Seven figure target
Travel tech firm Criton unveils funding round
Julie Grieve: seven-figure plan (pic: Terry Murden)
Global travel technology firm Criton has today announced it aims to raise a significant ‘seven figure sum’ in external investment later this year to develop its product offering and drive growth across international markets.
The Edinburgh-headquartered company supports resorts, hotels groups and other hospitality businesses to embrace digital transformation working with clients across the UK and, increasingly, overseas.
Criton’s technology currently operates in more than 5,000 rooms across more than 130 hotels and serviced apartment locations. Following an initial £5m fund-raising round in 2017, the company is now preparing to raise another round of external investment to develop its product offering to drive further global expansion.
Currently employing 24 staff at its offices in Edinburgh and London, Criton also plans to create an additional 15-20 jobs over the next two to three years.
Mrs Grieve said: “As a fast-growing and ambitious company, we are keen to further develop our technology offering. Later this year we will be seeking to raise a seven figure sum in external investment.
“This will enable us to roll out of further innovations which support our clients’ digital transformation requirements and the requests of their guests for choice in how they interact. The additional investment will also ensure we can attract new talent to help us continue growing the business on a global scale.
“I am now focused on attracting investors who understand both the complexity of the hospitality technology landscape and Criton’s vision of making technology affordable for hotels, which is crucial in such a fragmented sector.
The company’s CEO Julie Grieve was a finalist at last year’s AccelerateHER Awards, a programme designed to support and promote female business founders in Scotland.
Following her progress in the competition, Mrs Grieve joined other AccelerateHER finalists on a market-building trade mission to New York and Boston last autumn where she met a number of US tech entrepreneurs and investors.
“Our success as an AccelerateHER finalist along with a number of other award wins, have been very supportive in raising Criton’s profilem,” she said. “Last year’s AccelerateHER trade mission to New York and Boston was particularly helpful in connecting us with some key players in the global travel tech sector and within the US investment community.”
Jackie Waring, CEO of Investing Women, the organisers of the AccelerateHER Awards, said: “Criton is a great example of a thriving and dynamic female-founded Scottish business. I am confident Julie and her team will continue to grow the business as Criton’s technology model is universal making it highly attractive to both clients and investors throughout the world.”
This story was scheduled for Tuesday 4 February but an embargo has been broken by another news outlet.