My Destination wins £1M investment round

November 4, 2011 By 1 Comment

Trip planner and content platform My Destination has secured a £1 million funding round, in a move it says values the company at £10 million.

An official confirms the latest round brings the total amount of investment in the company to date to £1.5 million, after securing £500,000 last year.

The funding on both occasions has come about by an unusual system compared to some of the VC/private equity funding associated with other online travel businesses.

Its so-called “franchisees” – from individuals to large media companies - have invested in the company, as well as helping produce content for the site in destinations throughout the world.

The number of franchisees has grown from people in 65 destinations to 110 over the course of the past 13 months.

The company has also rebranded in recent months, switching from MyDestinationInfo, which it had since the company’s inception in 2006.

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Kevin May About Kevin May

Kevin May is editor of Tnooz. He joined as a co-founder in August 2009 after spending nearly four years as editor of UK-based business publication Travolution.

Passionate about the business of travel and the internet, Kevin played a major role in establishing Travolution in print, online, events and with an annual awards programme, as well as becoming a regular speaker and moderator at industry events.

Prior to Travolution, Kevin was web editor at Media Week (UK) and also worked in regional newspapers for two years at the Essex Enquirer. He started his career in journalism at the Police Gazette at New Scotland Yard in London.

Comments

  1. John Povah says:
    November 8, 2011 at 1:34 pm

    Congrats to the team, I’ve been following this business for a while and think it’s one to watch for big success in the future.

    Reply

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