Search - Wednesday, January 31, 2007
Farecast Tells You When To Buy Your Flight Tickets; Gets $12M Investment
We understand why invetsors are keen on Farecast. People freak when they feel they paid too much for a flight and Farecast has a nice marketing hook to make folks feel their crystal ball into flights works right.
Farecast has raised a third round of financing at $12.1M led by Sutter Hill Ventures with previous investors Greylock , Madrona, and WRF Capital. A former Orbitz CEO also joined in the fun.
Farecast predicts flight prices for certain routes in advance. What is surprising is that the Seattle Times tested Farecast's claim of 75% accuracy and found that the rate was only 61%. So Farecast would seem to have a lot of room for improvement.
Farecast's clever and ballsy marketing team countered by offering what they call FareGuard, which allows you to buy a $10 insurance policy on their predictions. If Farecast tells you to hold off on buying a ticket with a prediction that prices will fall, and then prices actually rise, Farecast will pay you the difference.
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