Criton targets seven-figure investment round to drive growth

Edinburgh-headquartered global travel technology firm Criton has today announced it aims to raise a significant “seven-figure sum” in external investment later this year.

Criton targets seven-figure investment round to drive growth

Julie Grieve

The firm is targeting investment to develop its product offering and drive growth across international markets.

Criton supports resorts, hotels groups and other hospitality businesses to embrace digital transformation working with clients across the UK and, increasingly, overseas.

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, Ms 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.

Criton’s technology currently operates in over 5000 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.

Julie 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.

“Our success as an AccelerateHER finalist along with a number of other award wins, have been very supportive in raising Criton’s profile. 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, added: “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.”

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