Dallas, TX (PRWEB) June 11, 2013
ID90T, which provides airlines with a SaaS platform to automate airline employee space-available travel, announced the closing of $3 million in Series B financing. The round was led by Gerbera Capital and Mexico Ventures, with participation from existing investors Baroda Ventures and Thayer Ventures.
The funding comes as ID90T builds momentum in the 22 million-strong market for employee-related airline travel. The company’s suite of SaaS products helps airlines reduce costs in ticketing, and helps employees book discounts that make the travel experience more cost-effective, enjoyable and rewarding.
ID90T’s clients include airlines such as Aeroflot Airlines, Alaska Airlines, Frontier Airlines, Hawaiian Airlines, Spirit Airlines and United Airlines, among others.
ID90T’s CEO Mike Stacy said, “We bring airlines innovative solutions that decrease the cost of every aspect of airline employee space-available travel, while at the same time providing significant travel benefits for their employees. The response continues to be extremely positive for our products, and for our vision for the future.” He concluded, “We are grateful to our clients for their support, and to all investors and advisors. We look forward to a year of dynamic growth and innovation with several new products planned for release in 2013.”
ID90T will use its funding to expand its suite of products and services, increase sales and marketing activity, and enhance its corporate positioning and marketplace presence.
How it Works: ID90T’s Benefits for Airlines and Their Employees
The ID90T SaaS Platform is a one-stop solution for all airline employee travel needs, which includes:
- Online Ticketing (airline employees flying on their own airline)
- Interline Ticketing (airline employees flying on other airlines)
- Company Business Travel Ticketing
- Airline Employee Discounts on Hotel, Car Rental and Travel Insurance
- Listing Platform (a stand-alone platform for listing on interline flights)
The ID90T SaaS Platform automatically validates an employee and their eligible travelers’ flight privileges. Employees can search for flights on their own airline (“online”), on other airlines (“interline”), and automatically receive up-to-the-minute fare and tax information, flight load indicators and the standby list.
Alonso Diaz Etienne, Managing Partner at Gerbera Capital, said, “The application of automated solutions to airline employee travel is an opportunity whose time has come and we are excited to be working with ID90T to achieve its full potential and, at the same time, help grow the Mexican tourism industry. In bringing together investors from the United States and Mexico, ID90T has created a solid foundation to build the Company and serve the global airline industry.”
In addition to airline ticketing, ID90T also offers airline employee discounts on hotels, car rentals and travel insurance—all on the same one-stop-shop platform.
Lee Rand, Managing Director at Mexico Ventures, said, “ID90T has developed industry-leading products to the most travel-savvy market in the world. We are happy to support the company as they expand their activities into Mexico and other markets and continue improving the airline travel experience worldwide.”
The ID90T Listing Platform was developed to allow employees to automatically list for flights for leisure and duty travel on other carriers (including commuting pilots and flight attendants), thereby eliminating manual processing by the Pass Bureau, reservation center, and ticket counter agents.
ID90T provides airlines around the globe a SaaS platform that automates and reduces costs associated with airline employee travel programs. It is a one-stop solution for airlines’ employee travel needs: ID90T provides online ticketing for employees to fly for leisure or company business on multiple carriers and technology that allows airline employees to list on other airlines’ flights. In addition, ID90T is the first company in the global airline industry to provide employee pass travel programs with the ability to seamlessly book discounted hotels and rental cars, and purchase trip insurance policies tailored to the needs of non-revenue travelers. For more information, visit http://www.id90t.com
About Baroda Ventures
Baroda Ventures is a Los Angeles based venture capital firm founded by philanthropist and technology entrepreneur David Bohnett, the founder of GeoCities. Baroda Ventures is focused on seed stage investments in consumer internet, e-commerce, SaaS, mobile, and digital media. In addition to ID90T, other investments include, Fab.com Steelhouse, GraphEffect, and Pocket Change
About Gerbera Capital
Gerbera Capital is a Mexico based Fund and Asset Manager that is strengthening the private equity and venture capital industries in Mexico and developing additional ways to support the creation of businesses, jobs and wealth in Mexico and the United States by working with talented entrepreneurs.
About Mexico Ventures
Mexico Ventures is a fund created to invest in leading innovation and entrepreneurial capital funds and direct co-investment opportunities within Mexico or with strong ties to Mexico. The goal of the Fund is substantial long-term capital appreciation for its limited partners with an anticipated derivative effect of increasing the number of high-quality professional fund managers in Mexico.
About Thayer Ventures
Thayer Ventures is the only venture capital firm specifically focused on the hospitality industry. Since its founding in 2009 as Quest Hospitality Ventures, the firm has partnered with entrepreneurs to create, develop and build technology companies that will revolutionize the hospitality industry. Based in San Francisco, Thayer Ventures currently supports some of the world’s leading travel technology companies, including Hipmunk, hotelme.com, Nor1, Adara Media, Duetto Research, newBrandAnalytics, and ID90T. Additional information is available on the company’s website: http://www.thayerventures.com.