. Wayfold is invented, and its eleven slides put two years of monthly bookings on one axis and then spend a whole slide on how the trough gets paid for.

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SERIES A

Wayfold, 2027

$11M booked, 14% take rate

Small group walking and food tours, sold direct by the operator

Tomas Ilkiw

Co-founder and Chief Executive

Slide 1 · cover · Bookings and take rate on the cover, because a marketplace is judged on both at once.

WHY NOW

Eight departures a week

A small tour operator runs about eight departures a week and sells them through a phone, an inbox and a booking widget nobody maintains. The seats are perishable in the strictest sense: a walking tour with four places left on Thursday has four places worth nothing on Friday, and there is no inventory to hold over. So the operator lists on a large platform, pays a quarter to a third of the ticket, and gets a booking with no name attached to it. The seats sell. The business does not get any easier to run.

01
The commission is brutal

A quarter to a third of the ticket goes to the channel on the large platforms, on a business that already runs on thin operating margins.

02
The operator is hidden

Repeat travellers book the platform, not the guide. An operator who never learns a customer name can never sell them a second tour.

02

Slide 2 · intro · Why an operator needs a marketplace at all, argued from how they sell today.

Three kinds of traveller

They want different things, they book at different lead times, and only one of them is seasonal.

The pair

Forty seven percent of bookings. Two people, booking 26 days out, average ticket 168 dollars. Heavily seasonal and the reason July and August look the way they do on the next chart.

The group

Thirty one percent of bookings. Six to twelve people, booking 71 days out, average ticket 148 dollars a head. Books in spring for autumn, which flattens the trough more than anything else we do.

The local

Twenty two percent of bookings. One or two people in their own city, booking 4 days out at 96 dollars. Almost no seasonality, and the segment we built the last minute feed for.

03

Slide 3 · pillars · The three traveller segments, because they book at different times and at different prices.

The year to December 2026

Gross bookings are the amount travellers paid. Net revenue is 1.54 million dollars of that.

$11M

Gross bookings

Up from 7.7 million dollars in 2025, on the same three segments and no new countries.

14%

Take rate

Blended. Eleven percent on an operator’s own link, 18 percent when we bring the traveller.

1,900

Active operators

Ran at least one departure through Wayfold in the last 90 days, across 34 cities.

04

Slide 4 · metrics · Bookings, take rate and operator count together, since none of the three means anything alone.

Two years, by month

Gross bookings in thousands. Peak to trough is 2.5 times, and February 2026 was 1.4 times February 2025.

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
0K350K700K1050K1400K
2025 bookings
2026 bookings

05

Slide 5 · metrics · Two years of monthly bookings on one axis, so the seasonality cannot be read as growth.

Signing an operator

Cost to acquire one active operator by channel, measured over 2026. Active means one departure in 90 days.

Channel
Cost per operator
Still active at 12 months
Share of new supply
Operator referral
$0
81%
38%
City walk and knock
$310
74%
24%
Tourism board partnership
$140
69%
19%
Inbound from our site
$85
52%
12%
Paid search
$640
41%
7%
Operator referral is 38 percent of new supply and costs nothing, which is why the plan spends on making operators talk.

06

Slide 6 · comparison · What it costs to sign an operator on each channel, because operator supply is the real growth constraint.

Signup to first departure

Median nine days. The drop between step three and four is where we lose operators.

1

Sign up

100 operators start. Name, city and one tour. About four minutes.
2

Load a tour

86 finish a tour page. Photos are the step people stop at.
3

Set a schedule

74 publish departures. Recurring schedules were the fix here.
4

Take a booking

51 take a first booking. This is the step the round funds.
5

Keep going

44 are still active at 90 days, which is the number we report.

Fifty one in a hundred reach a booking

Lifting it to 65 is worth 2.4M in bookings

07

Slide 7 · process · How an operator gets from signup to a first departure, with the number that drops at each step.

What we do about February

Four things, all of them already running. February 2026 was 1.4 times February 2025 without any of them being new spend.

Lead time

Sell the trough in the peak

Group bookings run 71 days ahead, so August traffic is sold October departures. Thirty one percent of bookings are made this way.

Locals

A segment with no season

The last minute feed sells to people in their own city, books four days out, and carries the same volume in February as in July.

Hemispheres

Two summers a year

Nine of the 34 cities are in the southern hemisphere. Their peak is our trough, and they were added for that reason rather than for size.

Cost base

Almost nothing is fixed

No inventory, no guides on payroll and no vehicles. A quiet month costs us hosting and salaries, which is why the trough is survivable.

08

Slide 8 · framework · How a seasonal marketplace pays for its trough, in four parts, since this is the diligence question.

What we charge an operator

Taken from the ticket at settlement. An operator who brings their own traveller always pays less than one we bring.

Booking source
Take rate
Share of bookings
What it includes
Operator’s own link
11%
49%
Payments, refunds, manifest, messaging
Wayfold search
18%
36%
Everything above plus the traveller
Last minute feed
15%
12%
Everything above, sold under 72 hours out
Tourism board feed
13%
3%
Everything above, partner pays the rest
Blended take rate 14 percent across 2026. No listing fee, no monthly fee and no charge for a cancelled departure.

09

Slide 9 · pricing · The take rate ladder, so the blended 14 percent on the metrics slide can be checked.

The ask

Sized to 5,000 active operators and 40 million dollars of bookings by the end of 2029.

$8M

Series A, to 5,000 active operators across 60 cities

$3.20M

Operator supply

Forty percent. City teams that walk and knock, plus the referral programme that already supplies 38 percent of operators.

