HalalBooking saw US$2.5 million of new cash invested in July at a company valuation of US$102 million in the next stage of its Series B round.
This is added to the US$5 million convertible loan invested in 2021, which has now been converted into Series B shares at a 20 per cent discount from the above valuation – totalling US$7.5 million for the round so far. Capped at a maximum of US$10 million to be completed by the end of the year, leaving US$2.5 million available as a headroom amount to be subscribed to at the same valuation.
Elnur Seyidli, CEO of HalalBooking, said: “This is still a relatively small angel round and the company’s cap table remains mostly under the ownership of the founders. This investment, combined with cash we generate from our healthy 17 per cent profit margin, will help us to accelerate our 2023-24 growth and be in a stronger position to reach our US$1 billion unicorn goal sooner.
“There is a lot of interest from institutional investors, who have been closely watching our growth since the pandemic, which is leading us to consider a larger, institutional US$30-40 million Series C round to further accelerate our growth rate. This would increase the likelihood of reaching the US$1 billion goal in three to four years, rather than in, say, six to seven years of more organic growth.”
The company is already seeing significant growth in 2023, enjoying a record sales month in July, reaching US$10 million in sales, a 45 per cent growth compared to July 2022.
HalalBooking recorded sales of US$52 million in 2022, with the forecast for 2023 estimated at US$75 million – the company aims to reach US$600 million sales in four to five years.
