Luxury travel firm closes round early after raising £6.1m
Tech-driven luxury travel and holidays business Mr & Mrs Smith has closed its crowdfunding campaign 10 days earlier than planned after raising more than £6.1 million.
More than 2,000 people have contributed to the Crowdcube campaign since it launched on 11 September, making it one of the fastest to surpass the £1 million mark on the crowdfunding website.
The round was initially scheduled to end on 18 October but the firm decided to close the campaign early after the influx of investment.
"We're beyond delighted that so many of our members and supporters of our business are joining this exciting next stage of our journey," said co-founder Tamara Lohan.
"Their investment will enable us to scale the company quickly and help even more people around the world uncover spectacular places and have unforgettable experiences with those who matter most to them."
Mr & Mrs Smith was launched 15 years ago by husband-and-wife team James and Tamara Lohan to revolutionise the travel industry by combining data-driven technology with curated and personalised experiences.
It currently boasts 1.5 million members in more than 100 countries.
The crowdfunding campaign was the first time in the company's 15-year history that Mr & Mrs Smith has made equity in the business available to its members or the wider public.
The new investment will support the company’s continued growth as it aims to build on a 22 per cent increase in total transaction value – from £51.8m to £63.5m year-on-year to June 2018.
Co-founder James Lohan added: "This crowdfunding campaign has been a humbling reminder of how passionate people are about the business and our mission to shake up luxury travel.
"Thanks to the support of our new shareholders, we can now rapidly expand our curated collection of boutique hotels and villas, extend our international reach, and enrich our experiences offering. It has been a great honour to see our community accept our invitation with such enthusiasm."
The money will help accelerate the development of the firm's fast-growing US market.
The firm also plans to continue investing in its high-tech, high-touch approach, with funds earmarked both for its in-house booking engine and Smith24 – the 24/7 booking and member-support service run by 45 travel specialists in London, New York, Singapore and Los Angeles.