Momondo group get multi million pound cash boost
The Momondo Group has been given an £80m cash boost from Boston-based private equity fund, Great Hill Partners.
The investment, which values the company at more than £132 million, will see GHP own a majority stake in the business.
The existing senior management team will stay in place, with Hugo Burge remaining as CEO.
Momondo Group is an online travel media and technology firm better known in the UK for its price comparison site, Cheapflights and the meta search app Momondo.
The investment will enable Momondo to ‘further focus its international growth plans, to continue developing its metasearch model for mobile, and to expand its global footprint into new and emerging markets worldwide’.
Momondo Group CEO Hugo Burge said: "This is a strong vote of confidence in Momondo Group, its business strategy and management team – from an experienced and well-respected private equity firm.
"We look forward to working with Great Hill in the months and years ahead, as we realise our shared vision to bring the portfolio of Momondo Group brands and products to an even wider audience of consumers, helping them to make better-informed travel decisions – and help ‘open our world’.
Diane
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