Barcelona-based software supplier ChangeYourFlight, recently rebranded itself to Caravelo. This re-branding is possibly a result of its new partnership with HR Ventures, which is spearheaded by an impressive seven-figure investment.
Founded in 2010, Caravelo’s first product www.changeyourflight.com was a software solution which, in their words: allows airlines to free up inventory for resale, regardless of the fact that a website called “changeyourflight.com” seems to have little to do with inventory management. Building on their experience, however, they quickly introduced additional products, such as Upgrade and Extra Seat. It turns out that “Inventory”, in this case, simply means “seats”, which is made clear by the fact that the former service, Upgrade, allows existing passengers to bid on a seat in a higher class, while the latter service, Extra Seat, enables travellers to place a request for an additional seat next to you.
Caravelo’s products have been made available as a white-label software solution, and the start-up’s strategy with a strong focus on supplying business-to-business software solutions, can be considered as somewhat successful, as their product has already been adopted by six airlines, albeit six mostly low cost airlines of various repute, such as NokScoot (from Thailand), FireFly (from Malaysia), all the way to GermanWings. Only one full service carrier, Saudia, has so far installed Caravelo’s software solution.
“With our products, we cater to the passengers’ demand to travel more comfortably”, says Iñaki Uriz, Caravelo’s CEO. “At the same time, our solutions offer valuable upselling opportunities to airlines that can generate incremental revenue. It is a win-win situation for all parties involved.”
Caravelo’s new partner, HR Ventures, is an investment extension of its mother-company Hahn Air, which started out as an independent German airline company and now specializes in distribution and ticketing for globally operating airlines. Since its founding, Hahn Air has emerged as a major player in its field, with more than 300 airlines and rail companies as well as some 95.000 travel agencies making use of the services of its so-called Ticketing Experts, which means that millions of passengers every year use e-tickets provided by Hahn Air to travel between some 4000 airports.
This partnership signals very good news and positive growth potential for Caravelo and on the other side of the spectrum, Hahn Air will gain the opportunity to deepen its market position and presence by locking in a segment of its value chain. Added to this, Helmut Stiglbauer, Hahn Air Executive and Advisor at HR Ventures, will also be taking a seat on the board of Caravelo, thereby ensuring Hahn Air’s positive influence on the business. He explains his decision as follows: “Caravelo’s innovative business is an essential management tool for airlines. We believe there is great potential in the market and that Caravelo will meet the demands of passengers and carriers.”
To this, Iñaki Uriz, Caravelo’s CEO, adds: “We are very thankful for the opportunity to work with such an established company. With HR Venture’s capital and industry expertise, we will continue our rapid growth, apply our technology to the travel industry and enter new markets.”