TCV's investment will help SiteMinder scale on a global level as well as signifies diversified venture firms' growing interest in the hospitality sector.
This is the hotel company’s largest round of fundraising since launch eight years ago and it’s the first led by a U.S. investor. It previously raised $5 million from Australian investment firm Bailador.
TVC partner and former Expedia CEO Erik Blachford announced today that he is joining the SiteMinder board as part of the deal.
SiteMinder offers hotels in more than 100 countries cloud-based customer record tools and products that distribute the price and availability of rooms to online booking engines.
SiteMinder’s hotel clients include Accor, IHG, Hyatt, and the Radisson.
SiteMinder founder and CEO Mike Ford told The Australian Financial Review that the company plans to use the funds to consolidate operations in Europe and expand in the United States. SiteMinder launched its U.S. operations in 2013.
TCV’s previous investments include travel companies like Expedia, Homeaway, and cheaptickets.com as well as non-travel brands including Facebook, Fandango, and Zillow.
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