Flytxt , a fast growing Big Data Analytics solution provider, today announced that it has closed an $11 million (INR 70 Crore approx.) funding round to finance its next phase of growth. The investment was led by Sunrise Capital GmbH and Big Data Investments B.V. with participation from Flytxt’s existing investors.
Launched in 2008, Flytxt has previously received funding 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 plans to double its team through the next phase of growth.
Following the latest round of funding, Dr. Ms. Brigitte Mohn (Sunrise Capital GmbH) and Frits Baron van Dedem (Big Data Investments B.V.) will join the Flytxt Board of Directors. Dr. Mohn is an Executive Board Member of Bertelsmann Stiftung and Supervisory Board Member of Bertelsmann AG. Frits Baron van Dedem is Managing Director of UNION TANK Eckstein GmbH & Co. KG and an experienced private equity investor. Dr. Brigitte Mohn and Frits van Dedem hold several other industry and non-profit positions.
“We are delighted to welcome Dr. Brigitte Mohn and Frits 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.” he added.
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.