Fairlyne, a resale-as-a-service platform serving the travel industry, has raised $3 million in a seed round toward its efforts to make it easier to resell non-refundable tickets.
Speedinvest led the round with participation from Evolem, Kima Ventures and FJ Lab as well as several angel investors.
Even as companies selling tickets to sports events and concerts have managed to run a profitable resale operation, travel businesses have struggled to match the trick. Fairlyne, a PhocusWire Hot 25 Travel Startup for 2023, offers the technology to allow travel companies to add resales to their distribution, providing customers more flexibility while generating additional profits to companies by giving them a second opportunity to sell the tickets.
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“We realized that travel customers were willing to resale their bookings and meanwhile that no-shows represent a lucrative opportunity for travel operators - if they could offer customers who couldn't make it the chance to resell in advance,” co-founder and CEO Gilles de Richmond said. “So we built a platform, which can be integrated into any operators' consumer-facing channels providing customers with a seamless resale experience. The incremental revenue from no-shows can be significant."
“Almost every sector from clothing to cars to jewelry has formalized ways for brands to facilitate customers reselling their products,” said Michael d'Eboli, co-founder and chief product and technology officer of the Paris-based company. “The main reason that travel hasn't been part of this trend, and why travel operators are missing out, is that the technology hasn't been there for something which can be complicated. Fairlyne is the turnkey solution that addresses this gap and opens incremental revenue streams for our travel partners.”
The funds will be used to further develop the platform, expedite the deployment of Fairlyne with clients across the travel industry and to expand to new markets, including the United States. In 2022, the company partnered with French low-cost train operator Ouigo to provide a service in which passengers could resell their non-flexible bookings through the rail company’s website and app.
Speedinvest partner Jeroen Arts said Fairlyne is poised to seize an enormous opportunity.
"Fairlyne is revolutionizing the travel industry by delivering a 10 times improvement in customer experience, empowering travelers to effortlessly resell their non-flex tickets,” he said. “With their innovative solution, they are providing unparalleled value to both travel operators and customers, creating a win-win situation for all.”
Watch Fairlyne pitch the business at The Phocuswright Conference Innovation Summit in the video below.
Fairlyne - Phocuswright Innovation: Summit