Online travel site to use funds to build team and launch new products;
Todd Chaffee joins Hipmunk Board
SAN FRANCISCO, CA, June 12, 2012 — Hipmunk, the travel site taking the agony out of travel planning, today announced that the company has closed a $15 million Series B financing round led by Institutional Venture Partners (IVP). Todd Chaffee, General Partner at IVP, will join Hipmunk’s board of directors. Existing angel investors and the Series A lead, Ignition Partners, also participated in the round.
“IVP has a highly successful 31 year track record of investing in innovative technology and travel companies,” said Adam Goldstein, CEO and co-founder of Hipmunk. “We’re very excited to work with IVP, and Todd in particular. He brings tremendous experience, relationships and strategic sense to our crazy, competitive industry.”
Todd had led venture capital investments in well known companies such as Twitter, HomeAway, Living Social, Netflix, Omniture, ComScore, Ariba, Verisign and Yahoo.
Hipmunk is widely popular with a highly enthusiastic base of users and has over one million mobile application downloads to date. The company is quickly establishing itself as an emerging leader in the competitive online travel world. The capital will be used to fund major product launches and scale the workforce to support new product initiatives.
“At IVP, we seek to invest in companies with superior technology and innovative products targeting large markets, “ said IVP’s Todd Chaffee. “Hipmunk is exactly that type of company. They have a brilliant, energetic management team that is developing fantastic new services for travelers around the world.“
The Hipmunk site launched in August 2010 with advanced visual flight search technology. The company recently launched map-based hotel search and award-winning mobile applications for Android and iOS. Hipmunk also has calendar integration for hotel and flight search on both the desktop and mobile applications.
Founded in 1980, IVP is widely respected as one of the top performing venture capital firms in the world. The firm has more the $3 billion in capital under management.
Hipmunk is headquartered in San Francisco and will be doubling its employee base this year.
Hipmunk is a travel site bringing the fun back to travel by taking the agony out of hotel and flight search. With its superior user experience, breadth of travel options and innovative “Agony” and “Ecstasy” sorts, Hipmunk allows travelers to select the best travel options at a glance. Flight results are displayed in a visual ”timeline” and hotel results on a map with the ability to overlay unique, city-specific heatmaps.
Hipmunk is one of TIME Magazine’s “50 Coolest Websites,” TIME Magazine’s “50 Best Smartphone Apps,” Travel + Leisure’s “Best Websites of 2011,” Budget Travel’s “Top 10 Most Useful Websites,” and Inc.’s “Best Booking Website.” Co-founders Adam Goldstein and Steve Huffman were named to Bloomberg BusinessWeek’s “Top Tech Entrepreneurs,” Forbes “30 Under 30” and Inc.’s “30 Under 30” lists. The company launched in 2010, is based in San Francisco, and has funding from Ignition Partners, Y Combinator, SV Angel, Webb Investment Network, Quest Hospitality Ventures, and several angel investors.
For more information, to book your next flight or hotel, and to download the iOS or Android application, please visit https://www.hipmunk.com
About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $750 million later-stage fund focused on investments in rapidly growing technology and media companies. Founded in 1980, IVP has invested in over 300 companies, 90 of which have gone public. IVP is one of the top performing firms in the industry and has a 31 year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Aspect Communications, ComScore (SCOR), Concur Technologies (CNQR), Digital River (DRIV), Dropbox, HomeAway (AWAY), Juniper Networks (JNPR), LegalZoom, LivingSocial, MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Shazam, Synchronoss (SNCR), Tivo (TIVO), Twitter, and Zynga (ZNGA). For more information, visit https://www.ivp.com or follow IVP on Twitter: https://twitter.com/ivp.