Travel search site Skyscanner has secured new investment from Sequoia Capital.
The deal, which values Skyscanner at US$800 million, marks one of the largest investments Sequoia has ever made. Scottish Equity Partners remains the company’s largest investor, but the new funding will enable Skyscanner to continue its rapid recent expansion.
The search site has seen annual growth of 100% for the past four years, and will double staff this year to 500 employees.
“Sequoia Capital’s investment in Skyscanner brings us a depth of experience drawn from a pantheon of tech brands. We want to provide comprehensive and inspiring answers to travellers worldwide for all aspects of their trips. We intend to offer our users more of the great technology and functionality they’re already familiar with,” said Gareth Williams, Skyscanner’s CEO.
Following the investment, Sequoia’s chairman, Michael Moritz, will sit on the Skyscanner board.
“Much remains to be done to make mobile and online travel easier for consumers from Accra to Zagreb and Skyscanner is paving these paths. Skyscanner’s success in helping people find the world’s most accurate flight information is just the beginning of what’s possible. Skyscanner is one of the best technology companies ever to come out of Europe and is already a leading global player. Our job is to help take its current success a step further,” said Moritz.
The latest investment comes on the back of a recent acquisition by Skyscanner of Fogg, a Barcelona-based online hotel search company. According to Skyscanner, this move formed part of its strategy to expand into “other important areas” of the travel industry.