Lastminute.com, the online travel and entertainment site, is to receive a cash injection of around $31 million from seven new international strategic partners.
The investment is likely to be the last before the company goes forward with an expected flotation, which could value the company at around £700 million.
The new partners are BAA, priceline.com Incorporated, Bass Hotels & Resorts, Sony Music Entertainment, Starwood Hotels and Resorts Worldwide, Viventures and Mitsubishi Corporation Finance. In addition to providing funding, these new partners will support lastminute.com in the development of its rapidly growing business, both in the UK and internationally.
Following completion of the latest round of investment Brian Collie, group retail director of BAA will join the board of lastminute.com as a non-executive director.
The seven join existing lastminute.com investors including Innovacom, France Telecom's venture fund, T-Ventures, Deutsche Telekom's venture fund, and Intel. The lead venture capital investors at prior funding rounds were Arts Alliance and Global Retail Partners.