Good morning! Sarah Palin loses libel suit again, tension between 60 Minutes and Shari Redstone’s Paramount reaches a head, and travel doesn’t have to suffer during a recession.
– Travel plans. During an economic downturn, people are likely to pull back on expensive travel plans. But during the travel platform Fora’s recent Series C fundraise, new investor Thrive Capital liked that Fora was a two-sided marketplace—with users poised to not just spend on vacations, but monetize their love for travel.
“We’re positioned to engage with travelers in a different way,” says Fora cofounder and CEO Henley Vazquez.
Fora has raised $60 million across Series B and C rounds, Fortune is the first to report. Josh Kushner’s Thrive co-led the $40 million Series C round, which closed earlier this year; the startup never announced a $20 million Series B it raised in 2023. Insight Partners returned to co-lead the round; investors Forerunner and Heartcore Capital also came back.
The gig economy platform sets up individuals to work as travel agents, booking trips and planning itineraries for people based on their own areas of expertise, from luxury travel to travel with kids to trips to Southeast Asia or Montana. Within the past four years, Fora has facilitated $1 billion in bookings. Most of the travel advisors on Fora are women and 97% are new to the industry; Vazquez positions the job as a new part-time gig for women getting back into the workforce—or “the new real estate.”
If the economy enters a recession, Vazquez expects to see travel spending dip—although she says ultra-luxury travel will remain strong. Like during the pandemic, domestic travel will likely see a boom—and Fora is trying to retrain travelers to use advisors for lower-key trips, too. “A travel agent isn’t just there for your safaris and your Amalfi Coast vacations,” Vazquez says. And people who love travel, but can’t afford it, might try to satisfy their passion by working as advisors, she argues. “Someone might actually look for another way to earn money. They may decide to monetize their passion for travel by starting to do this job as well,” she says.
Fora plans to use this funding to build tech tools for travel advisors in a traditionally analog industry; a recent example is a “price drop” feature that monitors prices for already-booked travel and gives the advisor the chance to try to rebook at a lower price or get a client an upgrade. Thrive Capital investor Kareem Zaki says he was attracted to Fora’s ability to give advisors “the tools to build scalable businesses and provide tailored travel experiences to each customer.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.
ALSO IN THE HEADLINES
- Back in court. Harvey Weinstein’s retrial started yesterday. Model Kaja Sokola shared new allegations in court—but Weinstein is now on trial during a cultural moment in which it seems less likely men will face consequences for rape and sexual assault. AP
- Keeping tabs on Trump. Shari Redstone, chair of CBS parent company Paramount Global, was reportedly interested in knowing which 60 Minutes stories covered President Donald Trump, a breach of longstanding journalistic independence at 60 Minutes. Paramount faces a Trump lawsuit over last year’s 60 Minutes interview with Kamala Harris and is seeking regulatory approval for a sale. This week, 60 Minutes’ longtime producer resigned, citing a lack of editorial independence. Redstone’s spokesperson says the Paramount chair was not looking to kill stories. Semafor
- Let’s do it. With the help of Nike, Faith Kipyegon wants to become the first woman to run a mile in under four minutes. Nike will outfit and support Kipyegon when she makes her attempt this June. Kipyegon, who holds the world record for the women’s mile, will need to shave 7.64 seconds off of her time. Bloomberg
- Déjà vu. For the second time, former governor of Alaska Sarah Palin lost her defamation lawsuit against the New York Times. Palin, who argues that a 2017 editorial wrongly linked her political action committee to a shooting, lost her first trial in 2022. Washington Post
MOVERS AND SHAKERS
GamesBeat, a gaming, entertainment, and tech-focused media company, named Gina Joseph CEO. She was previously chief strategy officer at VentureBeat, which owned GamesBeat before its spinoff.
Worldline, a payments technology company, named Candice Dillon group CTO. She is currently CIO at Vodafone Ziggo.
Accounts receivable platform Versapay appointed Elizabeth Bramlage as CMO. Most recently, she was CMO at ComplyAdvantage.
Staffmark Group, a staffing services provider, appointed Liza Fiore Palermo as chief experience and marketing officer. She was previously the company’s SVP of marketing.
Surgical Directions, a healthcare company providing perioperative and procedural care services, named Kelly Downey chief growth officer. Most recently, she was head of marketing at EverHealth.
ON MY RADAR
How the idea of charging women with murder infiltrated the anti-abortion movement Guardian
As more women lift weights, gyms might never be the same Bloomberg
Emily Henry on her new novel, ceding (some) control over her adaptations, and loving Hacks Vogue
PARTING WORDS
“Part of the way I’m honoring her is for her to do literally whatever she wants.”
— Actor and singer Gracie Lawrence on playing ’50s singer Connie Francis in Just in Time on Broadway—and not minding if the real Francis comes to see the show
