Flyr, founded by Alex Mans
Elevator Pitch: “What we do at Flyr is we are really good at predicting what the price and availability of specifically airline tickets will be in the future, and we use that knowledge to either allow customers that are booking their travel have more flexibility in doing so on sites like Trip Advisor. Or on the other hand help airlines be better at pricing their airline tickets.”
Basically, you start to look for plane tickets for an upcoming trip. You find a good price, but you need finalize your plans, and you’re afraid that the price will spike if you wait too long.
Here’s Flyr’s solution, in Alex’s words: “On sites like Trip Advisor we give consumers the ability to pay us a small fee, and in return we will guarantee today’s price. So even if the price spikes by the time you make your booking we will cover that price increase.” What kind of small fee? $4 to $20, on average $13.
Basically, Flyr is selling insurance on the price of your ticket.
“What we do is we basically proactively acquire every single price of almost every single flight worldwide every single day,” Alex explains. Then they use this data to forecast demand, which lets them forecast price changes.