Skyscanner Gets $800M Valuation Following Sequoia Investment
Skyscanner has raised funding from Sequoia Capital in exchange for a minority stake. The valuation of the Edinburgh-based company is now at $800 million based on Sequoia’s investment. Scottish Equity Partners remains Skyscanner’s largest investor so far. Founded in 2003, Skyscanner is the second largest flight search company.
Skyscanner’s mobile app has been downloaded over 25 million times and their website hits over 25 million unique users per month. Sequoia Capital chairman Michael Moritz is going to be joining Skyscanner’s board of directors.
Skyscanner has hit over $3.6 billion in travel bookings from their airline partners. Last year, Skyscanner hit $51.8 million in revenues, which is up 65% from the year before. Their earnings before tax was $18.6 million, which is a 153% increase from the previous year.
“Skyscanner is one of the best technology companies ever to come out of Europe and is already a leading global player,” stated Moritz. “Our job is to help take its current success a step further.”
[Source: WSJ]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry