Travel social networking site Wayn.com has raised $11 million in funding from a consortium including from Lastminute.com and Cheapflights.co.uk bosses.
Lastminute.com founder and chairman Brent Hoberman is to become chairman of the site, while Cheapflights chief executive David Soskin and vice chairman Hugo Burge are also part of the £11 million funding led by Esprit Capital Partners.
Other travel industry investors include Active Hotel co-founders Adrian Critchlow and Andy Phillipps.
The site, which has more than seven million users, gives people a platform to communicate with their friends around the world. It’s a useful tool for travellers as it enables them to communicate with people in places they have visited or are planning to visit.
The money will be used to develop new revenue streams and expand employee numbers and the company’s geographical area – it currently operates in 220 countries.
Co-founder and director Peter Ward said: “Each investor are among the most respected in their field and each bring something different. Their input will be invaluable.”
Hoberman said the site is an example of next generation Internet companies.
Further reading – list of social networking sites on Wikipedia