- Private Equity firms Crescent Point and Victoria Capital Join Existing Investors Tiger Global in Latest Round
SINGAPORE, June 24, 2013 /PRNewswire/ -- Wego.com, the leading travel search engine in the Asia-Pacific and Middle East, has secured US$17 million in growth capital through the completion of a Series C Preferred Share Offering. The investment round was led by Crescent Point with contributions from Victoria Capital and existing shareholder Tiger Global. This brings Wego's total capital raised to US$36 million.
Wego pioneered the travel metasearch space across the Asia-Pacific region from its base in Singapore and is now active in 52 markets and 30 languages globally with a particularly large user base in the fast developing markets of Indonesia, India, Southeast Asia and the Middle East. Wego generates more than US$10 million per day of potential bookings for their travel partners and has experienced rapid growth in recent years.
"We're delighted to welcome Crescent Point and Victoria Capital as new investors. We also wish to thank Tiger Global for being great partners and for their renewed support," said Ross Veitch and Craig Hewett, Wego Co-Founders.
"The Crescent Point team have a great track record, notably with AirAsia, assisting companies to build and scale fantastic brands across our priority markets. We are also delighted to have Victoria Capital on-board, especially given Paul Bassat's experience co-founding and growing SEEK into the world's largest online employment business."
Wego expects to use the additional capital to step up investment in product and innovation, grow the team with top talent at all levels, scale marketing to grow Wego into a leading online travel brand and an ever more valuable source of customers for Wego's hundreds of travel industry partners.
"We are pleased to be working with Ross and the rest of the Wego team to assist their expansion across Asia and the Middle East," said Sami Sindi, Partner at Crescent Point Group. "Wego has developed a truly sector-leading company across its target geographies."
"We are thrilled to have had the opportunity to invest in Wego," said Paul Bassat, Co-Founder of Victoria Capital. "Ross and the team have done an exceptional job in building the business and it is poised for many years of rapid growth."
Simultaneous to the closing of this round, Paul Bassat from Victoria Capital and a representative of Crescent Point have joined Wego's board of directors.
Wego.com is the leading travel search engine across the Asia-Pacific and Middle East and is used by millions of travellers each month to save time, pay less and travel more. The company provides powerful yet simple to use tools that help travellers research trips, compare prices for flights and hotels across multiple websites and to book travel online. Wego shows users an unbiased and channel neutral view of travel prices, providing a choice of booking direct with a hotel or airline, or via an online travel agent or aggregator.
For more information, visit http://www.wego.com/about
About Crescent Point
Crescent Point is an emerging markets investment firm focused on the Asia-Pacific and Middle East regions. Crescent Point focuses on building long-term, mutually beneficial relationships with its investee companies. By leveraging its relationship network, track record, execution expertise and a disciplined investment process, Crescent is able to capitalize on highly attractive public and private market investment opportunities.
For more information, visit http://www.cgcm.com
About Victoria Capital
Victoria Capital, (VicCap), invests in growth stage businesses focused on the technology, media, online and related industries. We invest our own capital alongside investment partners on a deal by deal basis, to create a model that combines the best elements of principal investment with the best elements of private equity. Leveraging our combined experience, we aim to support our investments to achieve significant growth in the short to medium term. Our goal is to become capital of choice for Australian, New Zealand & international businesses in our target sectors.
For more information, visit http://www.viccap.com