HarbourVest is investing in Travelstart. Financial terms weren’t announced. Travelstart is a leading online travel company in Africa.
Travelstart Brings in New Investors
CAPE TOWN, 28 May 2019 — Travelstart, Africa’s leading online travel company has announced a new partnership with global private markets investment firm HarbourVest, with $58 billion under asset management, who will become a significant funding partner for the company.
HarbourVest will support Travelstart’s further expansion in geographies and growth in new verticals in the continents $194 billion tourism and travel market.
“The partnership with HarbourVest is a confirmation of the future opportunity in online travel in this continent, our business and our team,” says Stephan Ekbergh, founder and CEO of Travelstart. “We are very excited to have them on board.”
The investment comes on the back of MTNs Asset Realisation Program. MTN and Travelstart will continue its commercial relationship.
Travelstart is an online travel company which was founded on two basic principles; simplicity and best price. The company was founded in 1999 in Sweden and pioneered online travel in Scandinavia. In 2006, the company started in South Africa and became a household name and later ventured out into the African continent and set up operations in Dubai. The company currently does business across several African countries as well as across the GCC and has seen double-digit growth and profitability since inception.
HarbourVest is an independent, global private markets investment specialist with 36 years of experience and more than $58 billion in assets under management, as of 31 December 2018. The firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 500 employees, including more than 125 investment professionals across Asia, Europe and the Americas. This global team has committed more than $35 billion to newly formed funds, completed over $19 billion in secondary purchases, and invested over $9 billion directly in operating companies.