Russian Target Ventures Fund Buys Into German Cruise Booking Business

Posted: November 21, 2014 in Econ 101, Free Trade

SOURCE: http://rusbase.com/news/author/robinmunby/target-ventures-investment-dreamlines/

SEE ALSO:  German, Turkish & Russian Consortium To Build Solar Cell Plant In Russia


Target Ventures leads $20 million investment round in Dreamlines

20 November 2014

Russian venture fund Target Ventures has led a $20 million round of investment in German cruise booking service Dreamlines. The funds Altpoint Capital and TA Venture also took part in the round C investment, as well as a number of previous investors, including Holtzbrink Ventures, Hasso Plattner and Dima Ventures.

Dreamlines is an international online cruise booking service which operates in Germany, Russia, Australia, Italy, France, Brazil and the Netherlands, working with more than 300 cruise companies. It is reported to have processed around $100 million of transactions in 2014, and has a workforce of over 280 employees.

The latest investment will be used to develop Pegasus, Dreamlines’ online IT platform. It will also be used to strengthen the company’s market position and for potential further international expansion.

According to Data Insight, in 2014 the Russian eTravel market grew by 40% to $7.1 billion. Dreamlines offers its booking and customer support services in the languages of each of the countries in which it operates. The majority of the content on its Russian site is localised and the company employs Russian-speaking staff.

Here’s what two partners at Target Ventures had to say about the deal:

Anton Terekhov:

There aren’t many areas left within the online travel industry with good prospects, but the cruise sector is doubtless one of the most attractive, in particular because of the relative lack of online competition. We are investing in Dreamlines at the exact moment when, on the one hand, it has started to build up a consistent flow of sales, whilst on the other hand it is yet to fully develop its “Cruise Company – GDS – Consolidator – OTA” chain. No one has really developed a GDS for the cruise market yet, and cruise companies often suffer from a lack of IT tools. All this makes now the perfect time to enter the cruise sector. Its high level of automisation gives Dreamlines a significant competitive advantage over its market rivals. Plus, it has a strong team and global ambitions. In our view, this is the key to success.

Mikhail Lobanov:

The Dreamlines deal marks yet another European investment by Target Ventures, following on from takeaway service Delivery Hero, members-only store Achica, and others. Abroad, just as in Russia, we are interested in B2C tech companies who are leaders in their sector, although we usually invest in the later stages. Dreamlines already has a number of experienced investors: HoltzbrinkVentures, HassoPlattner Ventures, TA Ventures etc. We are happy to lead a round of investment made up of such respected funds. Our investments abroad give our Russian companies access to international experience, as well as allowing us to help foreign companies to develop their Russian businesses, something which will be useful to Dreamlines in terms of its international expansion.

Source: RusBase.vc

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