Online travel agency Kiwi.com has raised €100 million in the
form of a convertible bond from what it calls a “preeminent global
institutional investor.”
The Czech Republic-based company provides virtual
interlining, enabling travelers to create a single booking on flights that are
not officially airline partners, as well as to include travel on trains and
buses.
Kiwi.com says it will use the funding to strengthen its
position in the global travel industry.
Co-founder and CEO Oliver Dlouhy says, since its founding in
2012, the platform’s technology has brought about industry disruption “not seen
since low-cost carriers entered the market over 50 years ago.”
“The investment will enable us to continue to build on that
innovation and drive future growth to support more customers,” he says.
Kiwi.com plans to capitalize on the renewed demand for
flights by focusing on customer experience, low fares and product innovation.
Subscribe to our newsletter below
The company says it employs more than 1,000 people worldwide
and sells 70,000 seats daily.
Kiwi.com CFO Iain Wetherall calls the investment a “massive
opportunity.”
“We never stopped investing into product innovation and
customer experience - even during the pandemic - and this capital enables us to
further accelerate our growth plans,” Wetherall says.
“Kiwi.com and our majority shareholder, General Atlantic,
are gratified to be partnering with this prestigious global institutional
investor, reflecting the confidence in a strong recovery in air travel and our
market leadership.”
In early 2021, Kiwi.com
drew attention for not responding to customer complaints about refunds for
flights cancelled due to COVID-19. According to the Better Business Bureau, the
company still has more than 300 complaints unanswered or unresolved.