Flytxt Gets $11 mn Funding for New Verticals

Flytxt-Gets-$11-mn-Funding-for-New-Verticals

Dr Vinod Vasudevan, Group CEO, Flytxt

Flytxt, a fast growing Big Data Analytics solution provider, today announced $11 million funding to focus on other industry verticals also to consolidate its presence in the service provider market.

The investment was led by Sunrise Capital and Big Data Investments with participation from Flytxt’s existing investors.

Launched in 2008, Flytxt has previously funded from a group of angels and family offices in Germany and The Netherlands. The new investment will support Flytxt’s plans to consolidate its presence in the Communication Service Provider (CSP) market and to offer mobile consumer analytics solutions to other industry verticals. The company also plans to double its team through the next phase of growth.

Following the latest round of funding, Dr Brigitte Mohn (Sunrise Capital) and Frits Baron van Dedem (Big Data Investments) will join the Flytxt board. Dr Mohn is an executive board member of Bertelsmann Stiftung and supervisory board member of Bertelsmann. Frits Baron van Dedem is managing director of UNION TANK Eckstein and an experienced private equity investor.

“We are delighted to welcome Dr Brigitte Mohn and Frits Baron Van Dedem on our board. Their rich business leadership experience will be a significant asset for Flytxt in the next phase of our growth,” said, Joerg Swoboda, chairman, Flytxt.

“The company already has a unique standing in Big Data Analytics market with a sustainable business model, proven technology, impressive customer base and an exceptional team. And the potential is huge,” added Swoboda.

Flytxt’s proprietary Big Data Analytics solutions have enabled many leading global Communication Service Providers (CSPs) and brands to increase sales and revenues, optimize margins and enhance customer experience. Flytxt now aims to grow its product portfolio for CSPs to generate higher economic value, and leverage its proven technology to expand to other industry verticals.

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