GCA Altium is now part of Houlihan Lokey

Transaction Details

February 1, 2016


Consumer, Retail, E-commerce and Leisure

Deal Type


Deal Value


Deal Team

Raymond Fröjd, Sébastien Delattre

Equity financing for Travelstart from Amadeus Capital and MTN Group

Travelstart: Dominating Africa, the last frontier in online travel

Travelstart was originally founded in Sweden in 1999 by its founder and CEO Stephan Ekbergh, and is operating in Africa from its Cape Town headquarters since 2006.

The company has profitably grown into the largest online travel company in South Africa with over 75% market share and entered other emerging markets across the Middle East and Africa, achieving annual gross bookings above USD 200m in 2015 and market leadership positions in Nigeria, Egypt, and Kenya.

A flight-centric OTA serving 16 markets in the AMET region, Travelstart is a travel industry pioneer that leverages its leading position to make the most of a rapidly changing and fast-growing market.

The largest Series A to date in Africa

In February 2016, Travelstart announced a USD 40m funding round from Amadeus Capital Partners, the global technology investor, and Africa’s largest mobile telecommunications provider MTN Group.

The investment will support the expansion of Travelstart into key markets and the growth of its team and product offering, at the same time as the Company develops a strategic partnership with MTN Group, which will support their expansion via its unrivalled mobile network in Africa.

A longstanding relationship

GCA Altium advised Stephan Ekbergh (CEO and Founder of Travelstart) for the first time in 2010 during the sale of Travelstart’s Nordic business to private equity-backed consolidator European Travel Interactive (Etraveli).

GCA Altium acted as sole advisor to Travelstart.

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