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Flytxt raises $11 million in funding from multiple investors

flytxt

Big data and analytics startup Flytxt has raised $11 million in funding led by Sunrise Capital GmbH and Big Data Investments B.V. with participation from Flytxt’s existing investors Cliffton Holding, IVC Venture Capital AG, RM Beteiligungsverwaltung GmbH and Schnell Consult GmbH.

Flytxt will use the funding to consolidate its communication service provider market, expand its mobile consumer analytics solutions to other verticals and add to its team. Following the funding, Dr Brigitte Mohn of Sunrise Capital GmbH and Frits Baron van Dedem of Big Data Investments B.V. will join Flytxt’s board of directors.

In February last year, Flytxt’s mobile ad marketplace mADmart inked its first deployment deal in India with Idea Cellular. It was previously deployed in Bangladesh with the telecom operator Robi Axiata. As part of the deal, Flytxt would be deploying its mobile advertising platform QREDA and connect its mobile ad marketplace mADmart which would allow brands and ad agencies to deliver relevant ads to over 130 million Idea Cellular subscribers.

mADmart would also offer various touch points like pre-call announcements, SMS, IVR, USSD, WAP (push, banner, text), OTT and video among others on a self-serve basis to advertisers. The deal period or the terms of the deal were not disclosed.

Flytxt provides big data solutions for communication service providers and brands for sales and revenues and margin optimisation. It claims to have over 50 customers across 32 countries and analysing data of more than 500 million mobile consumers. The company, which is headquartered in Netherlands, has offices in Dubai, Mumbai, Trivandrum, London, Singapore, Lagos, Nairobi, Dhaka and Mexico City.

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Funding in the big data space:

– Last month, Seattle based Indix, a search engine platform and app which crawls product data and analytics, raised Series B funding worth $15 million from Nokia Growth Partners and existing investors Nexus Venture Partners and Avalon Ventures.

– In the same month, Tracxn, a research platform for private market investors, raised $10 million in a round of funding led by Sachin Bansal and Binny Bansal of Flipkart along with other individual investors.

– Data sciences and analytics firm Saama Technologies raised $35 million in a round of funding from California-based Carrick Capital Partners.

– In February, data analytics firm Manthan System raised $62 million in a round of funding led by Temasek and participation from existing investor Norwest Venture Partners.

– In January, data analytics startup Tookitaki raised $1 million in seed funding led by Jungle Ventures and participation from Blume ventures and Rebright Partners.

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– In the same month, big data company Antuit holdings raised $56 million from investment bank Goldman Sachs and existing investor Zodius Capital.

– Tech Mahindra also acquired 75% stake in the big data analytics company Fix Stream Networks Inc (FSNI) for $10 million in April last year.

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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