Muckle supports Mercia with £5.6m investment in Heidi
Lawyers from our corporate team advised Mercia with their VCT investment in online tour operator Heidi.
Heidi specialises in ski holidays and its technology allows customers complete flexibility to create bespoke packages. They’ve raised £5.6m in a funding round led by Mercia Ventures with participation from Active Partners and private investors.
Customers 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.
Gap in the market
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 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.”
Strong values
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.”
Legal support
Legal advice to Mercia was provided by our corporate team jointly led by partners Adam Rayner and Stephanie Brown. Adam said: “Having advised Mercia on a number of deals, we are delighted to have helped deliver this latest VCT investment. Heidi seems to have huge growth potential and we're very much looking forward to seeing what Heidi will do in the future – and in the meantime, we might just book ourselves a skiing holiday!”
For more information contact Adam Rayner on 0191 211 7962 or email [email protected]