isango! receives $8m funding

isango! has received $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, a leading quoted early-stage venture capital company in Europe..

Published: 18 Mar 2008

isango! has received $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, a leading quoted early-stage venture capital company in Europe..

SPARK Ventures contributed $4m; Beringea, manager of the top performing ProVen VCTs, contributed $2.5m and the remaining $1.5 million came from the existing shareholders.

Jay Patel, Executive Director, SPARK, said: "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!"

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.

www.isango.com, a provider of travel experiences on the Internet, currently offers around 4,000 activities in nearly 60 countries. isango's exclusive focus is on the consumer motivation behind travel, the destination experience or purpose of the journey. It works alongside travel companies, airlines, car rental firms, hotel groups and other portals that include Hertz, Yahoo, Teletext and WAYN.

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