Angel investors have backed HalalBooking in a funding extension aimed at supporting expansion through 2024.
"This is still a relatively small angel round and the company’s cap table remains mostly under the ownership of the founders. This investment, combined with cash we generate from our healthy 17% profit margin, will help us to accelerate our 2023-24 growth and be in a stronger position to reach our $1 billion unicorn goal sooner. There is a lot of interest from institutional investors, who have been closely watching our growth since the pandemic, which is leading us to consider a larger, institutional $30-40 million Series C round to further accelerate our growth rate. This would increase the likelihood of reaching the $1 billion goal in 3-4 years, rather than in, say, 6-7 years of more organic growth."
The seed round was led by Jenson Funding Partners to support platform development and technical hiring.
"The pandemic was incredibly tough for the whole travel industry. Rather than scale back operations to save money, we invested heavily in new and emerging technologies. The patience and hard work is finally beginning to pay off. In 2023, we have our first clients onboarded, more in the pipeline and new and exciting integrations being developed. The icing on the cake was when we secured funding through Jenson Funding Partners – this, along with our growing revenues from the system, will enable us to develop our brand and invest in extending the technical team further."
The funding comprises debt from Triodos Bank UK and equity from international family offices and strategic backers.
"As a bank that is looking to finance systemic transformation, we have clear ambitions to expand our portfolio into pioneering projects and financing structures to support decarbonisation solutions. HumanForest is a fantastic example of a company that is innovating shared modes of transport to tackle urban pollution while increasing access to affordable transport – thereby contributing to more liveable cities. It’s exciting to be able to support HumanForest to reach more people across London and beyond."