Arcube Secures £1.2m Funding After Etihad Success
Deal News | Jan 16, 2025 | Business Cloud
Arcube, a Manchester startup founded by University of Manchester graduates Prithveesh Reddy and Harvey Lowe, has raised a £1.2 million seed round to fund its innovative post-flight data analytics product, the Passenger Intelligence Platform. The round was co-led by Fuel Ventures and Oxford Capital Partners, and included investors such as the former CEO of Pegasus Airlines. Arcube's platform was successfully trialed with Etihad Airways, generating over £1.3 million in additional revenue from 1,300 passengers in a year. The trial's success hinged on a daring strategy by co-founders Reddy and Lowe, who offered their services at their own risk, seeking only a share of the extra income generated. Arcube aims to leverage this innovation to become a leader in the travel ancillary data market. In tandem with this, they have secured the Turing Innovation Catalyst Manchester AI innovation grant and are in ongoing discussions with 14 airlines globally to expand their operations.
Sectors
- Travel and Tourism Technology
- Investment and Venture Capital
Geography
- United Kingdom – Arcube is a startup based in Manchester, UK, and the funding was directed towards a UK company.
- Global – Arcube is in discussions with 14 airlines around the world, indicating a global reach for its technology.
Industry
- Travel and Tourism Technology – Arcube's product innovates within the travel industry by using technology to analyze passenger data and increase airline revenues.
- Investment and Venture Capital – The £1.2 million seed round for Arcube was co-led by venture capital firms Fuel Ventures and Oxford Capital Partners.
Financials
- £1.2 million – The amount raised in the seed round by Arcube.
- £1.3 million – Revenue generated during the trial with Etihad Airways.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Arcube | Target Company | Company | A Manchester-based startup focusing on post-flight passenger data analytics. |
| Prithveesh Reddy | Co-Founder | Person | Co-founder of Arcube and University of Manchester graduate. |
| Harvey Lowe | Co-Founder | Person | Co-founder of Arcube and University of Manchester graduate. |
| Fuel Ventures | Co-Lead Investor | Company | A venture capital firm that co-led Arcube's seed funding round. |
| Oxford Capital Partners | Co-Lead Investor | Company | A venture capital firm that co-led Arcube's seed funding round. |
| Etihad Airways | Collaborator | Company | Trialled Arcube's Passenger Intelligence Platform to enhance revenue from passenger data. |
| Turing Innovation Catalyst Manchester AI | Grant Provider | Entity | The provider of an AI innovation grant that Arcube has secured. |