Online ski operator Heidi raises £5.6m funding for growth

Heidi – a fast-growing online tour operator specialising in flexible ski holidays – has raised £5.6 million in a funding round led by Mercia Ventures, with participation from Active Partners and private investors.

The Bristol-based business currently employs 44 staff and is growing rapidly, with revenue having quadrupled in the past two years – from £8.8 million in the year to April 2022 to £37 million in 2024.

Heidi’s technology gives customers flexibility to create their own bespoke ski trips. The funding will enable the company to further enhance its platform, expand its customer service teams and create over 20 jobs in the year ahead.

PKF Francis Clark provided a full financial and tax due diligence service to Mercia on their investment in Heidi.

Matt Pearce, transaction services associate director, said: “This deal is a great advert for Bristol’s thriving business community, with Heidi, Mercia Ventures and PKF Francis Clark all being based in the city. We enjoyed working collaboratively with the teams at Mercia and Heidi to provide a full suite of financial and tax due diligence.

“The compliance and practical implications of the Air Travel Organisers’ Licensing (ATOL) scheme were a particularly interesting aspect of the due diligence process. We look forward to seeing this funding being used to support the next phase of Heidi’s impressive growth.”

PKF got under the detail of the business but also summarised actionable insights to support value creation.

Heidi was founded in 2018 by brothers Marcus and Alexander Blunt.

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.”

Adam Watts, investment manager at Mercia Ventures, added: “It was great to work with PKF, who got under the detail of the business but also summarised actionable insights to support value creation. Their work around working capital and ATOL licensing conditions was particularly helpful and demonstrated their sector expertise.”

Marcus Blunt, CEO of Heidi, said: “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.”

PKF Francis Clark’s team comprised Andrew Killick, Nicola Manclark, Matt Pearce, Will Sargent and Lisa Cruise.

Read more: PKF Francis Clark wins Corporate Advisory Team of the Year at South West Dealmakers Awards