Sean Seton-Rogers of venture capital fund PROfounders Capital said that entrepreneurs often found it difficult to raise cash at the secondary stage in their company’s development.

“London is core to the European tech ecosystem and there’s Berlin, Barcelona, Finland, Dublin,” he pointed out.

“And there is a good amount of capital available at early stages, thanks to the Enterprise Investment Scheme (EIS) tax credits. But when start-ups need to raise $20 million in Europe, it’s still tough. You have to go to the east coast guys [in the US].”

He added that the innovation already being shown by the major players in travel meant it could be hard to disrupt their models.

“One of the problems is that the big established players like Expedia and Priceline are great companies, so you have to be really amazing to beat those companies. They are fast, fast-moving companies themselves,” he pointed out.