Icelandic travel technology startup, PaxFlow, has secured $2.2M in investment from Brunnur, the Icelandic venture capital firm. The investment will enable PaxFlow to continue the development of its products, and also expand its sales and marketing activities in international markets. Up to eight software experts are soon to be added to PaxFlow’s team, as the company continues to grow and expand its presence in the international market.
PaxFlow offers software for tourism companies that provide day trips, activities, and experiences, and helps to manage daily operations and internal work processes with a focus on automation and self-service for travelers. The software simplifies communication with customers by automating work processes and using artificial intelligence to provide the best customer service in the most cost-effective way.
The tourism industry is facing various challenges when it comes to planning and executing travel experiences, and PaxFlow aims to help overcome these challenges with its software. PaxFlow intends to be at the forefront of utilizing technology and artificial intelligence for improved experience and efficiency in the tourism industry.
Soffía Kristín Þórðardóttir, founder and CEO of PaxFlow, commented on the funding round, saying, “We are extremely excited to have an investor with international experience and knowledge join us. Brunnur is a desirable partner for us, as a secure financial foundation in the next steps of growth is accompanied by important knowledge of the structure and market penetration of internationally competitive startups.”
PaxFlow has been in development under the leadership of Soffía Kristín, first within Origo which is a household IT service and products company in Iceland, but now as an independent company. The idea and prototype of PaxFlow were separated from Origo and made into a company at the beginning of this year. Origo will remain a shareholder in PaxFlow.