SiteMinder raises US$30 million to accelerate global growth
Technology Crossover Ventures (TCV), a Silicon Valley based Venture Capital firm, invests in travel technology provider SiteMinder, helping to accelerate further development of its category-leading technology platform and scale its global operations.
Leading online hotel distribution and connectivity platform, SiteMinder, has raised US$30 million in funding led by Palo Alto based Technology Crossover Ventures.
SiteMinder joins Facebook, Expedia, Netflix, ExactTarget, HomeAway and other technology innovators as a TCV investment. The partnership was finalized in late December 2013, after a very successful year during which SiteMinder opened its US operations and grew its revenue very aggressively by more than 70%.
“We have been following SiteMinder for a number of years and have been impressed with the company’s rapid growth, which has been fueled by market-leading product development and a strong, talented team. As a pioneer, SiteMinder’s 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,” said David Yuan, TCV General Partner, who also sits on the boards of AppNexus, Merkle and Sitecore.