Internet entrepreneurs David Soskin and Hugo Burge, the founders of HOWZAT media LLP, have completed HOWZAT’s fourth dotcom investment.
The fund has invested in trivago, a German based pan-European internet media company which was founded in mid-2005. It publishes travellers’ experiences as well as offering a unique and extensive hotel price search function. The website also provides a vast amount of unrivaled local and overseas travel information compiled from user generated content (UGC).
trivago has developed a 40,000 strong European-wide community which spends an average of 20,000 hours a month creating travel reports, guides, tips and reviews. Users also contribute photos of hotels, sightseeing attractions or beaches. The site currently stores 150,000 hotel reviews, 600,000 photos and information on 50,000 tourist attractions, generating 2.5 million visits and over 10 million page views a month. As well as peer-group reviews, trivago’s bespoke hotel price search engine enables travellers to find ideal accommodation at the lowest available rate in 225,000 hotels worldwide.
Commenting on the new investment, David Soskin said: “We are delighted to make our first investment in Germany, Europe’s largest internet market . trivago competes successfully in a proven and high growth sector. HOWZAT media strongly believes in the excellence of trivago’s product which offers consumers transparency on every aspect of hotel search, including reviews, photos, amenities, maps and, of course, price comparison. trivago meets the growing demand for independent travel information and reviews based on first-hand insider information as well as for a great hotel search function.”
Sascha Hausmann, the German based member of the HOWZAT media team, continued: “We are glad to be investing in trivago, whose successful track record and business concept are compelling. With HOWZAT’s focus on search and social networking, trivago fits perfectly within our preferred investment profile. Furthermore, and in contrast to many other early-stage online travel dotcoms, trivago is already cash-flow positive at the operational level. HOWZAT looks forward to working with trivago to build upon its success in the German and other international markets.”
Malte Siewert, co-founder and director of trivago commented: “We conceived trivago as a premier European online-service for travellers seeking destination advice and a place to share their travel experiences. HOWZAT’s investment, and importantly their partners’ internet expertise, will enable us to grow and internationalise our business even more rapidly. We are very pleased to have them backing us at this exciting stage in our history.”