Oyster.com Raises $7.5 Million From The Travel Channel
The Travel Channel has invested $7.5 million in Oyster.com. Oyster.com is a start-up that allows professionals to make hotel reviews. Oyster.com takes a cut out of hotel reservations that they help make. The Travel Channel will promote Oyster.com on television and online as part of the funding deal.
It wasn’t too long ago that The Travel Channel switched ownership. Scripps Networks acquired control of the Travel Channel from Cox Communications in a deal worth $975 million.
Oyster.com co-founder and CEO Elie Seidman said that he came up with the website when making trips to Alaska and Hong Kong. “I came to this realization, which was that the likes of Expedia and Travelocity had solved the transactional component of travel, but the part the travel agent historically did — which is, which hotel should I actually go to? Which is the perfect one for me? — is a piece they were missing.”
The Travel Channel is involved in this second round of funding alongside Bain Capital Ventures. Oyster.com officially launched in mid 2009 with $8.5 million in venture capital funding from Bain.
[NYT]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry