HalalBooking Raises $2.5 Million in Angel Investment Round
HalalBooking recently completed another successful angel investment round in July 2023, marking a significant milestone in its Series B round. The company secured $2.5 million in new funding, valuing the company at $102 million. This new investment adds to the $5 million convertible loan invested in 2021, which has now been converted into Series B shares at a discounted rate of 20% from the current valuation. With a total of $7.5 million raised so far, the round has a maximum target of $10 million to be completed by the end of the year. This leaves an additional $2.5 million available for investment at the same valuation.
Elnur Seyidli, the CEO of HalalBooking, commented on the recent investment, stating that it is still a relatively small angel round and the company's ownership remains largely with the founders.
He expressed that the new funding, combined with the cash generated from the company's healthy 17% profit margin, will accelerate their growth for 2023-24 and bring them closer to their goal of becoming a $1 billion unicorn company. Seyidli also mentioned the interest from institutional investors, which has prompted the consideration of a larger institutional Series C round worth $30-40 million. This would further accelerate their growth rate and increase the likelihood of reaching their billion-dollar goal in 3-4 years rather than 6-7 years.
In terms of performance, HalalBooking has already experienced remarkable growth in 2023, achieving a record sales month in July with $10 million in sales, representing a 45% growth compared to the same month in 2022. The company was established in 2014 and experienced exponential growth without any VC funding until the pandemic hit. Despite challenges caused by Covid, including a significant drop in sales to $8 million in 2020, HalalBooking managed to maintain its workforce and rebounded in 2021, surpassing pre-pandemic levels with $36 million in sales. In 2022, the company continued its growth momentum with a 50% increase to $52 million in sales. Looking ahead, HalalBooking aims to achieve $75 million in sales in 2023, forecasting another 45% YoY growth. Their ultimate goal is to reach $600 million in sales within 4-5 years.
NOTES TO EDITORS:
HalalBooking.com stands as the leading international search and booking platform for halal-friendly hotel and villa accommodations. With over 500,000 properties in more than 100 countries, users can filter their search according to halal requirements, such as the availability of halal food and alcohol-free areas. The platform also allows users to filter leisure facilities based on the level of privacy and swimwear restrictions, catering to the needs of women and families.
HalalBooking boasts a loyal customer base of over 850,000 members from 110 countries, supported by a network of 2,600 affiliate agency partners. The platform also has more than 50 API integrations, including strategic collaborations with major suppliers such as Expedia, Agoda, and Hotelbeds. In recognition of its rapid growth, HalalBooking was ranked #33 in the UK in the "Sunday Times Virgin Atlantic Fast Track 100" in 2019 and #237 overall in Europe in The Financial Times "FT 1000" league tables. Furthermore, the company won several awards in 2020, including Phocuswright's Innovation Launch award and Travolution's Rising Brand of the Year award.
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