Online Travel Agency Hits Funding Target
An online travel agency looking to disrupt the industry and compete with the likes of Booking.com has exceeded its £150,000 funding target.
Inn Style, co-founded and led by online entrepreneur Adrian Melrose, describes itself as the “quick, slick and simple way” for all types of accommodation owners to start taking bookings and payments online.
The Suffolk company’s lead investors on equity crowdfunding platform SyndicateRoom are Mark Aldridge, chief executive of Better Capital and Henry Catchpole, who ran Suffolk Life for 13 years before its sale to Legal and General for £68m.
The business said the bulk of the £150,000 investment will be used to pay salaries and third-party technical teams, as well as fund product development and user acquisition.
Co-founder Adrian Melrose told Insider: “Going live on SyndicateRoom with a two-week funding window felt ambitious so we are delighted to have closed with a full week to spare.
“SyndicateRoom has been extremely supportive every step of the way introducing many seasoned Investors who have now taken a meaningful stake in Inn Style.
“Their model is differentiated from other crowdfunding platforms and it really shows in the results. Fundraising for a travel tech startup is inevitably a time consuming process and closing quickly means we can now concentrate on building value.
“Closing the round provides Inn Style with a comfortable runway to fund customer acquisition and allows us to deliver a valuable feature-set that our global customers are telling us they need. Exciting times ahead.”
Melrose, who will also fulfil the role of finance director, is a Deloitte chartered accountant. He exited his first technology start-up in 2003 to Dow Jones Reuters.