LONDON (Brand Republic) - Online travel service ebookers.com has secured funding of $45m to keep its operations going until 2002.
The company said it sold American Depositary Receipts (which allow US investors to buy European stocks) for $11 each, on top of a further $6m raised last week. Earlier this year, analysts predicted that without extra funding the company could run out of cash by the autumn.
ebookers.com, a spin-off from travel agency Flightbookers, also announced its second-quarter results last week, revealing an increase in sales of 839% during the same period last year, and a better-than-expected" loss per share of 5.9 cents.
At the time of its flotation in November 1999, ebookers.com said it would need more money by the end of 2000 -- market expectations were that $60m-$80m would be needed. After its results, the company lowered this figure to $45m.