FLYR, a technology company focused on the travel industry, has secured $295m in funding to expedite the development of advanced solutions.
WestCap spearheaded the funding initiative, which received contributions from BlackRock, Streamlined Ventures, and a subsidiary of the Abu Dhabi Investment Authority (ADIA).
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FLYR’s Series D funding amassed $225m, complemented by a $70m credit facility orchestrated by Vista Credit Partners.
Avianca, a South American airline and a longstanding FLYR customer, also participated in the round.
With this latest financial boost, FLYR has now raised over $500m in total capital, establishing itself as one of the most well-funded companies working to modernise travel technology.
FLYR noted that the travel industry, projected by the World Travel & Tourism Council to constitute nearly 12% of global GDP within a decade, is ripe for innovation.
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By GlobalDataDespite this potential, the sector’s reliance on antiquated systems remains a barrier to fulfilling the growing demand for seamless customer experiences, the company said.
FLYR leverages artificial intelligence (AI) to offer travel enterprises tools to enhance revenue, cut costs, and overhaul reservation systems.
The company’s modularity and open standards, such as IATA New Distribution Capability (NDC) and ONE Order, enable airlines and hotels to transcend legacy limitations and manage data while integrating numerous technology systems.
FLYR plans to use the funding to scale its operations and fast-track the deployment of modern reservation systems, which are crucial for the digital infrastructure of airlines.
Travel companies, including Avianca, JetBlue, Air New Zealand, Virgin Atlantic, and Best Western Scandinavia, rely on FLYR’s solutions.
In another strategic move, FLYR has added Laurence Tosi to its board of directors.
As the managing partner and founder of WestCap, Tosi brings a wealth of experience in scaling leading companies. His background includes serving as CFO at Airbnb and Blackstone, as well as COO at Merrill Lynch Investment Banking and Trading.
FLYR founder and CEO Alex Mans said: “We have been dedicated to reimagining the travel experience since inception. 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. 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.”
