The Ukrainian venture Fund “TA Venture” executed its first exit from the capital of portfolio company – the American “WeHostels” became this company, a mobile application for booking budget hotels and hostels. According to managing director of the “TA Venture” Victoria Tigipko, the first exit became successful. “During the very short period of time we have not only returned back invested money, but also received good feedback for investments”, - said Victoria. The percent of return is not disclosed.
In the “WeHostels” the “TA Venture” invested at the seed round of investment in amount of $1,2M together with “Ventech”, “Quotidian Ventures”, “CAP Ventures” and other investors in March, 2012. The share of investments of the “TA Venture” is not disclosed, however, as a rule, at the seed round the Fund invests in projects up to $300K.
The service “WeHostels” is available at platforms iOS and Android in seven languages in 800 cities over the world. He offers integrated in a social network booking service for budget trips. The company has 200 active users and the base of 80 thousand hotels and hostels, and in 2013 the service showed 800% annual booking growth.
The company has been acquired by the global company “StudentUniverse” – this is the largest network all over the world, which provides complex trips for students and youth, including flights, tours and hotels. “WeHostels” will not only save its brand after the deal, but will strengthen its growth. We will improve our offers and launch excellent mobile products”, - says founder of the Startup Diego Saez-Gil.