Monarc Global set out to develop a software tool that would make airline operators more cost-effective and increase access to airline charter services for people and organisations. Four years after its official launch, Monarc Global’s software-as-service pricing solution for the airline industry is spreading its wings to connect airline partners and alliances globally.
Pricing that clicks in a subsecond
Founders Royce Crown and Cameron Deane set out to solve a perennial challenge for the air charter industry by taking the guesswork out of pricing charter flights. Using complex algorithms, the team achieved 93%-plus accuracy for flight costs up to 18 months in advance, forecasting variables such as fuel and weather events that were previously impossible to predict. The breakthrough saw Monarc Global launch its Travech software with subscription levels to suit aircraft operators, big and small.
Charting a flight path to success
The Covid-19 pandemic opened up a new window of opportunity for Monarc Global in March 2020. The start-up began facilitating repatriation flights for Australians stranded overseas. It also launched a new aircraft charter business called Cross Border Air Inc. to transport freight items such as medical supplies, urgently required during the pandemic. The chartering business boomed as Monarc Global engaged with dormant aircraft, furloughed pilots and cabin crew. However, with this came a turn in fortune as other airlines flooded the market with cut-price airfares to capitalise on the holiday season and Chinese New Year. It was during this time the business heard about Radium Advances, deciding that an R&D loan was the bridging capital it had been looking for.
Monarc Global CEO Royce Crown explains “Accessing loan capital from traditional lenders is extremely difficult for start-ups, so we began reviewing our options, including alternative finance. Radium Advances let you tap into capital you’re going to receive as your R&D tax refund anyway – only earlier and without risking extra debt”.
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