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Latvian online travel-booking site Altebo announces that they’ve hit 500,000 euro in revenue 7 months after launch. The concept of the company is that customers can go to Altebo’s site, select from more than 500 possible trips, and then customers pay either for it either upfront or in monthly installments.
The company was launched in August 2012 and they tell us that their goal is to make trip-booking as simple as booking a flight or hotel. The company was co-founded by Solvita Abarone (tourism industry professional) and Ance Rancane (former marketing manager of Cherry Media Group) and reports having 1,000 customers at the moment. According to the company, their goal is to become one of the top 3 Baltic travel agencies within 2 years. They tell us that they expect to reach 2.5 million euro in revenue by the end of this year and 10 million by the end of 2014, so expectations are certainly not low. As their site is only in Latvian and Russian, they clearly have a regional focus for the moment. In terms of revenue, the company says that it earns a commission whenever someone pays for a trip at once and a commission with interest when they opt to pay over time. The company says that more than 70% of its customers have thus far opted for the deferred plan, which makes Altebo more attractive to potential customers who may not be able to pay at once.
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