Wingbits, a Stockholm-based startup, has raised €3.1 million in seed funding to expand its innovative flight tracking network. The funding round, which closed in June, was led by two prominent US venture capital firms: Borderless Capital, a Miami-based Web3 VC firm, and Tribe Capital, a fund with €1.6 billion in assets under management. The round also received backing from early-stage investor Antler and several high-profile angel investors.
Wingbits is disrupting the traditional flight tracking industry by introducing a community-based model that rewards data providers through blockchain technology. Currently, flight tracking data is collected globally by aviation enthusiasts using antennas. Traditionally, these contributors were never compensated for their efforts, despite the value of the data. Wingbits is changing that by developing a performance-based system that financially rewards participants according to the quality and consistency of the data they provide.
This new approach not only compensates the community but also enhances the reliability and comprehensiveness of the data. Wingbits ranks data providers on global leaderboards, comparing their performance in terms of coverage and uptime. This system creates an incentive for individuals to improve their contributions. With the flight tracking data market expected to reach €22 billion by 2025, Wingbits is positioning itself as a major player in the industry. By leveraging blockchain, the company ensures transparency and fairness in how rewards are distributed, making the platform appealing to both hobbyists and commercial entities alike.
Wingbits’ rapid growth is driven by its strong community support. At the end of 2023, the network had just 40 antennas, but it now boasts 1,600 antennas worldwide, demonstrating the platform’s popularity among aviation enthusiasts. This growth has been achieved largely through word of mouth, allowing Wingbits to quickly build one of the world’s largest flight tracking datasets. By empowering a previously overlooked network of hobbyists, Wingbits is not only rewarding contributors but also generating valuable data that can significantly improve aviation operations. As global air travel increases, this data will be critical for optimizing flight routes, reducing delays, and improving operational efficiencies.
The company plans to use the new funding to expand its team, with a focus on hiring engineers and data scientists from leading companies such as Klarna, Spotify, and Volvo. Wingbits will also invest in expanding its product offerings and increasing marketing efforts to attract even more participants to the platform. Robin Wingardh, co-founder of Wingbits, is committed to pushing the boundaries of flight tracking technology. “Despite over a decade of advancements in aviation tracking, innovation has stagnated, and the community powering this data has been overlooked. We founded Wingbits to change that—bringing fresh innovation to the industry while ensuring that the community is fairly rewarded for their invaluable contributions,” said Wingardh.
Investors are enthusiastic about Wingbits’ potential to disrupt the flight tracking space. Evan Park, an investor at Tribe Capital, praised the company’s unique community of contributors, stating, “Wingbits has one of the most unique supply-side user bases, composed of passionate hobbyists who contribute hardware because they love flight tracking—not just for financial rewards. This reflects the strength of the Wingbits community.”
Oscar Westergard, Partner at Antler, added, “Robin and Alex are a world-class founding team who have identified a truly unique application for blockchain technology. They are empowering an engaged community to build the world’s best flight tracking network. We are proud to have supported Wingbits from the start and have full confidence in their future success.”
Wingbits is redefining flight tracking by blending blockchain technology with a dedicated community of aviation enthusiasts. With substantial funding and a rapidly growing user base, the company is poised to become a leader in the aviation data market, providing both financial rewards to its contributors and valuable data for the industry. As global air travel continues to expand, Wingbits’ innovative approach will play a key role in optimizing aviation operations in the future.
