Isango, a leading provider of travel experiences on the internet has received $8m from SPARK Ventures. This fund has been identified to fund its next stage of growth. For Isango, the funding is its first institutional investment.
Led by SPARK, whose team was also a founder investor in the start-up of lastminute.com, has now led to the founding of Isango.com. SPARK Ventures is one of Europe's leading early-stage technology venture capital investors and is also known for previous investment success with PriceRunner and other internet-based businesses.
The funding process was broken into the following; with SPARK Ventures contributed $4m; Beringea, $2.5 million, coming from the top performing ProVen VCTs and the balance $1.5 million coming from the existing shareholders.
Founded in 1999, SPARK has built up a portfolio of investments in the technology, media and telecom sectors (TMT) ranging from enterprise software to digital media and semiconductors. Their current focus is on early stage investments with the objective of developing significant capital growth over the medium term. The SPARK team help develop businesses with world class potential by marrying their technology with the necessary capital, strategic and operational management support, commercial and marketing expertise.
Within two years, since its launch, Isango! has managed to gain a prominent market share and a leading reputation thanks to its multiple product categories and global coverage. This new funding should give Isango room to consolidate itself and further strengthen its current market position. Not to mention, the company’s future appears very solid
It works alongside travel companies, airlines, car rental firms, hotel groups and other portals that include Hertz, Teletext, Yahoo and WAYN.
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