Switchfly secures $15m funding

Switchfly secures $15m funding

Travel loyalty programme and payment software specialist Switchfly has secured $15 million in Series C funding, bringing in StarVest Partners of New York as an investor.

The latest funding takes to $32 million the capital raised by Switchfly, formerly known as ezRez Software, since it was founded in 2003.

The latest funding round came from StarVest and existing investors Azure Capital Partners and Canaan Partners.

Daniel Farrar, chief executive of Switchfly, said it had been boosted by the involvement of StarVest, which has a reputation for backing other successful Software as a Service (SaaS) firms.

“StarVest is the ideal partner to help us further our strategy of helping clients deliver a rich online experience that goes beyond what their customers expect, engendering loyalty while increasing revenue,” he said.

Larry Bettino, general partner, StarVest Partners, who has joined the Switchfly board of directors, added: “Switchfly combines a great leadership team with one of the best technology platforms resulting in some of the strongest overall growth potential we’ve seen among SaaS companies serving the travel and loyalty sectors.

“StarVest has been investing in SaaS companies since 1999 and we believe Switchfly has only tapped the surface of its growth potential.”

Switchfly currently works with the likes of American Airlines, AirAsia, American Express, Emirates Airline, Intercontinental Hotels & Resorts, JetBlue, Lufthansa, PayPal, Starwood Hotels & Resorts and United Airlines.

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