Travelbeta.com raises $2 million seed fund from Nigerian investors

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Travelbeta.com, Nigeria’s newest online travel agency has raised a $2,000,000 seed fund barely six weeks after its launch on October 1st. Travelbeta&Tours Limited, the controlling company of the flight booking platform, began operating as a physical agency in July 2015 before switching online in October 2015 and has generated $522,000 in revenues since.

“We have raised a seed fund of $2,000,000 from a group of Nigeria Investors (lead by Altheus Limited) who believe we can dominate the Nigerian Travel Industry in the next 3 years because of our unique plans for Nigerian travellers. We are also in talks with more international capitals and investors to grow our business,” says Onyeka Akumah, a co-founder and Chief Commercial Officer of Travelbeta.com.

CCO Travelbeta.com Onyeka Akumah

The new capital injection would be deployed to aggressive online marketing, real estate acquisition, boosting staff strength and product development especially for mobile.

According to the Nigerian Bureau of Statistics, 21 million Nigerians have travelled in and out of the country through airports in the last 12 months and only an estimated 300,000 of their booking were made through online travel agencies within the period.

Travelbeta.com (‘beta’ pronounced as pidgin English for ‘better’) aims to significantly blow up the online booking market through its superior customer experience delivery, provision of the cheapest travel rates in the country, 95% success-rate visa advisory services to destinations like Dubai, London or Cape Town and world-class technology matched only by Telecommunication companies in the country.

The company is supported by Amadeus and IATA, and provides bookings to over 300,000 hotels worldwide including over 1000 Nigerian hotels and flights to 900 destinations worldwide.

The Travelbeta.com founding team is made up of veterans in the online booking and technology space. Its Chief Commercial Officer, Mr. Onyeka Akumah is an experienced marketing head who has worked as the marketing head of major online businesses in Nigeria including Jumia, Konga and online travel agency Wakanow. Also part of the team is Mr. Wale Ayorinde, Travelbeta.com’s Chief Technology Officer who has over 13 years experience in technology management with several start-ups in Silicon Valley. The Operations Manager is Mr. David Asuku, a veteran and pioneer of several products in the local travel business. He has over 15 years experience in the Nigerian travel industry and was involved in the start-up and management of several travel companies including Wakanow and Holloway Travels.

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1 Comment

  1. Onome

    November 20, 2015 at 8:45 am

    Great ideas still sell in Nigeria and Africa! It good hearing news like this from Travelbeta (my pigin accent is on track), it confirms start-ups with great ideas or solutions can get funding.
    I hope this inspires young people to take up the challenge of driving their ideas.

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