Fora, the New York-based host agency and training platform for travel advisors, has reached a $1 billion valuation in its latest funding round, according to Skift. The Series D round, led by Forerunner and Tactile Ventures, brings total funding to $138.5 million.

Founded in 2021, Fora now counts 15,000 active advisors across 180 countries. The company plans to invest the new capital in its Via AI assistant, international expansion, enterprise products, and a larger presence in cruises and flights.

Fora’s valuation rests on a specific bet: that its existing advisors will keep booking more travel, allowing the platform to grow without taking more commissions from advisors or hotels. The company aims to combine low-cost distribution with software-like margins.

What makes Fora significant, according to Skift, is its transformation of the travel advisor profession. 97% of its advisors had never sold travel before joining, though most came from other professional careers. The traditional apprenticeship model has been replaced by an open door, with Fora supplying training, supplier access, and technology.

The $1 billion valuation is a claim about the economics of this new model: can a platform that trains and supports a large, distributed network of part-time or new advisors generate enough booking volume to justify a unicorn price tag? Fora’s investors are betting yes.