TravelerVIP secures over $1m in funding

CEO of BECO Capital, who co-founded Bayt.com says site "raises the bar for Middle East online travel"
TravelerVIP secures over $1m in funding
Published: 31 January 2013 - 12:28 p.m.
By: Monika Canty

Dubai-based travel booking site TravelerVIP.com, which launched last year as RihlaPrima.com has secured over $1m in investment.

The investment round is led by BECO Capital, one of the top venture capital investment firms in the Middle East, and a consortium of angel investors, including Soha Nashaat, former CEO of Barclays Wealth MENA & Turkey and Jakob Beck Thompsen, CEO of SaxoBank MENA & Turkey.

The website initially gained popularity for its private sales, offering members up to 70% 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 and come with free perks, like WIFI or complementary upgrades, and a strict lowest rate guarantee.

“We are excited to be backed by some of the top early-stage investors in the region to help us expand and improve our user experience. Since our launch last year we have listened to customer feedback as part of our ongoing brand evolution and this investment allows us to further expand offerings to benefit regional travelers,” said Blagoja Hamamdziev, CEO, TravelerVIP.

Dany Farha, CEO of BECO Capital, who co-founded Bayt.com and was an early-stage investor in Gonabit.com, said: "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.”  

 TravelerVIP is headquartered in Dubai and is one of the first members of the ‘Majid Bin Mohammed Innovation Center in5’ which is an incubator for promising companies in the UAE

 The website describes itself as the Middle East’s first online travel club, helping travelers book memorable travel experiences at exclusive prices. 

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