Skift Take
Burge's death leaves a void for those who worked with him in online travel and at startups he invested in. His more recent support of artists and other creators left a cultural legacy in the UK.
Hugo Burge, a British entrepreneur, startup investor, and arts supporter perhaps best known as the former CEO of both Cheapflights and then the Momondo Group, died at his home on Wednesday.
"A terrible and unexpected loss," said David Soskin, who worked as a co-investor with Burge across two decades. "He was much too modest about his talents, not only as a successful technology CEO and investor but also as a creator of an arts and crafts center at Marchmont House, his magnificent Palladian residence in Scotland."
In 2000, Burge co-founded Howzat Media, a firm investing in digital businesses. An early investment was in UK-headquartered online travel deals company Cheapflights, when it was a three-person operation.
Burge advised and became CEO of Cheapflights, helping it grow to the point that in 2011 it acquired Denmark-based travel-price comparison site Momondo. Burge became CEO of the combined Momondo Group and used bank debt, serviced out of cash flow, to create an organization with more than 350 employees. In 2014, private equity investment injected $130 million.
In 2017, the Priceline Group (now Booking Holdings) acquired Momondo Group for $550 million.
"It quickly became cle