The Abu Dhabi Investment Authority (ADIA) has been named as one of the investors in US travel tech firm Flyr’s $295 million capital raise.

A $225 million Series D funding round was led by US investment firm WestCap, with a wholly owned unit of ADIA, along with BlackRock and Streamlined Ventures also named as key investors, without mentioning financial details.

An additional $70 million in credit was led by Vista Credit Partners to scale its product offerings around the globe.

Flyr said the latest capital raise would allow the tech firm to accelerate the delivery of modern reservation systems, elevate digital channels, and enable AI-based decision automation for airlines and hospitality brands, a move that comes in wake of the company reporting an annualised revenue growth of 290%.

Following this latest round, Flyr said it has raised over $500 million to date, with other investors of the Series D including South American airline Avianca. WestCap Managing Partner and Founder Laurence A Tosi will also join Flyr’s board of directors.

ADIA’s recent investments in the travel sector include shares in Indian carrier SpiceJet, purchased from the open market in March, followed by its addition to a consortium that made a pre-conditional voluntary offer in May to acquire all the shares in Malaysia Airports Holdings Berhad (MAHB), in a deal worth $3.9 billion.

(Writing by Bindu Rai, editing by Seban Scaria)
bindu.rai@lseg.com