Global alternative asset manager The Carlyle Group said it had agreed to invest $40 million in Wakanow. An online travel agency, Wakanow is focused on West and East Africa with the main operations in Nigeria.
Founded in 2009 in Nigeria, Wakanow is one of West Africa’s largest full-service online travel companies. Providing its customers with a one-stop online booking portal for flights, hotels, holiday packages, and other travel services and ancillaries.
It also operates a network of traditional brick-and-mortar travel centres and has operations in Nigeria, Ghana, Kenya, United Arab Emirates and the United Kingdom.
Also read: D.light raises $41M to expand as well as buy out some existing investors
The investment adds to Carlyle’s experience in the online travel sector. Where it has invested in companies such as C-trip, one of the major online travel agencies operating across China, Latin American travel and tour operator CVC Brasil and Vasco Turismo, one of the largest travel operations groups in Peru.
The Carlyle Group managing director Idris Mohammed said:
"Wakanow has experienced incredible growth since inception, disrupting the travel market and taking market share both online and offline.".
"We believe that this strong growth trajectory will continue as Wakanow benefits from an expanding middle class across the continent. In addition to increasing internet penetration and mobile connectivity, which is driving increased online traffic."
Source: African News Agency (ANA)