SiteMinder raises $30 million in Series B
SiteMinder is an online hotel distribution company that has raised $30 million in Series B funding led by Technology Crossover Ventures. TCV partners David Yuan and Erik Blachford will be joining SiteMinder’s board of directors. Blachford used to be the CEO of Expedia.
“The SiteMinder story is a unique one in the travel technology space, and the company’s product set and commercial mentality are disruptive and refreshing. We look forward to working with the team to help build on its track record of exceptional growth,” stated Blachford
SiteMinder will be using the funding to maintain their high position in the online hotel distribution industry. It will enable to the company to scale and fulfill the demand for their products in the Americas. It will also help build on their platform in Europe and Asia.
“With an ever-increasing number of people booking online, hotels have truly arrived at a place where SiteMinder’s 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,” added Mike Ford, CEO of SiteMinder.
SiteMinder currently has over 11,000 customers. The company helped facilitate over $5 billion in booking revenues for hotel clients, which is close to double the previous year.