isango! (
http://www.isango.com), a leading provider of travel experiences
on the internet has received US$8m in investment to fund its next stage of
growth. The funding round, which is the first institutional round for the
company, was led by SPARK Ventures, which is known for previous investment
success with LastMinute.com, PriceRunner and other internet-based businesses.
SPARK Ventures contributed US$4m; Beringea, manager of the top performing
ProVen VCTs, contributed US$2.5m and the remaining US$1.5 million came from
existing shareholders.
In less than a year and a half since its launch in 2006,
isango! has gained a market-leading reputation thanks to its usability,
broad-ranging product categories, global coverage and inspirational
presentation. It is building the largest repository of travel experiences and
currently offers around 4,000 activities in nearly 60 countries. It works
alongside travel companies, airlines, car rental firms, hotel groups and
other portals that include Hertz, Yahoo, Teletext and WAYN.
isango's exclusive focus is on the consumer motivation behind
travel, the destination experience or 'purpose' of the journey. Its aim is to
provide both consumers and travel professionals with the most authoritative
online resource for planning and booking unique travel experiences and
activities.
The capital raised through this funding will be used to
support the company through the next stage of its development and revenue
ramp-up, including aggregating activity inventories, rolling-out its
innovative booking platform with major distribution partners, and developing
additional products and services.
Ranjan Singh, Co-Founder and CEO, isango!, commented:
"This is an important milestone in the development of the business and to
have attracted two highly respected and experienced investors is a clear
endorsement of the progress we have made over the last eighteen months. The
market for travel experiences, tours and activities is the 'last frontier' of
online travel which remains unaggregated. isango! is in pole position in this
huge and exciting market. We have seen a very strong revenue growth since our
launch and this latest round of funding gives us a platform from which to
take the business to the next level."
Jay Patel, Executive Director, SPARK, added:
"Travel has been one of the sectors most successfully
transformed by the advent of the internet, with online ticket sales and hotel
bookings now at around $650 billion annually. This combined with the growing
demand from customers for holidays which incorporate experiences and
activities, has created a clear market opportunity for isango! We are backing
an experienced and ambitious management team who we believe has the
capability and drive to build a market leading business and to benefit from
the explosive growth in this market."
Trevor Hope, Investment Director, Beringea, concluded:
"Since isango! was founded in 2006, it has made excellent
progress and is already a market leader in the online travel sector. This new
funding will allow management to consolidate its strong market position and
we believe the company has a very bright future ahead."
SPARK’s investment was sourced as follows: $0.5 million came from its own balance sheet and $3.5 million from across several funds managed by SPARK Venture Management Limited, namely Quester VCT plc, Quester VCT 4 plc, and Quester VCT 5 plc. Beringea’s $2.5 million came from its ProVen VCT and ProVen Growth & Income VCTs.
About SPARK Ventures
SPARK Ventures is the leading quoted early-stage venture capital company in
Europe. It manages over £240 million on behalf of major institutional
investors, leading UK universities, and three quoted venture capital trusts.
SPARK invests in entrepreneurs to create dynamic businesses in the
technology, media, telecoms and healthcare & life sciences sectors. As well
as capital, it brings a wealth of experience of developing high growth
companies from early stage through to IPO or trade sale, adding value to its
investments through active support and strategic direction.
Some of its exits include Mergermarket, Lastminute.com, Footfall, Nomad,
Pricerunner, Elata, Glycart, OHM and Avidex.
www.SPARKventures.com
About Beringea
Beringea is an international private equity and investment banking firm with
offices in London, Detroit, Los Angeles and Shanghai. Beringea is the
manager of funds including Proven VCT, ProVen Growth & Income VCT, and
Global Rights Fund II, amongst others.
Beringea launched its first VCT in 1996, making it one of the most
experienced VCT managers in the UK. ProVen VCT and ProVen Growth & Income
are the highest performing VCTs of their launch years according to
www.taxefficientreview.com and in 2007. For more information please
visit
www.beringea.com/
www.provenvcts.com.
About isango! Limited
isango! is an ambitious young company which launched in October 2006. It
offers consumers and travel professionals an authoritative source of
exciting and colorful experiences - holiday tours, sightseeing, attractions,
activities and the best things to do in 60 countries across the world. To
help you plan and book ahead, isango! finds everything you need to make your
travel experience unforgettable.
www.isango.com
Contact
Ranjan Singh
Phone: +44(0)20 7631 0109
Organization
isango!
http://www.isango.com
