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3i and EdRIP invest £24 million in FastBooking

By on October 30 2007

Internet hotel bookings provider FastBooking has attracted €35 million (£24 million) of investment from 3i and Edmond de Rothschild Investment Partners (EdRIP). The collective investment creates a 62 per cent stake in the company, which is valued at €45 million.

The transaction provides an exit for current shareholders Iris Capital and individuals who have supported the group since its inception. At this time, the managing founders of the company are reinvesting for a total ownership of 35 per cent.

Established in 2000, FastBooking has over 3,500 client hotels worldwide, with more than two million hotel room nights booked through its platform this year. The company has a presence in many European countries and is also active in Asia and North America.

The latest investment aims to capitalise on the increasing trend for consumers to book rooms direct from hotel websites and also the opportunity for further growth by acquisition.

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