Muslim-friendly online travel platform HalalBooking has raised $2.5 million in Series A funding it says will allow it to grow at a rate “beyond 100%” in 2020.
In a statement on Thursday (Dec 19), the UK-based start-up said the funding was raised from a group of four investors led by Azar Gurbanov, a co-founder of New York-based wellness e-commerce website FSAstore.com.
HalalBooking said its post-$2.5 million fundraising valuation is $52.5 million.
“This investment will allow us to accelerate our growth rate for 2020 beyond 100% and will be spent mostly on new customer acquisition activities,” said HalalBooking CEO Elnur Seyidli.
HalalBooking said its net revenue growth for 2019 is 60% and that it is on track to reach $30 million in bookings by the year-end.
The company’s CEO said it is already planning to open a larger $20-$25 million Series B round at a higher valuation at the end of 2020 as it works towards its unicorn goal by 2024.
HalalBooking announced in 2015 what it also called a Series A funding round that raised $1 million. The start-up told Salaam Gateway on Friday (Dec 20) that it has renamed that round as “late seed funding”.
In October 2015, the CEO told Salaam Gateway that HalalBooking was valued at $30 million and was planning to launch a $1 billion initial public offering by 2018.
HalalBooking went live in 2014.
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