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Tripping.com Secures $35 Million in Series C Funding, Announces 10 Million Available Properties and 600% Growth in Booking Value Through Its Platform in 2016Tripping.com, the world's largest search engine for vacation homes and short-term rentals, today announced it has raised $35 million in Series C funding from an international suite of investors led by Princeville Global. With offices in Silicon Valley and Hong Kong, Princeville Global is an investment company focused on backing rapidly-growing technology-related companies around the world. At the same time, Tripping.com announced that it will generate over $500 million in gross bookings this year, a 600% increase over 2015, and that it has expanded its inventory to 10 million property listings, providing consumers with the broadest choice of vacation rental inventory anywhere online. These announcements solidify Tripping.com's leadership position in a global rental accommodations market that, according to Piper Jaffray, is expected to grow to $285 billion by 2025. Tripping.com has partnered with the world's top rental sites including HomeAway, VRBO, TripAdvisor, Booking.com and dozens more. By pulling their partners' listings into a single platform, Tripping.com makes it easy for travelers to search, compare, and book vacation homes around the globe. "When we launched Tripping.com in 2011, it took an average of nine days to book a vacation rental. Now it takes less than nine minutes thanks to our back-end technology and onsite booking capabilities," said Jen O'Neal, founder and CEO of Tripping.com. "Today we're excited to announce our Series C, a round that will enable us to expand aggressively and build Tripping.com's brand both in the US and internationally. We chose to work with Princeville Global for their industry expertise as well as their ability to help us build our presence in Asia and seize the massive global opportunity in front of us." The round is being led by Princeville Global, whose partners have a long history of success in backing leading technology companies looking to expand internationally, especially into Asia here the partners have developed deep and long-standing relationships which they have successfully leveraged on behalf of their portfolio companies. "By consolidating rental listings into a single site, Tripping.com fills a unique need in the fragmented global accommodations market which is already valued at over $600 billion," said Matt Krna, managing director of Princeville Global, who will assume a seat on Tripping.com's board of directors. "The immense market opportunity and the company's leadership position, combined with passionate, visionary founders is why we are leading the company's Series C financing. Tripping.com is perfectly positioned to follow the example of other metasearch leaders such as Kayak and Qunar and become a global leader in the vacation rental sector." The round also includes an investment from Adams Street Partners in Silicon Valley, along with contributions from notable firms and individual investors who participated in Tripping.com's prior financings, including their $16 million Series B last year. Current investors include Steadfast Venture Capital and Quest Venture Partners, as well as travel industry veterans Erik Blachford (former CEO of Expedia (News - Alert)), Fritz Demopoulos (founder of travel metasearch giant Qunar in China), and Monte Koch (board member at Choice Hotels & founder of Auction.com). About Tripping.com Headquartered in San Francisco, Tripping.com is the world's largest site for vacation homes and short-term rentals. With over 10 million property listings in 150,000 destinations worldwide, Tripping.com makes it easy to compare vacation rentals from the world's top travel sites including HomeAway, VRBO, TripAdvisor, Booking.com and more. To find an amazing vacation rental for your next trip, visit www.tripping.com. About Princeville Global Princeville Global is an investment firm focused on backing rapidly-growing technology-related companies around the world. The firm looks to support entrepreneurs seeking not only capital, but a value-added partner who can help them fulfill their aspirations to create companies of global scale. The firm has a worldwide network of relationships built over decades of experience investing in and advising rapidly growing companies in the technology sector. Princeville Global has offices in San Francisco and Hong Kong. Visit www.princevilleglobal.com to learn more about the firm. About Adams Street Partners Adams Street Partners is one of the largest and most established private markets firms in the world. Adams Street Growth is a $500 million dedicated growth stage fund that makes $5m to $30m investments into high-growth technology and healthcare companies. The Firm has 144 employees and $28 billion of assets under management across the venture/growth equity, primary, secondary, private credit, and co-investment markets, with offices in Chicago, London, Menlo Park, New York, Singapore, Beijing and Tokyo.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161214005347/en/ |
