BIRMINGHAM, Ala., Aug. 29, 2023 (GLOBE NEWSWIRE) — Alabama Futures Fund (“AFF” or the “Fund”) recently placed an investment in Sequense Corporation (“Sequense” or “Company”). Based in Austin, Texas, Sequense is a workflow automation software platform which was created to supercharge travel agency business operations for independent and enterprise scale travel advisors. Sequense’s goal is to streamline travel business processes to save time, increase profitability and elevate the reputation of its travel advisor customers.
In connection with the investment from AFF, Sequense and its CEO, Kimber Falkinburg, will relocate the Company’s headquarters to Birmingham, Alabama.
According to global and U.S.-specific industry reports from IBISWorld, there are approximately 84,000 travel advisor enterprises in the U.S. and 164,000 globally. Among those enterprises, there are approximately 402,000 travel advisors in the U.S. and 1.8 million globally. The global travel advisor sector is expected to reach aggregate 2023 revenues of approximately $474.7 billion, with reported net profits of approximately $32.3 billion and a projected compound annual growth rate of approximately 2.2% between 2023-2028.
Sequense’s industry-specific automation for travel advisors allows users to elevate their business and capture more of the growing travel market. By entering a few key data points, the Company’s software organizes hundreds of tasks by stage of workflow and work type. The Sequense platform provides visibility for each advisor on outstanding tasks to be completed utilizing an easy-to-learn project management tool. Users experience increased capacity and efficiency, reduce costly errors and omissions and can onboard and upskill new travel advisors quickly.
Sequense was recruited to Birmingham through the combined efforts of AFF and Birmingham Bound.
According to Ms. Falkinburg, relocating to Birmingham was an easy decision after spending some time in the ecosystem, “We’ve discovered more than a location in Birmingham – we’re tapping into a wellspring of potential. We’re becoming immersed in a community fostering local talent and innovation, an ideal environment for our growth. At Sequense, we’re not just building a business but committed to uplifting both the Company and the entire Birmingham community.”
This represents the eighteenth investment from AFF since the Fund launched in Q3 of 2018. Redhawk Advisory, LLC (“Redhawk”) serves as the investment manager of AFF and advised AFF on the Sequense investment.
Redhawk Partner Mickey Millsap shared his excitement about Sequense and the Company’s relocation to Alabama, “We are excited about our investment in Sequense and can’t wait for Kimber to join Birmingham’s growing startup ecosystem. Not only is the travel advisory space a massive market, but it is also a market that has historically not generated significant investment from the venture capital community – meaning the Company has an opportunity to grab significant market share without facing the same level of competition as other sectors.”
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.
About Redhawk Advisory, LLC
Redhawk is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkVC.com.