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Online travel business attracts £2.2m in funding
Lastminute.com co-founder Brent Hoberman has been made chairman of the advisory board of Travel Intelligence Group.
The appointment came as the online company, which promotes 3,500 luxury and boutique hotels worldwide, secured £2.2 million in fund raising from private equity investors Saints Capital and Big Bang Ventures.
TIG’s subsidiary’s technology platform, Starfish Luxury Travel Distribution, powers sites such as Hip Hotels and Mr & Mrs Smith.
TIG was originally founded by journalist AA Gill and other well known travel writers.
The investment is to be used to further develop its technology platform, accelerate growth through acquisitions, develop the website travelintelligence.com and recruit high level team members where appropriate.
Hoberman, chairman of travel social networking site Where Are You Now? (WAYN), will advise on acquisition strategy and help build the profile of the brand internationally.
Chief executive Marin Muyser, who joined the business in 2004 after co-founding www.booking.com, said: “To raise equity in this market is an excellent endorsement of our achievements and strategy. We are looking to grow through acquisition and with cash now in the bank we are extremely well placed to pursue suitable opportunities.
“I am also delighted to welcome Brent to our advisory board. His experience in buying companies and his network in the travel industry will be invaluable as we embark on growth through acquisitions.
Ken Sawyer, managing director of US-based Saints Capital, said: “We are pleased to welcome Big Bang Ventures to the company.
“We are delighted that they have supported the fund raising. Despite the current challenging environment we believe TIG’s strategy will ensure continued growth for the business.”
Barend van den Brande, Senior Partner of Big Bang Ventures said: “BBV are thrilled to be involved in TIG as the long term prospects for this business are very exciting. It is perfectly positioned to consolidate the luxury end of the online travel market.”
by Phil Davies
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