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Cheapflights bosses head internet investment fund
Cheapflights CEO David Soskin and vice-chairman Hugo Burge are leading a group of private investors in a specialist internet investment fund called HOWZAT.
Its first investment is in travel and lifestyle social network Where Are You Now? (www.wayn.com), which claims seven million members worldwide. HOWZAT is investing alongside a syndicate of investors brought together in an $11 million Series ‘A’ Funding, led by Esprit Capital Partners.
Launched with an initial $10 million, the HOWZAT media fund (www.howzatmedia.com) has been established to identify and invest in start-up and early-stage internet media companies that are re-inventing the way in which consumers access and use online information.
It will seek out global opportunities in internet media, including, but not exclusively, in the travel sector, a statement said.
WAYN co-founder Jerome Touze said: “We are very excited at the prospect of tapping into the management expertise provided by Howzat and the additional IT resources from Cheapflights.
“Cheapflights pioneered the travel price search business model and is one of the most successful, long-lived and profitable travel sites. Howzat’s management experience in increasing site traffic and customer loyalty will be a huge bonus in helping WAYN build on its initial success.”
In 2000, Soskin and Burge co-ordinated a group of private investors in a Cheapflights management buy-in.
Burge said: “HOWZAT offers Cheapflights and the fund’s other investors an opportunity to invest in innovative online media businesses. It is a time of rapid change and opportunity in the internet. There is a lot of potential in the new market for those who know not only how to spot the winners, but also how to develop them successfully, both strategically and operationally.
“We have put together a strong team to support HOWZAT, which we will run in parallel with Cheapflights. Those involved include Jo Allen and Sascha Hausmann from StellantPartners who bring with them considerable corporate finance skills. David and I are pleased to be able to use our insights and operational expertise gained at Cheapflights more widely.”
Report by Phil Davies
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