Hotel technology business Journey Hospitality has secured £5 million growth capital investment.
The funds, from private equity firm Averroes Capital, will enable Journey to deliver its vision to revolutionise eCommerce for the hospitality industry.
This is the first growth funding raise for the organically grown company since it was established in 2010. Following the successful launch of onejourney – an all-in-one eCommerce platform for hotels – Journey will use the funding to advance product development and achieve market expansion.
Journey Hospitality has over 400 luxury hotel property customers worldwide. Its product offering includes Gifted, a gift voucher platform used by hundreds of luxury hotels and resorts including Claridge’s, Beaverbrook, The Landmark London and Chewton Glen.
In the past year, its annual software revenue has grown by 151%, with revenue forecast set to grow rapidly in the next 12 months.
The investment will support the development and scaling up of its technology platform worldwide, and be used to enhance Journey’s team – including the bolstering of senior level executives alongside product development, sales and operations as the headcount increases to more than 100 staff in the short term.
“The investment will help us achieve long-term growth and shake up the industry with technology that addresses key ecommerce challenges within hotels,” said founder and CEO Simon Bullingham.
“We have worked alongside luxury hotels for over a decade and pride ourselves in truly understanding their business. Our latest platform, onejourney, addresses a key pain point for hoteliers and maximises property profitability.”
Simon Rowan, partner of Averroes Capital, said: “Journey Hospitality has achieved impressive results with its existing technology, and is held in high esteem by luxury hoteliers. Our team has deep experience in unlocking business potential and achieving commercial growth, particularly with B2B software companies.
“We’re looking forward to using our expertise to help grow Journey Hospitality, supporting Simon and his team as they deliver significant value to the hotel industry with their technology platforms.”