Hotel distribution and connectivity platform SiteMinder has attracted $30 million in funding led by a venture capital firm with previous investments in Facebook, Expedia, HomeAway and Netflix.
Palo Alto-based Technology Crossover Ventures agreed the deal late last month after a year which saw SiteMinder open its US operations and grew its revenue by more than 70%.
The investment will help to accelerate further development of the company’s technology platform and scale its global operations n the Americas while building on its established position in Europe and Asia.
TCV general partner David Yuan and Erik Blachford, TCV venture partner and former CEO of Expedia, will join the SiteMinder board.
Yuan said: “We have been following SiteMinder for a number of years and have been impressed with the company’s rapid growth, which has been fuelled by market-leading product development and a strong, talented team.
“As a pioneer, SiteMinder¹s culture of innovation is unparalleled by any other in the sector. We are excited about this partnership and look forward to working with SiteMinder in continuing its global expansion.”
SiteMinder chief executive Mike Ford said: “With an ever-increasing number of people booking online, hotels have truly arrived at a place where SiteMinder¹s technology is not just a luxury, but it’s an absolute necessity to reach a global audience and to remain competitive.
“There is a relatively low penetration of our kind of technology in the global hotel market, and with TCV’s wealth of technology and investing experience, we are confident that we have chosen the ideal partner to help us to capture market share rapidly.”
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