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November 01, 2007
A Peek At Valuations And Other Signals From The FastBooking Deal
French online hotel reservation platform vendor, FastBooking, has sold a 62 percent stake in the venture to 3i and Edmond de Rothschild Investment Partners (EdRIP) in a growth capital deal.
The announcement gives us a peek into returns for its first VC backer. It also reveals FastBooking's valuation, which is now at €45M.
Founded in 2000, this French venture survived the boom and bust tech cycle, as well as the September 11th travel downturn, and now claims 3500+ client hotels worldwide with over 2 million hotel room nights booked through its platform this year.
For early stage investor, Iris Capital, it is an exit that delivered a 3.3 times money multiple.
The new investors are adding a board member from one of 3i's past French Internet portfolio companies, namely Amal Amar of Seloger.com, the online real estate ads company, which floated not long after 3i invested. It has a current valuation of €769M on Euronext. That would be about double its IPO valuation, if memory serves.
3i's Jean-David Chamboredon said in a prepared statement: “In 7 years, FastBooking has built an outstanding platform for hoteliers. Additionally, the internet user is starting to recognize the economic benefits of booking directly via hotel websites. Our role will be to support the growth and the success of FastBooking over the next 3 to 4 years.”
View FastBooking
Posted on November 1, 2007 07:16 AM | Posted to News And Updates | Online services | Permalink
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