FLYR, an artificial intelligence-powered travel technology company, announced Thursday that it has raised $295 million.
The funding will be used to accelerate the delivery of FLYR's modern reservations system, enable AI-based decision automation and improve digital channels for airline and hotel brands.
“Since our founding, we've been focused on reinventing the travel experience,” said Alex Manns, founder and CEO of FLYR. “As the world around us continues to advance, travel has become relegated to the past and reliant on an oligopoly of outdated technology vendors with misaligned incentives. FLYR makes the future possible today by empowering travel businesses to create the experiences their customers want while operating quickly and efficiently.”
The new funding comes in part from FLYR's $225 million Series D round. The company also raised an additional $70 million in debt. The financing was led by WestCap with investment from BlackRock, Streamlined Ventures, Avianca Airlines and a subsidiary of the Abu Dhabi Investment Authority. The loan was led by Vista Credit Partners.
With the new funding, FLYR has raised more than $500 million to advance the technology that underpins the travel industry.
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“This funding is a testament to the growth FLYR has achieved and we are excited to continue to rapidly support the world's largest travel providers,” said Manns.
As the company continues to grow, Lawrence A. Tosi, Managing Partner and Founder of WestCap, will join FLYR's Board of Directors. As a member of the board, he will share his expertise in building and scaling FLYR as it seeks global expansion.
Tosi said WestCap is proud to support FLYR's growth and believes the company has the potential to join other industry leaders, citing Hopper and Airbnb as examples.
“Much of the travel industry has been technologically stagnant for years, dependent on a few incumbents with limited ability to innovate,” Tosi said. “FLYR provides the open, dynamic platform the travel industry needs to better serve travelers and expand its offerings.”
Adrian Neuhauser, CEO of Abra Group and vice chairman of Avianca, echoed similar sentiments, noting that FLYR helps airlines deliver the best customer experience.
“This funding will help drive our industry forward by providing airlines with the technology they need,” Neuhauser said.
FLYR's annual recurring revenue grew 290% last year, according to the company. FLYR also partnered with Roam Around last year.
