Wego.com, a travel search engine in the Asia-Pacific and Middle East, has secured $17 million (Rs 100.30 crore) in growth capital through the completion of a Series C Preferred Share Offering. The investment round was led by Crescent Point with contributions from Victoria Capital and existing shareholder Tiger Global. This brings Wego’s total capital raised to $36 million (Rs 212.40 crore).
Crescent Point is an emerging markets investment firm focused on the Asia-Pacific and Middle East regions. Victoria Capital invests in growth stage businesses focused on the technology, media, online and related industries.
Wego started the travel metasearch space in the Asia-Pacific region from Singapore and is present in 52 markets and 30 languages globally with a particularly large user base in the fast developing markets like Indonesia, India, Southeast Asia and the Middle East. Wego generates more than $10 million (Rs 59 crore) per day of potential bookings for their travel partners. A metasearch engine sends a user's request(s) to several other search engines and/or databases and aggregates the results into a single list.
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Wego expects to use the additional capital to step up investment in product and innovation, grow the team with top talent at all levels, scale marketing to grow Wego into a leading online travel brand.
Simultaneous to the closing of this round, Paul Bassat from Victoria Capital and a representative of Crescent Point have joined Wego’s board of directors.