HolidayMe, the Dubai-based startup that touts itself as the Middle East’s leading online travel agency, has raised $16 million in its latest Series C funding round. The round was led by Algebra Ventures, Gobi Partners, Global Ventures, and Accel Partners.
HolidayMe, since its launch in December 2014, has undergone tremendous growth across the Middle East. Both regarding operations and scale. The company has registered a year-on-year GMV growth rate of 127%, whereas the corresponding figure for the transaction growth rate is even higher at 163%.
The company’s impressive growth can be attributed to its on-the-fly customized travel solutions that enable tourists to get around commonly encountered pain points such as inefficiencies in the booking process, or the lack of Muslim-friendly holiday packages.
Additionally, HolidayMe allows travelers to build their travel package instead of forcing the company’s packages on them. This makes sure that the company’s users can plan their tour without having to worry about unwarranted expenses.
Speaking of the company’s vision to serve the region using its innovative travel solutions, Geet Bhalla, Co-founder and Chief Executive Officer of HolidayMe, said: “At HolidayMe, we have continued to provide our customers with next-generation technology and user experience for their travel booking requirements. We are focused on providing a niche product carved towards the travel requirements of 1.8 Billion Muslims globally.”
Meanwhile, speaking of the decision to financially back HolidayMe, Algebra Ventures’ Managing partner Tarek Assaad stated that the startup, through its vision and domain experience, has attained “a leadership position in the large and fast-growing Muslim travel online market.”