Cheapflights‘ top management team has created an investment fund to develop new internet businesses in the travel market.

Chief executive David Soskin and vice chairman and head of international Hugo Burge have set up the investment company Howzat Media with an initial fund of US$10 million. It will seek out global opportunities in internet media, including, but not exclusively, in the travel sector, the company said.

Howzat has made its first investment in travel and social networking website Where Are You Now? whose chairman is Lastminute.com founder Brent Hoberman.

Burge said the company will take advantage of the “opportunity to invest in the Internet”.

“There is a lot of potential in the new market for those who know not only how to spot the winners, but also how to develop them successfully, both strategically and operationally,” he added.