Switchfly, Inc., a leading software-as-a-service (SaaS) provider of travel, loyalty, online payment and social technology solutions, today said it has completed the company’s $17.8 million Series C financing round, which was first announced in March 2012 with an initial $15 million investment . Participating in the final $2.8 million Series C financing is a new investor, San Francisco-based Thayer Ventures, along with existing investors Azure Capital Partners, Canaan Partners and StarVest Partners. This latest investment brings the total capital raised by Switchfly to $34.8 million.
Switchfly delivers technology solutions in the areas of travel commerce, loyalty program management, online and mobile payments, and social media via its configurable SaaS platform. While Switchfly works largely behind the scenes as a B2B2C platform, its clients are some of the world’s most well-known brands spanning multiple industries, including American Airlines, American Express, Emirates Airline, Intercontinental Hotels & Resorts, JetBlue, LATAM Airlines Group, Lufthansa, PayPal, Starwood Hotels & Resorts and United Airlines.
“Switchfly’s expansion into social media and payment solutions complements the company’s core travel and loyalty platforms,” said Jeff Jackson, managing director, Thayer Ventures. “This investment is from our first fund, formed in 2010, and is based on what we believe is a strong outlook and positive market dynamics for Switchfly with its world-class team and a highly satisfied customer base. Their platform is transforming the loyalty industry and its on-going international expansion creates opportunities for continued growth. We have an aggressive appetite for investment in companies like Switchfly where we believe we can make a difference and add value.”
“Switchfly’s technology platform has undertaken a strategic evolution, delivering flexible solutions that help travel companies, loyalty programs and financial services engage with their highest value customers,” said Daniel Farrar, CEO of Switchfly. “This latest investment will aid us in our continued development of a single global technology platform that can be localized for each market.”
About Switchfly, Inc.
Switchfly, Inc. is a global software-as-a-service provider that helps travel companies, loyalty programs and financial services institutions engage with their highest value customers. The Switchfly product suite includes white label travel commerce and loyalty redemption platforms, a loyalty payments engine for digital wallets, social network engagement products through Topguest, mobile solutions for travel and loyalty partners, and personalized marketing solutions. Switchfly works with more than 300,000 travel suppliers, loyalty programs and payment providers globally, including American Airlines, United Airlines, JetBlue, Starwood Hotels, Intercontinental Hotels, Marriott, Expedia, Orbitz, Priceline, American Express and PayPal. Collectively, more than 20 billion reward points are redeemed through the Switchfly platform annually. Based in San Francisco, Switchfly was founded in 2003 and has secured $34.8 million in venture funding led by Azure Capital Partners, Canaan Partners, Thayer Ventures and StarVest Partners. For more information visit www.switchfly.com, www.facebook.com/switchfly and www.twitter.com/switchflyinc.
About Thayer Ventures
Thayer Ventures, based in San Francisco, invests in emerging technology companies that focus on the global travel and hospitality industry. Thayer believes that technology providers have significant opportunities to make profitable inroads into what was previously a closed market, especially as the industry responds to massive shifts in consumer behavior in travel planning, organizing and booking, driven by the Internet, mobile and social media platforms. Thayer’s objective is to invest in innovative technology companies, while providing them with counsel, strategic insights and industry connections to create significant revenue and sustainable growth. Thayer Ventures currently is completing the placement of its first fund. Additional information is available at www.thayerventures.com.