HalalBooking raises $5 mln in pre-Series B round

HalalBooking has raised $5 million in a pre-Series B round.

The investment was led by a group of private angel investors, including British Business Bank, in the form of a pre-Series B convertible loan agreement, the UK-based company said in a statement on Friday (April 16).

The search and booking site for Muslim-friendly hotels and villas said the funds are part of its larger $20 million Series B campaign.

HalalBooking is currently in discussions with a few venture capital and private equity funds to act as lead investors for the remaining $15 million. It hopes to choose the lead investor and close the round within the second quarter of 2021.

The company is currently valued at $75 million. 

Funds raised will be channeled to boost the company's growth for 2022 to 2024 on the way to its aim of a $1 billion IPO in 2024. 

The company reported that its sales for the first-quarter of 2020 slumped by less than half in comparison with the same period in 2019. 

It forecasts it will reach parity with 2019 by May and sales will spike and double by July- August. 

HalalBooking was valued at $52.5 million after it closed its Series A funding round of $2.5 million in 2019. That round involved four investors, led by Azar Gurbanov, a co-founder of New York-based FSAstore.com, the U.S.’s leading wellness e-commerce website.

© SalaamGateway.com 2021 All Rights Reserved