TravelMad Closing Second Round Financing - Seeks Strategic Partner

Following the success of its Irish Travel Service - GoIreland.com, TravelMad Ltd has launched its Pan European Online Travel Agency with 22 country-specific sites.
Located at www.travelmad.com, the site features an extraordinary 250,000 Accommodation outlets. Founded in 1990, with its headquarters in Dublin, TravelMad offers the first complete inbound travel solution to Europe on the web. All reservations are conducted via its 50 strong International Call Centre Operation in County Donegal.
Leading with Accommodation, the suite of sites offers Car Rental, Destination Guides and Vacation Packages. Flights and Ferries to follow this quarter. To this end, TravelMad Ltd, in its second round of funding, is seeking a strategic partner/investor(s) in the online travel space. The company will also consider merger or acquisition proposals.
To date TravelMad has raised $4.5 million in its first round of funding and is seeking a further $5.5 million to complete its European Delivery. Having secured, in principal, a $2.5 million investment towards its second round of funding, TravelMad requires a capital injection of $3 million to capitalize on this opportunity. In light of the current online investment market, TravelMad has positioned itself to offer significant value in return for new equity investment. The company expects to reach profitability by the first quarter of 2002.
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