Avolo, an aviation technology company conducting online transactions, Tuesday (Nov 14) announced that it has closed on a $9 million second round of financing led by East River Ventures with Citicorp, KIRNAF Ltd., Riverside Management Group and Cedar Grove Investments joining in.
“Avolo’s strategic business model and its management team’s aviation industry expertise, along with Avolo’s strong ability to simplify complex aerospace procurement processes, were important in East River Ventures’ decision to fund this pioneering company,” said Andy Russell and Alex Paluch of East River Ventures. “We look forward to a long and rewarding relationship with Avolo.”
Avolo is an independent online marketplace and a provider of a suite of aerospace applications. Avolo enables people to facilitate, manage and track the buying and selling of aircraft parts and services through the use of a secure and reliable Internet technology. Founded by industry professionals with a clear vision of the aviation marketplace, Avolo takes advantage of the benefits of the Internet to help buyers and sellers improve efficiencies, increase profitability and grow their business.
“Our customers are leveraging Avolo’s services to deliver strong business benefits to their organizations,” said Andrew Fedak, CEO of Avolo. “Avolo was one of the first companies to anticipate the shift in aerospace procurement toward e-commerce applications.”
As Avolo continues to expand and develop its strategic offerings to the aerospace industry, its customers enjoy the most comprehensive online tools to acquire, process, integrate and exchange information available today. Using Avolo solutions, parts suppliers and resellers also benefit from an expanded worldwide customer base without incurring significant business development costs.
