Cattaneo Corporate Finance has advised online ski operator Heidi on raising £5.6m of growth capital
Cattaneo Corporate Finance has advised Heidi, a fast-growing online tour operator specialising in flexible ski holidays, on a £5.6m growth funding round led by Mercia Ventures with participation from Active Partners and private investors.
Heidi’s technology allows customers complete flexibility to create their own bespoke package. They can choose from over 6,000 accommodation options in over 400 resorts, select the date of departure and length of stay and sort by features such as quantity of snow or proximity to slope. Customers can also book group holidays that allow members to fly from different locations, and extras such as lift passes and ski hire.
The funding will enable the Bristol-based company to further enhance its platform, expand its customer service teams and create over 20 new jobs in the year ahead.
Heidi was founded in 2018 by brothers Marcus and Alexander Blunt, keen skiers who had both spent a decade working in the travel industry. With most operators only offering Saturday departures, they spotted a gap in the market for an online operator that could offer greater flexibility and raised money from family and friends to launch the platform.
The business, which currently employs 44 staff, is now growing rapidly, with revenue having quadrupled in the past two years to £37m. Heidi is now the UK’s third largest ski holiday operator, carrying over 34,000 passengers in the most recent season, and has an average rating of 4.8 out of 5 on Trustpilot.
As part of the deal, Mercia has introduced Sarah Doyle, who has held senior roles at a number of consumer brands, as Chair, along with Miles Hill and Michael Rivis, the former CEO and CTO of Sykes Cottages, as Non-executive Directors.
The Cattaneo team was led by Martyn Pilley while Heidi received legal advice from Shoosmiths and tax advice from Claritas Tax. Mercia was advised by Muckle (legal) and Philip Hare & Associates (VCT compliance) while Due Diligence was preformed by PKF Francis Clark (financial), Data Shigoto (data), Ten Tenths Consulting (technical) and The Continuum (management). Active were advised by CMS (legal) and other investors by Brabners (legal).
Marcus Blunt, CEO of Heidi, said:
“The launch of Heidi was borne out of our own frustrations as keen skiers who wanted to get away to the slopes but at a time and date to suit our own schedules. Having launched the company with limited investment and built it to its current size, we are now all set to take it to the next level. Our aim is to more than double in size in the next few years and become one of the top two ski travel operators.”
Scott Peters of Cattaneo Corporate Finance said:
“We’re delighted to have advised Heidi on the investment from Mercia and Active – both the business model and management team are extremely credible which was reflected in a highly competitive process. We’ve advised on a number of deals in the leisuretech space and Heidi stands out as an excellent example of technology being used to address a genuine market need. They are a fantastic company with a very exciting future ahead and we look forward to seeing what they can achieve with Mercia’s backing.”
Jan Oosthuizen of Mercia said:
“Marcus and Alexander have built a great business with strong values and a fantastic culture. Heidi offers a unique proposition that appeals to both the package holiday customers, who can benefit from greater flexibility, and independent travellers who can book everything in one place. This investment will enable the team to pursue their ambitious growth plans and gain further market share.”