Traxo Raises $4.2M Series A
Strategic investment from Advantage Capital Partners, Silver Creek Ventures and Thayer Ventures
DALLAS, Oct. 2, 2013 /PRNewswire-iReach/ -- Traxo, the world's most advanced personal travel organizer, announces a $4.2 million Series A investment from Advantage Capital Partners, Silver Creek Ventures, and Thayer Ventures. Launched in 2009, Traxo seamlessly and securely keeps track of travel reservations no matter where they're booked on the web, provides frequent flyer mileage and travel management tools, social travel capabilities, and a new mobile app designed for iOS devices. Traxo's powerful platform has become a crucial tool set for travelers, travel management companies and corporations to streamline the typically cumbersome processes around hotel, air, car, and activities reservations and itineraries. Traxo will invest the new funds in product development and international expansion.
Co-founded by travel veterans Andres Fabris and Andy Chen, Traxo leads the space for smart, frequent travelers who want effortless trip organization and frequent flyer protection tools without the costs or extra effort of forwarding information to a middleman. Traxo's recent milestones include a travel expense management partnership with SAP's Cloud for Travel, and the integration of KnowDelay, a cutting-edge weather prediction service that, combined with Traxo's extensive travel organization and detection services, informs travelers of predicted flight cancellations and delays with outstanding accuracy. Additionally, in September 2012, Traxo acquired the assets of GoMiles, further enhancing its frequent flyer management capabilities.
Damon Rawie, Managing Director of Advantage Capital Partners that led Traxo's Series A said, "We love the way that Traxo has pioneered the automation of critical travel details that enable and empower travelers throughout the travel cycle. We have been tracking Traxo's progress for some time, have been impressed with their recent momentum, and are delighted to provide growth capital for a pioneering travel venture that is driving economic development right here in Texas."
Michael Segrest, General Partner of Silver Creek Ventures, added "Corporations and individuals are heavily taxed by cumbersome details related to travel reservations and itineraries and we see Traxo as the ideal platform to add significant value and efficiency for both corporate and leisure audiences. Traxo's recently launched mobile app and the business-to-business capabilities poise the business for significant growth."
Jeffery Jackson, Managing Director of Thayer Ventures, said, "We are delighted to invest in Traxo's travel aggregation platform through Thayer Ventures II, and are excited to work with Andres." He concluded, "Traxo is a great example of Thayer's investment thesis, which is to identify innovative companies that are disrupting the travel space, producing win-wins for travelers and travel industry leaders alike." "We look forward to celebrating the company's success."
Concurrent with the financing Traxo is pleased to announce the addition of Damon Rawie, Michael Segrest, Jeffery Jackson, and industry veteran and international travel expert, Donald Birch, to the Traxo Board of Directors.
About Advantage Capital
Advantage Capital Partners is a leading venture capital and small business finance firm focused on providing growth capital and other investments supporting state and local economic development efforts. The firm's typical forms of investment include early stage, expansion equity, mezzanine financing, senior and subordinated loans and government-guaranteed lending. With offices and partners in Austin, St. Louis, New Orleans and other U.S. cities, Advantage has raised more than $1.6 billion in institutional capital since 1992 and invested in companies located in geographic areas underserved by traditional capital.
About Silver Creek
Silver Creek is an early stage investment firm focused exclusively on early stage information technologies. For over 20 years, they have helped entrepreneurs build market-leading companies in the internet, data networking, semiconductor, and communications fields. www.silvercreekventures.com
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, TripBam, Liftopia, Adara Media, Duetto Research, newBrandAnalytics, and ID90T. Additional information is available on the company's website: www.thayerventures.com
Traxo is the world's most advanced personal travel organizer. The free service automatically detects and aggregates travel information, including: itineraries, miles, points, and elite status, directly from over 190 different travel websites, and accepts travel confirmation emails from over 1,300 travel providers, organizing everything into a single, comprehensive travel dashboard. Traxo users become part of a smart, savvy online travel community and are rewarded with rich and informed social travel experiences. For more information, please visit http://www.traxo.com.
Media Contact: Pamela Johnston, Cloud12, 646-918-8812 x1201, Pamela@cloud12group.com
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