Skyscanner fundraising set to raise $100 million

Skyscanner fundraising set to raise $100 million

Travel search engine Skyscanner is being tipped for a $100 million fundraising in a deal which is expected to value the company at more than $1 billion.

Early investor Scottish Equity Partners is reported to be looking to offload a stake of about 5% of the 40% it owns in the Edinburgh-based company which it bought for just £2.5 million in 2007.

At least four prominent investors are thought to be vying for the shares, with the proceeds earmarked for expansion, the Sunday Times reported.

Skyscanner, which was launched in 2003, is said to be working with advisers Goldman Sachs and Numis Securities on the sale of new shares.

US venture capital giant Sequoia Capital — which has backed Google, Apple and YouTube — invested in Skyscanner at an $800 million valuation two years ago.

Skyscanner now has more than 700 staff, seven international offices and revenues of more than £90 million. Profits after tax topped £7 million last year.

The company recently said it wanted to recruit 115 people for its European offices and new engineering hubs in the Bulgarian capital of Sofia and London’s Moorgate.

Founder Gareth Williams started the company after struggling to compare flight prices for a skiing holiday in the Alps. He is thought to hold a 16% stake.

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