An online global network of local travel guides has completed a funding round that values the business at £5 million.
A total of 10% of MydestinationInfo.com’s equity has been released following investment of £500,000. All the investment has been made by existing the company’s franchisees.
The network has created 14 new franchises across four continents from Australia and Greece to Ireland and Canada and as far apart as Byron Bay and Bordeaux.
All new sites are expected to launch to the public by next spring.
MyDestinationInfo.com now claims to cover more than 65 destinations worldwide and is used by more than eight million people a year.
The network’s co-founder Neil Waller, who helped establish the business four years ago, said: “With new investment and the sale of 14 new franchises, MyDestinationInfo.com continues to go from strength to strength.
“Existing partners taking equity in the business and launching more sites can only be proof of a healthy business making profits for its franchisees.”