FLYR, a technology company focused on innovation for the travel industry, announced a $295 million Series D funding round to accelerate the delivery of modern reservation systems, enhance digital channels, and enable AI-based decision automation for the world’s largest airlines and hotel brands. The company also received an additional $70 million in loans led by Vista Credit Partners to expand its product offerings globally.
This funding round was led by WestCap and included investments from BlackRock, Streamlined Ventures and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Additionally, a long-time customer and one of South America’s largest airlines, Avianca, participated in the recent Series D capital raise. With over $500 million raised to date, FLYR has become one of the best-funded travel technology companies addressing the legacy technology limitations that plague the trillion-dollar travel industry.
Using AI, FLYR enables travel companies to increase revenue, reduce costs and modernize their reservation systems. Built on modularity and open standards, including IATA New Distribution Capability (NDC) and ONE Order, FLYR enables airlines and hotels to break free from outdated restrictions, better understand and manage massive amounts of data and connect hundreds of technology systems.
This additional funding will enable FLYR to scale and accelerate the delivery of modern reservation systems that form the digital foundation for every airline. And travel companies like Avianca, JetBlue, Air New Zealand, Virgin Atlantic, Best Western Scandinavia and others use FLYR to deliver the best digital experience for every traveler.
As part of the financing, Laurence A. Tosi will join FLYR’s board of directors, bringing his expertise in building and scaling industry-leading companies as FLYR begins its global expansion. Laurence is the managing partner and founder of WestCap, FLYR’s largest investor. Over 25 years, Laurence has built his career as a distinctive operator, serial entrepreneur and forward-thinking investor in the financial services and travel sectors, and has previously held senior roles including CFO of Airbnb and Blackstone, and was COO of Merrill Lynch Investment Banking and Trading.
This news follows a significant period of tremendous growth for FLYR. Last year, FLYR’s annual recurring revenue grew 290%.
KEY QUOTES:
“Since our founding, we have been committed to reimagining the travel experience. While the world around us continues to evolve, travel has remained stuck in the past, reliant on an oligopoly of outdated technology providers with perverse incentives. FLYR is making the future possible today – helping travel providers create the experience they want for their customers while operating quickly and efficiently. This capital raise is a testament to the growth FLYR has achieved to date, and we are excited to continue supporting the world’s largest travel providers at a rapid pace.”
– Alex Mans, Founder and CEO, FLYR
“Much of the travel industry has been technologically stagnant for years, relying on a handful of established companies with limited ability to innovate. FLYR provides the open and dynamic platform the travel industry needs to better serve travelers and expand its services. WestCap is proud to support FLYR with growth capital and operational support as the company leads the modernization of travel and has the potential to join other successful industry-leading disruptors such as Airbnb and Hopper.”
– Laurence A. Tosi, Managing Partner and Founder of WestCap
“Providing the best experience to our customers is at the core of every decision we make at our airlines. FLYR helps us achieve this goal every day by providing modern commerce opportunities to our customers and our global airline partners. This capital raise will help advance our industry – by providing the technology airlines need.”
– Adrian Neuhauser, CEO of Abra Group and Executive Vice Chairman of Avianca