$2.00M

The onboarding gap

Twenty five percent. Getting 51 operators in a hundred to a first booking up to 65, which is worth 2.4 million in bookings.

$1.60M

Traveller demand

Twenty percent. Spent only in the trough months, because summer demand arrives without us paying for it.

$1.20M

Payments and working capital

Fifteen percent. Travellers pay at booking and operators are paid after the departure, so the float has to be funded and ring fenced.

10

Slide 10 · investment · Eight million in four cards, weighted to the supply funnel step that the process slide named.

The monthly file

Bookings by month, city and segment since 2024, unedited, including the two cities we closed.

Email

tomas@wayfold.example

Web

wayfold.example

Office

Dublin 8

11

Slide 11 · closing · Close on the monthly data, since seasonality is what an investor will want to check themselves.

The structure

What each slide is doing, so you can reuse the order even with different content.

Slide 1cover
Bookings and take rate on the cover, because a marketplace is judged on both at once.
Slide 2intro
Why an operator needs a marketplace at all, argued from how they sell today.
Slide 3pillars
The three traveller segments, because they book at different times and at different prices.
Slide 4metrics
Bookings, take rate and operator count together, since none of the three means anything alone.
Slide 5metrics
Two years of monthly bookings on one axis, so the seasonality cannot be read as growth.
Slide 6comparison
What it costs to sign an operator on each channel, because operator supply is the real growth constraint.
Slide 7process
How an operator gets from signup to a first departure, with the number that drops at each step.
Slide 8framework
How a seasonal marketplace pays for its trough, in four parts, since this is the diligence question.
Slide 9pricing
The take rate ladder, so the blended 14 percent on the metrics slide can be checked.
Slide 10investment
Eight million in four cards, weighted to the supply funnel step that the process slide named.
Slide 11closing
Close on the monthly data, since seasonality is what an investor will want to check themselves.

Slide by slide

Slide one puts bookings and take rate on the cover. Slide two argues why a small operator cannot sell its own seats. Slide three separates three traveller segments by lead time and ticket. Slide four is bookings, take rate and operator count in one row. Slide five is two years of monthly bookings as an area chart. Slide six costs operator acquisition by channel. Slide seven is the operator funnel from signup to a first departure. Slide eight answers seasonality in four parts. Slide nine is the take rate ladder by booking source. Slide ten splits eight million across supply, onboarding, demand and the payments float. Slide eleven offers the monthly file including the two cities that closed.

How to adapt this deck

A business selling its own tours rather than other people is not a marketplace, so the take rate ladder becomes a margin per departure slide and the operator funnel disappears entirely. A platform working with hotels rather than tour operators replaces lead time segments with length of stay, because the seasonality is shaped by school terms rather than by weather. A company raising after a full recovery year can move the seasonality chart to the back and lead with repeat rate, since at that point the question is whether travellers return rather than whether the business survives February.

What this audience asks for

UN Tourism publishes the arrivals and receipts series most travel investors use as a market reference, and the Australian national tourism body publishes visitor research that breaks demand down by month and by segment. Both are worth reading before a seasonality slide is drawn, because both show that the seasonal shape is a property of the destination and the traveller type rather than of the company. A deck that says which of its segments is seasonal and which is not has already said something more useful than a market size.

What makes this deck work

Seasonality is shown rather than smoothed

Slide five plots both years by month on the same axis, so a 2.5 times peak to trough swing is visible and the February to February growth of 1.4 times can be read off it. A travel deck that reports annual totals is hiding the only shape an investor wants to see.

One slide answers the question the chart raises

Slide eight is four things that pay for February: lead time, locals, hemispheres and an almost entirely variable cost base. It follows the chart immediately, which means the objection never has to be raised out loud in the room.

Supply cost is broken out by channel

Slide six shows operator referral at zero cost and 81 percent still active at twelve months against paid search at 640 dollars and 41 percent. Since supply is the growth constraint, the ask on slide ten spends 40 percent on the channels that column proves work.

Questions people ask

What goes in a travel startup pitch deck?

Why the supplier needs you, the traveller segments, bookings and take rate together, the seasonality chart, the cost of acquiring supply, the onboarding funnel, the answer to seasonality, pricing and the ask. This example uses eleven slides and spends two of them on the off season.

How do I present seasonality without scaring investors?

Show both years on one chart and put the mitigation on the next slide. This deck reports a 2.5 times peak to trough swing and then names four structural answers to it. Investors discount a seasonal business they discover; they price one that explains itself.

Should a marketplace deck show gross bookings or revenue?

Both, in the same sentence. This example says 11 million dollars of bookings at a 14 percent take rate and puts net revenue of 1.54 million in the slide description. Gross bookings alone reads as inflation, and net revenue alone hides the size of the market being served.

What is a normal take rate for a travel marketplace?

It varies with who brings the traveller. This deck charges 11 percent when the operator brings their own customer and 18 when the platform does, blending to 14. A single flat take rate usually means either the operators are unhappy or the platform is not earning it.

How many slides for a travel Series A?

Ten to twelve. This one is eleven. Destination photography is the usual filler in this category and the space is better spent on the onboarding funnel, since supply is what limits growth in nearly every travel marketplace at this stage.

What do investors ask about operator supply?

How many signed operators ever take a booking. This deck answers with a five step funnel where 51 in a hundred reach a first booking and 44 are still active at 90 days, and then sizes a quarter of the round at lifting that first number to 65.

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Sources

Written and checked by the OneCraft team. Last checked .