17 March 2008

Isango attracts $8m funding

Online travel experiences firm isango on has attracted $8 million in investment to fund its next stage of growth.

The capital raised through this funding will be used to support the company through the next stage of its development including a booking platform with distribution partners.

The funding was led by SPARK Ventures, which is known for previous investment with lastminute.com, PriceRunner and other internet-based businesses. 

SPARK Ventures contributed $4 million; Beringea contributed $2.5 million and the remaining $1.5 million came from existing shareholders. 

Isango was formed in 2006 and now offers 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.

Co-founder and CEO Ranjan Singh said: ââ¬ÅâœThis 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.

ââ¬ÅâœThe market for travel experiences, tours and activities is the ââ¬Ëœlast frontierââ¬â¢ of online travel which remains unaggregated. 

ââ¬ÅâœIsango 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.ââ¬~

Jay Patel, executive director of SPARK, said: ââ¬ÅâœTravel 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.

ââ¬ÅâœThis combined with the growing demand from customers for holidays which incorporate experiences and activities, has created a clear market opportunity for Isango.

ââ¬ÅâœWe 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.ââ¬~

by Phil Davies 

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