Big data analytics solutions provider Flytxt has closed a USD11 million (EUR10 million) funding round to finance its next phase of growth. The investment was led by Sunrise Capital GmbH and Big Data Investments 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 Brigitte Mohn (Sunrise Capital GmbH) and Frits Baron van Dedem (Big Data Investments BV) will join the Flytxt Board of Directors. 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. Mohn and Fvan 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," says 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.”