FlitWays Technology Inc. has gone public. FlitWays trades publicly under the stock symbol FTWS. FlitWays Technology lead by CEO Tobi Mac and Director of Growth Zacky Hamraz has been growing fast and this summer their team decided the best route to raising capital and growing the company was to go public.
This is Travel Startups Incubator’s first exit from our portfolio of 19 travel tech startups so we couldn’t be more excited, says Matt Zito, managing partner. The FlitWays exit from our portfolio came fairly quickly as we have been operating as a seed-investor for 2-years.
FlitWays route to going public is somewhat unconventional here in the US at such an early-stage but was strategic in nature and makes the move that much more brilliant. Uber and Lyft are two of the biggest names in travel tech ground transportation valued at billions of dollars yet the average individual investor can’t get access to invest, due their being private companies.
FlitWays leverages the hottest market in travel ground transportation and for the first time enables investors in the US to invest in this fast growing sector. By going public FlitWays creates a competitive advantage for itself against it’s peers and opens up a larger base of investment opportunity.
Going public as an early stage tech startup is nothing new overseas. Over 100 Australian tech startups have gone public in the last two years. Citing, venture capitalists in the US scaling back their investments and VCs wanting to invest further downstream, Flamingo an AI-focused Fintech startup went public recently on the Australian Securities Exchange (ASX).