FLYR has raised $295 million, the artificial intelligence-powered travel technology company announced Thursday.
The funding will be used to speed FLYR’s delivery of modern reservation systems, to allow AI-based decision automation and to elevate digital channels for airlines and hospitality brands.
“We’ve been dedicated to reimagining the travel experience since inception,” said Alex Mans, founder and CEO of FLYR. “As the world around us continues to advance, travel has remained in the past, reliant on an oligopoly of archaic technology vendors with misaligned incentives. FLYR makes the future possible today – helping travel providers create the experience customers want, while operating with speed and efficiency.”
The new capital came partially as part of FLYR’s Series D round, during which $225 million was raised. The company received another $70 million in credit. WestCap led the funding with investments from BlackRock, Streamlined Ventures, Avianca and a subsidiary of the Abu Dhabi Investment Authority. The credit was led by Vista Credit Partners.
With the new funding, FLYR has raised more than $500 million as it seeks to advance the technology the travel industry is built on.
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“This capital raise is a testament to the growth FLYR has achieved thus far and we’re excited to continue supporting the world’s largest travel providers at pace,” said Mans.
As the company continues on its growth path, Laurence A. Tosi, managing partner and founder of WestCap, is set to join FLYR’s board of directors. As part of the board, he will share his expertise in building and scaling as FLYR seeks to achieve global expansion.
Tosi said Westcap is proud to be supporting FLYR’s growth. He said he sees FLYR as having the capability to join other industry leaders, pointing to Hopper and Airbnb.
“Much of the travel industry has been technologically stagnant for years, reliant on a handful of legacy incumbents with limited capacity to innovate,” said Tosi. “FLYR delivers the open and dynamic platform the travel industry needs to better serve travelers and expand their services.”
Adrian Neuhauser, CEO of Abra Group and executive vice chairman at Avianca, expressed a similar sentiment, noting FLYR helps his airlines to deliver the best customer experience.
“This capital raise will help propel our industry forward – providing the technology that airlines need,” said Neuhauser.
Over the last year, FLYR saw its annualized recurring revenue increase by 290%, the company said. FLYR also partnered with Roam Around last year.