SiteMinder Gets Backing From Financial Giant Fidelity Ahead of Hotel Software IPO
Skift Take
SiteMinder minimized the pandemic's hit to revenue by selling new tools to help hotels with payments and digital marketing. No wonder Fidelity International wanted to invest ahead of the startup's likely initial public offering in 2022.
Global financial titans have taken an interest in supporting the next travel technology company likely to go public. Hotel booking technology startup SiteMinder said on Tuesday it had received $74 million ($100 million Australian) in a Series D investment round. Fidelity International, the asset management titan, led the round.
The investment comes after BlackRock, the world's largest money manager, in January 2020 took a sized equity stake in the Sydney-based startup, which helps hoteliers get guests online.
SiteMinder has begun preparations toward seeking regulatory approval to go public. The latest funding was at an enterprise valuation "in excess of" around $733 m
