Online travel agency receives financial boost

Stephan Ekbergh, Founder and Chief Executive Officer of TravelstartBy TINTSWALO BALOYI

JOHANNESBURG, (CAJ News) – AMADEUS, the global technology investor, has announced a $40 million investment in Travelstart, the leading online travel agency in Africa.

The investment is partnership with MTN, Africa’s leading mobile and digital life services operator.

Stephan Ekbergh, Founder and Chief Executive Officer of Travelstart, said Amadeus Capital’s investment came at an inflexion point for Travelstart, as it capitalised on a boom in online travel bookings across Africa and Middle East.

He noted the partnership came at a time air travel in Africa was expected to grow significantly faster than in most regions globally, with a host of low cost carriers targeting the region.

“Alongside the strategic partnership with Africa’s best connected mobile operator MTN, Amadeus’ investment and guidance will prove invaluable in continuing to build our market leading position,” Ekbergh said.

MTN Group Chief Digital Officer, Herman Singh, said MTN’s vision was to “Lead the Delivery of a Bold New Digital World.”

“This investment in partnership with Amadeus is a key step on a multi-year journey to achieve that promise. It strongly complements our existing investments in online and e-commerce in retail,
marketplaces, classifieds and travel,” Singh said.

Singh said this investment in the largest multi-national player in a large and rapidly growing market positioned MTN as an enabler of exciting new leading edge businesses.

“The MTN footprint, subscriber base, payment capability, network and Brand awareness strongly underpin the synergies already being manifested in our other investments,” said Singh.

Travelstart has built a market leadership position in South Africa, Nigeria, Egypt, Kenya and parts of the Middle East.

The growth investment by Amadeus and MTN is envisaged to enable Travelstart enter new markets and extend its market dominance throughout Africa, as the online travel agency responds to strong demand from a rapidly expanding middle class with internet access.

CAJ News

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Posted by on Feb 3 2016. Filed under Africa & World, Broadband, Featured, Finance, Finance & Banking, Investing, Mobile & Telecoms, National, News, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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