Icelolly, the UK travel and holiday comparison platform, has closed £2 million in venture debt financing from Silicon Valley Bank (SVB) to support growth and increase brand recognition.
Icelolly’s platform collects holiday deals and travel inspiration to help vacationers book the cheapest, best-suited package, from flights to car hire to accommodation. Founded in West Yorkshire back in 2005, the site has more than 20 million visitors each year generating over 40 million search queries.
After 15 years, the Leeds-based travel company plans to invest more heavily in its marketing operations. The new financing will go to sales and marketing initiatives, specifically boosting brand awareness through online and offline channels. Icelolly also plans to grow the team with further hires, specifically creating and filling the role of Chief Marketing Officer.
Icelolly CEO Richard Singer, said: “Silicon Valley Bank has supported our growth plans and vision and we are pleased to announce this facility today to help make Icelolly the best loved brand for UK holidaymakers.”
SVB touts this investment as evidence of its commitment to Northern England and its innovation economy. Richard Faulkner, Managing Director at Silicon Valley Bank’s UK Branch, said: “We’ve enjoyed working with Icelolly and it has been great to be able to support them on this impressive journey of rapid growth and brand recognition. We look forward to a continued partnership with Richard and the rest of the Icelolly team.”