Momondo Group receives £80m cash injection from US private equity fund

Momondo Group receives £80m cash injection from US private equity fund

Momondo Group, the owner of Cheapflights, has received a £80 million cash injection from US private equity fund Great Hill Partners.

In August the group hired advisors after it received buyout offers from a number of private equity firms and rival businesses.

The Telegraph reports Momondo is now valued at more than £132 million thanks to the cash boost. The existing management team will remain and Hugo Burge will stay on as chief executive.

Burge said: “After a robust process we are pleased to be working closely with an investor who understands our culture and shares our vision – in a partnership which we believe represents the best outcome for our diverse range of stakeholders and investors.”

Michael Kumin, managing partner at Great Hill, said: “Momondo Group has built one of the most dynamic companies in the global online travel market, a high-growth sector with substantial opportunity ahead.”

Momondo saw revenues of £43.3m in 2013.

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