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PRESS
RELEASE |
Release date | 5th March 2008
Source | Isango Media Department |
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| isango! raises US$8 million Series A from SPARK Ventures, Beringea and existing investors
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5 March 2008 – Isango!, the world’s leading provider of travel experiences is pleased to announce its Series A funding led by SPARK Ventures, with Beringea and existing investors contributing to the round.
Launched in late 2006, isango! is already a market leader in the online travel sector. With a detailed, exclusive focus on the core consumer motivation behind travel—the destination experience or ’purpose’ of the journey—isango! offers customers experience-based travel packages from around the world, providing both consumers and travel professionals with an authoritative online resource for planning and booking unique travel experiences and activities.
Working alongside travel companies, airlines, car rental firms, hotel groups and other portals including Hertz, Yahoo, Teletext, Wayn, Isango! offers more than 4,000 activities in 60 countries. 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 across major distribution partners, and developing additional revenue streams.
SPARK Ventures plc (“SPARK”), one of Europe’s leading early-stage technology venture capital investors, and Beringea, manager of the award winning Proven VCTs, announced today that they have invested in a US$8 million series A funding round for Isango! Limited, a London-based global online travel business focused on experience-led holidays and activities.
SPARK led the investment with $4 million, of which $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, while Beringea has invested a further $2.5 million from its ProVen VCT and ProVen Growth & Income VCTs. Beringea has invested a further $2.5 million from its ProVen VCT and ProVen Growth & Income VCTs. The remaining $1.5 million were contributed by the existing investors in the business.
Ranjan Singh, co-founder and CEO of 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 at the pole position to be the leader 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 at SPARK, added:
“Travel has been one of the sectors most successfully transformed by the advent of the internet, with online ticket sales and hotel booking 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 at Beringea, said:
“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.”
For further information, please contact
SPARK Ventures
Jay Patel Tel: +44 (0)20 7851 7777
Annabel O’Connor Tel: +44 (0)20 7307 5339
isango! Ltd.
Ranjan Singh Tel: +44(0)20 76310109
Notes to editors:
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 our exits include Mergermarket, Lastminute.com, Footfall, Nomad, Pricerunner, Elata, Glycart, OHM and Avidex. www.SPARKventures.com
About Beringea Limited
Beringea is an international private equity and investment banking firm with offices in Detroit, Los Angeles, London and Shanghai. Beringea’s funds invest in a range of small to medium sized companies with the potential for high growth and strong returns for investors. Beringea manages the Global Rights Fund II, which invests in media, brands and enabling technologies, among others. www.beringea.com
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For bookings, please refer
to www.isango.com directly.
For more information, please
contact me on Cristina@annscott.co.uk
or call on 0207 823 99 88
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