Tour operator secures £5.6m in growth funding round
Birmingham-based Cattaneo Corporate Finance has advised Heidi, an online tour operator specialising in flexible ski holidays, on a £5.6m growth funding round led by Mercia Ventures, with participation from Active Partners and private investors.
The funding will help the Bristol-based company enhance its platform, expand its customer service teams, and create over 20 jobs in the coming year.
Initially funded by family and friends, the business now employs 44 staff and has seen revenue grow from £8.8m in 2022 to £37m in 2024.
As part of the deal, Mercia has introduced Sarah Doyle as chair and Miles Hill and Michael Rivis, former CEO and CTO of Sykes Cottages, as non-executive directors.
Heidi’s technology offers customers the flexibility to create packages. They can choose from over 6,000 accommodations in over 400 resorts, select departure dates and stay lengths, and sort by features like snow quantity or proximity to slopes.
Heidi was advised by Cattaneo Corporate Finance, Shoosmiths for legal matters, and Claritas for tax. Mercia was advised by Muckle LLP for legal matters and Philip Hare & Associates LLP for VCT compliance. Other investors were advised by CMS and Brabners for legal matters, with due diligence provided by PKF Francis Clark, Data Shigoto, Ten Tenths Consulting, and The Continuum.
Marcus Blunt, CEO of Heidi, said: “The launch of Heidi was borne out of our own frustrations as keen skiers who wanted to get away to the slopes but at a time and date to suit our own schedules. Having launched the company with limited investment and built it to its current size, we are now all set to take it to the next level. Our aim is to more than double in size in the next few years and become one of the top two ski travel operators.”
Scott Peters of Cattaneo Corporate Finance said: “We’re delighted to get the deal over the line– the team at Heidi are extremely credible and it was an incredibly competitive process. We’ve done a number of deals in the Leisuretech space and Heidi is amongst the best operators in the sector. They are a fantastic company with a very exciting future ahead and we look forward to seeing what they can achieve with Mercia’s backing.”
