HalalBooking nets $2.5m in Series B round to bolster $1bn unicorn goal

HalalBooking, an online booking platform catering to the halal tourism sector, has raised $2.5 million in new cash, at a company valuation of $102 million. 

The new funding marks the latest angel investment effort, representing the next stage of its Series B round. 

This adds up to the $5 million convertible loan invested in 2021, which has now been converted into Series B shares at a 20% discount from the above valuation, the company said in a statement. 

The Series B round, which at the minute stands at $7.5 million, is capped at a maximum of $10 million, to be completed by the end of the year.

“This is still a relatively small angel round and the company’s cap table remains mostly under the ownership of the founders. This investment, combined with cash we generate from our healthy 17% profit margin, will help us to accelerate our 2023-24 growth and be in a stronger position to reach our $1 billion unicorn goal sooner," said Elnur Seyidli, CEO of HalalBooking.

"There is a lot of interest from institutional investors, who have been closely watching our growth since the pandemic, which is leading us to consider a larger, institutional $30-40 million Series C round to further accelerate our growth rate. This would increase the likelihood of reaching the $1 billion goal in 3-4 years, rather than in, say, 6-7 years of more organic growth.”

HalalBooking, which was launched in 2014, recorded $10 million worth of sales in July this year, posting a 45% growth from a year-earlier period. It features over 500,000 properties in over 100 countries worldwide, which can be filtered according to requirements, such as availability of halal food and alcohol-free areas.