Alex Cruz joins Caravelo as investor and board member
BARCELONA – 28th September 2021 – Caravelo announced today that Alex Cruz has become an investor and joined its Board of Directors. The announcement represents a strong signal to the airline industry that innovative revenue generation solutions, like those offered by Caravelo, will be key to the new, post-COVID reality. Mr. Cruz had this to say:
“Consumers have become even more digital over the pandemic. Airlines have not. Caravelo is helping airlines around the world to bridge that gap by providing off-the-shelf products that their customers already expect, but airlines can’t develop quickly in-house.”
Crises create opportunities, and the battle for survival in the travel industry is ongoing. Traditional players have been weakened, and innovators are starting to make their moves.
Caravelo has seen a surge in demand for its flight subscriptions, post-sale revenue optimization and customer service automation solutions by airlines and online travel agencies (OTAs). The company has already begun creating flight subscriptions for more than four other airlines. In addition, Caravelo has expanded its partnership with Volaris to diversify their subscription offering.
Alex Cruz joins Caravelo to support its executive team with his experience and expertise working at American Airlines, Sabre, and Accenture, and later as CEO of Clickair, Vueling, and British Airways. Caravelo’s Co-Founder and CEO, Iñaki Uriz, described the importance of this step for the company as follows:
“For Caravelo, today’s announcement represents a major step forward that reinforces the strength of our vision and the success of our platform. It is part of a momentum that has seen our staff numbers double and will soon lead to several important client announcements.”
The new normal of airline revenue management & travel retailing
The surge in demand for subscription programs comes as airlines, OTAs and other travel companies have begun to realize the value of stable, predictable revenue streams and the potential for these programs to generate incremental revenue and stimulate demand.
In the new normal, competition is going to be intense and, with pressure on margins increasing, Caravelo is already seeing strong demand for advanced, post-sale, revenue optimization solutions.
These solutions are key to deal with uncertainty, and are maximizing total revenue per flight by, for example, shifting passenger loads between flights (or combinations of flights) and allowing airlines to re-sell the seats to higher-yielding passengers to maximize revenue. In the words of Alex Cruz:
“Caravelo’s products offer an easy-to-implement, digital way to enhance the relationship between airlines and their customers. With a strong track record within post-booking revenue generation, Caravelo is best placed to support airlines in their Covid recovery cycle and beyond.”
Continued investment by key industry leaders
The investment by Cruz comes as part of a continued wave of interest in Caravelo that brought in additional investment by the company’s lead backers, Adara Ventures.
Adara Ventures’ most recent investment was complemented by three other prominent industry executives, who asked to remain anonymous. Nico Goulet, Managing Partner at Adara Ventures, had this to say about Caravelo:
“We are delighted to continue supporting the Caravelo team, who have proven their commitment to modernizing the airline industry’s complex legacy systems and pioneering new ways for airlines to optimize their revenue streams with customer-centric solutions.”
Caravelo is a travel tech company that changes the way airlines, OTAs and other travel businesses interact with travelers. Caravelo unlocks new revenue opportunities, improves customer experience and facilitates retention thanks to three product lines that focus on subscriptions, post-sale revenue optimization and customer service automation. The company has been growing steadily, with more than 40 talented people that serve over 20 major industry players.
The Caravelo team has more than 10 years of experience in the industry and is backed by investors, including Adara Ventures, and advised by key leaders in the airline industry.
Caravelo: Marco Serusi, PMM, firstname.lastname@example.org