Journey Hospitality brings in growth capital funding
Journey Hospitality has secured new funding from Growth Lending. The deal was supported by professionals from Gambit Corporate Finance who acted as lead financial advisor to Journey’s stakeholders.
Journey was formed in 2012, and is now a provider of ecommerce led software and services. The company’s next generation software is transforming the independent hotel ecommerce market, supporting hotels to increase their direct revenue, driving both growth and higher margin returns.
The business’s software revenue has been growing by over 48% year-on-year. As it looks to build on this momentum, it has been making additions to the product range, alongside strategic software integrations with selective major corporates in the market, it is very well positioned. In 2022, investment from Averroes Capital enabled the acquisition of Premier Software, as well as the expansion of an organic growth strategy.
Two years on, Averroes has helped bring in a deal that opens up further growth capital funding for Journey’s next stage of development. Growth Lending will now provide a multi-million-pound facility to support investment in the business.
Simon Rowan, partner of Averroes Capital, commented, “Journey is in a hugely exciting point in its life cycle, where our investment to date has helped create its unique software platform, Onejourney. This transaction will further support us in helping Journey reach its full potential.”
The deal was supported by professionals from Gambit Corporate Finance. The Gambit team was led by partner Jason Evans and director Sam Farrell, who were responsible for identifying and approaching selected funders, advising the company throughout the transaction and negotiating the terms of the facility.
Simon Bullingham, CEO of Journey, added, “We are delighted to have secured funding from Growth Lending. There is a natural fit between our aspirations and their approach which is crucial as we continue to grow. The whole process was led by Gambit extremely well delivering a strong outcome.”
Founded in 1992, Gambit Corporate Finance is one of the oldest independent corporate finance boutiques in the UK. Specialising in advising private and public companies on mid-market transactions throughout the UK and overseas, the Cardiff-headquartered firm has worked on deals with a cumulative value in excess of £3 billion since inception.
Speaking on the engagement, Evans noted “We are delighted to have acted for Journey in securing fresh growth capital. Journey is extremely well positioned for further growth given its strong product offering and huge market opportunity, both in the UK and internationally”
Chris Mears, head of region, also led the transaction from a Growth Lending perspective. Meanwhile, Reshma Jogia, partner at Capital Law, led legal advice for Journey.
