Sky-high return - Backer cashes in on soaring Skyscanner
Skyscanner, the fast-growing Scottish flight-comparison site, is raising $100m (£65m) from new investors — providing a huge profit for one of its early backers.
The fundraising is expected to value the company at more than $1bn. It is understood Scottish Equity Partners will sell a portion of the 40% stake it bought for only £2.5m in 2007.
The investment firm’s colossal return underscores Skyscanner’s status as one of Britain’s most garlanded tech companies. Two years ago the American venture capital giant Sequoia Capital — which has backed Google, Apple and YouTube — invested in Skyscanner at an $800m valuation. Sir Michael Moritz, a senior Sequoia director, sits on the board.
Skyscanner, which was launched in 2003, is said to be working with advisers Goldman Sachs and Numis Securities on the sale of new shares. It is understood that Scottish Equity Partners will sell a stake of about 5%.