Nigerian travel booking site Hotels.ng raises $1.2M, plans expansion
Hotels.ng, the Nigeria-based travel booking startup founded by Mark Essien, has raised a $1.2 million Series A round of investing from the funds Omidyar Network and EchoVC.
The 34-employee company declined to reveal the valuation placed on it by the deal.
But CEO Essien said it was set “at a valuation that has given Spark a 5x return on investment already, and that will allow me generate another 5x return to the new investors.” In 2013, Nigerian accelerator Spark founded by Jason Njoku, made a seed investment of $225,000.
Hotels.ng, founded in 2012 and saying that it is now profitable, says it lists 14,000 hotels across Nigeria.