The Czech OTA says bookings have doubled versus pre-COVID levels on the back of a strong recovery in global air travel
Kiwi.com issues convertible bond to raise €100m to drive post-pandemic growth
Kiwi.com has announced a €100 million capital investment from an unnamed “preeminent global institutional investor”.
The funding represents one of the largest for a Czech start-up, the firm said and will be used to “bolster its position in the global travel industry”.
The investment comes in the form of a convertible bond which is a flexible form of financing usually used by firms with a low credit rating but high growth potential.
Jefferies International and Barclays Bank Ireland acted as placement agents for the deal. No further terms of the transaction were disclosed.
Kiwi.com was founded in 2012, Kiwi.com pioneering virtual interlining with its technology platform and a more multi-modal future for the travel sector.
It promotes its ability to find the best and most unique ways to travel at the lowest cost as its core customer proposition.
Co-founder and chief executive Oliver Dlouhý said: “Kiwi.com was founded in 2012 on the single idea to support customers looking for options to reach their destination for a better price in ways not displayed or available to purchase at the time.
“Little did I know then that our innovative technology would bring about disruption to an industry not seen since low cost carriers entered the market over 50 years ago.
“The investment will enable us to continue to build on that innovation and drive future growth to support more customers.”
Kiwi.com said the firm is focussed on three key areas as the post-pandemic recovery takes hold and the world starts travelling again.
These areas are customer experience, unique content and low fares, and product innovation.
Iain Wetherall, chief financial officer, said: “We are immensely proud of this endorsement of our vision, our proven platform and the massive opportunity ahead of us.
“We never stopped investing into product innovation and customer experience, even during the pandemic, and this capital enables us to further accelerate our growth plans.
“Kiwi.com and our majority shareholder, General Atlantic, are gratified to be partnering with this prestigious global institutional investor, reflecting the confidence in a strong recovery in air travel and our market leadership.”