eo, the recently launched price comparison mobile app for hotel rooms, is preparing to raise up to £10m through a funding round advised by Catalyst Corporate Finance.
The app was launched last month with £2m in funding from Javest Investment fund, the Amsterdam venture capital fund, and a number of named individual investors.
Lodgeo’s founder Ines Djelassi, who previously launched independent hotel aggregator Hotel Solutions Direct before selling it to Investcorp’s internet travel company Eviivo in 2012, says the funds will go mostly towards promoting the brand. “It’s roughly around 30 per cent towards research, development and hiring the team, and the rest on marketing and advertising to position the product and the brand,” Djelassi told City A.M.
“A normal price comparison website will display prices and information, but once you are redirected to a third-party website to book, that information can change and the price can be higher.”
“With Lodgeo you can see the price and you can book right then and there… so we are not misleading the user in any way which is quite unique.”