Online Travel Club TravelerVIP Raises $1 Million Investment Led by BECO Capital
TravelerVIP.com, a Dubai based curated hotel booking website, recently raised a 1 million dollar investment round led by BECO Capital, one of the top venture capital investment firms in the Middle East, along with angel investors including Soha Nashaat, former CEO of Barclays Wealth MENA & Turkey and Jakob Beck Thomsen, CEO of Saxo Bank MENA & Turkey.
“The majority of the investment will be spent on advertising to introduce TravelerVIP to the market. TravelerVIP has built and amazing and unique value proposition for the Middle Eastern travelers and now we need to spread the word,” explained Blago Hamamdziev, co-founder and CEO of TravelerVIP.
Launched in 2012, the website initially gained popularity for its private sales, offering members up to 50% discount on luxury hotels. It has since expanded its model to include a collection of over 1,000 hand-picked hotels that are curated by its Arabic and English editors.
“We are growing in double digits every month. But this is normal for any successful start up. Overall, the online travel market is growing around 40% annually in the past few years and I expect this trend to continue,” Blago added.
BECO Capital CEO Dany Farha on his part explained his interest in online travel and TravelerVIP: "We believe that TravelerVIP.com raises the bar for Middle East online travel. Their model has proven to be wildly successful in the US and Europe and fills a real gap in the Middle East market for travel enthusiasts who appreciate great value.”
You can also check out our one on one interview with the Managing Director of TravelerVIP (then RihlaPrime) Shahdad Jahanbani.