Travel search engine Skyscanner has secured the investment needed to take off globally, with five investor funds ploughing £128 million into the Edinburgh-based company.
The search engine, who turned its first profit in 2009, is a no-fee flight comparison site used by 50 million users a month. It has headquarters around the world and has rapidly become one of the world leaders in travel booking.
The new investors include Yahoo! Japan, with whom Skyscanner already has a partnership, the investment arm of the Malaysian government and Baillie Gifford investment firm in Edinburgh. The fundraising valued the business at a heady $1.6 billion, according to the Financial Times.
Skyscanner’s CEO Gareth Williams commented: “Skyscanner has enjoyed high double-digit growth rates for some years now, and has been profitable since 2009. This success is thanks to our 1,200 direct partner relationships, the trust of the 50 million travellers who use us every month, our technology, and the dedication of our teams to deliver the best experience for travellers possible.”