Boutique travel business, Mr & Mrs Smith, has launched a crowdfunding campaign in a bid to raise £1m to drive its expansion in the US.
The online site, which was first launched in 2003 by husband and wife team James and Tamara Lohan, is looking to drum up support from members and investors for a new campaign on Crowdcube to ‘dramatically extend the size and scope of its customer offering’.
The capital raised will unlock new growth ambitions for the company as it embarks on a period of rapid scale – total transaction value has increased 22% from £51.8m to £63.5m year on year to June 2018, whereas booked revenue has risen by 35%, from £7.9m to £10.6m.
The campaign runs from September 11 and marks the first time that the company has made equity in the business available to the public.
The investment will be used to accelerate the development of Smith’s US market; increase the rate at new hotels and villas are introduced to the collection and establish Mr & Mrs Smith SideStories, a new part of the company which was acquired in April this year.
The crowdfunding campaign is expected to be one of the largest conducted on Crowdcube.
James Lohan, co-founder of Mr & Mrs Smith, comments: “We founded Mr & Mrs Smith because we were fed up of chintzy, old-fashioned luxury hotels and wanted people to experience a new breed of style-savvy, personality-led boutique hotels. Around that passion we have built a travel business that values quality curation, a seamless delivery of bookings, and experiences that will last a lifetime. This crowdfunding campaign reflects our commitment to stay at the forefront of the luxury travel industry and involve the community that has supported us over the last 15 years.”
Over 1.5 million members in more than 100 countries around the world currently use Mr & Mrs Smith, supported by Smith24 – a 24/7 booking and member support service run by 45 specialists based in London, New York, Singapore and Los Angeles, with over 60% of revenues coming through from the company’s online platform.