01 Jul 2024
We don't normally send out ski news in June but….we have some exciting news we wanted to share from Heidi! www.heidi.com
It's a double whammy for the Bristol based ski brand which has announced securing £5.6m funding and hitting the Sunday Times Top 100, ranking Britain's fastest growing companies!
Founders and brothers, Marcus and Alexander launched Heidi in 2018 and from a small, self-funded start-up it has risen to become the fastest growing tour operator and leisure travel company in the UK.
Sunday Times Top 100 stats
Heidi have made the 2024 edition of The Sunday Times 100 ranking Britain's fastest-growing companies which was officially published in The Sunday Times on the 30th June 2024.
This year businesses had to achieve a staggering minimum average annual sales growth rate of 62% to make the list, so the bar to achieve a place on the list has never been higher. There are over 5m registered UK companies, and around 61,000 meet the requirements which must be met to feature on the league table.
Heidi came 63rd which is based on compound annual growth over three three years and due to when their financial year finishes, they've looked at winter 2022/23 as the last year.
Companies needed to be independent, privately-owned and UK headquartered; have sales that exceed £5 million in their latest year of trading, but not £250 million; have four years of accounts, with sales growth measured by compound annual growth rate over the latest three financial years; annualised sales should exceed £250,000 in the base year, and not show a drop from the penultimate to the latest year; companies should be in profit (operating) in their latest year.
As Heidi ranked in 63rd place it puts them in the top 0.1% of companies in the UK that meet the requirements above.
Official press release about funding
Online ski operator Heidi raises £5.6m for further growth (official release from Mercia Ventures)
Heidi - a fast-growing online tour operator specialising in flexible ski holidays - has raised £5.6m in a funding round led by Mercia Ventures with participation from Active Partners and private investors.
Heidi's technology allows customers complete flexibility to create their own bespoke package. They can choose from over 6,000 accommodation options in over 400 resorts, select the date of departure and length of stay and sort by features such as quantity of snow or proximity to slope. Customers can also book group holidays that allow members to fly from different locations, and extras such as lift passes and ski hire.
The funding will enable the Bristol-based company to further enhance its platform, expand its customer service teams and create over 20 jobs in the year ahead.
Heidi was founded in 2018 by brothers Marcus and Alexander Blunt, keen skiers who had both spent a decade working in the travel industry. With most operators only offering Saturday departures, they spotted a gap in the market for an online operator that could offer greater flexibility and raised money from family and friends to launch the platform.
The business, which currently employs 44 staff, is now growing rapidly, with revenue having quadrupled in the past two years – from £8.8m in the year to April 2022 to £37m in 2024. Heidi is now the UK's third largest ski holiday operator, carrying over 34,000 passengers in the most recent season, and has an average rating of 4.8 out of 5 on Trustpilot.
As part of the deal, Mercia has introduced Sarah Doyle, who has held senior roles at a number of consumer brands, as Chair, along with Miles Hill and Michael Rivis – the former CEO and CTO of Sykes Cottages – as Non-executive Directors.
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 preparing 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.”
The Mercia Ventures team included Jan Oosthuizen and Adam Watts. Jan Oosthuizen said: “Marcus and Alexander have built a great business with strong values and a fantastic culture. Heidi offers a unique proposition that appeals to both the package holiday customers, who can benefit from greater flexibility, and independent travellers who can book everything in one place. This investment will enable the team to pursue their ambitious growth plans and gain further market share.”
Billy Fox, Early-stage Investor at Active Partners, added: “With its unique approach to ski holiday bookings and in-house technology, Marcus and Alexander have found product-market fit in a large, poorly served market. Their impressive growth to date demonstrates Heidi's ability to delight consumers with its truly flexible, best-in-class service and we're excited to partner with them to reach many more mountain lovers in the UK and beyond.”
Due diligence providers for Mercia were PKF Francis Clark (financial), Data Shigoto (data), Ten Tenths Consulting (technical) and The Continuum (management), while Philip Hare & Associates LLP advised on VCT compliance.
Muckle LLP provided legal advice to Mercia, while CMS advised Active Partners and Shoosmiths LLP advised Heidi.
Cataneo Corporate Finance and Claritas Tax also advised Heidi.
ENDS
Do let me know if this is something you might be interested in and I can set you up with founder interviews, send across further information, images etc etc.
Best wishes,
Rachel
Notes to Editors
Press contacts:
Rachel Follett
Heidi PR Agent
+44 (0) 7813 803 936
Alison Dwyer
Head of Marketing & Communications
Mercia Asset Management PLC
+44 (0) 7464 480 137
Pauline Rawsterne
PR Agent
Turquoise PR
+44 (0) 161 860 6063
+44 (0) 780 163 9816
About Mercia Ventures
Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.
Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures' national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. Mercia Asset Management PLC currently has c.£1.4billion of assets under management and, since its IPO in December 2014, has a portfolio of over 400 start-ups from pre-seed to Series B. Mercia Asset Management PLC is quoted on AIM with the epic "MERC".
The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds and details about open offers can be found through Mercia's website.
Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
