General Atlantic Buys Startup Kiwi.com in Travel Tech Play by Private Equity
Skift Take
A top-tier private equity firm like General Atlantic should provide a strong tailwind for Kiwi as it branches out from selling plane tickets into other types of travel. But it's a bit surprising that Ctrip.com or another travel conglomerate didn't bite instead.
U.S. private-equity firm General Atlantic has agreed to invest an undisclosed sum in Kiwi.com, a travel tech startup whose flagship product is selling cheap airplane tickets. The deal, announced Monday, is the latest sign investors see opportunity in the online travel sector.
The investment buys out past equity investors and makes General Atlantic the majority owner of Kiwi.com, a startup that launched in 2012.
"We intend to show the world we're something bigger than an OTA [online travel agency] and to transform our product into something that goes beyond the standard OTA capabilities," said CEO Oliver Dlouhý.
Co-founders Dlouhý and chief technology officer Jozef Képesi will remain significant shareholders. The board will shortly consist of members from the management, General Atlantic, and some independent members.
One source estimated General Atlantic's investment at about $125 million, but Skift couldn't confirm that.
General Atlantic has been a major investor focusing
