HalalBooking secures £2m Series B funding from angel investors to accelerate growth
Angel investors have backed HalalBooking in a funding extension aimed at supporting expansion through 2024.
HalalBooking operates an international search and booking platform for halal-friendly hotel and villa accommodation. The business connects travellers with properties across more than 100 countries.
HalalBooking has secured £2m in a Series B extension round from angel investors. The fresh capital forms part of an ongoing funding phase that recently brought in $2.5m, building on a previous convertible loan from 2021. The company intends to utilise the proceeds to accelerate growth across 2023 and 2024 as it targets a future unicorn valuation.
The business has experienced a strong recovery following pandemic-related disruptions, reporting record sales in July 2023. Management is also weighing up a larger institutional Series C round of between $30m and $40m to scale operations further.
From the founder
"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."
Elnur Seyidli
CEO at HalalBooking
Use of funds
- 01Expand into international markets
Categories
About the company
HalalBooking
HalalBooking provides an online travel booking platform tailored for halal-conscious consumers.