Roamfree secures additional $19m in funding
On-line tourism services business Roamfree Ltd has announced a major operational and financial boost with two separate agreements delivering the company a further $19 million in funds and a deal to provide an online booking service exclusively to auto clubs in Australia and New Zealand.
Roamfree managing director Tony Smith said the funds, raised from a convertible note issue, would pay for the company’s continued expansion through acquisitions and organic growth.
“The convertible note issue attracted strong interest from a variety of parties which illustrates the growing support among investors for Roamfree and its strategy,” Mr Smith said. “In addition to the funds, the deal will provide some critical mass by helping us reach the 8.4 million auto club members around the Pacific.”
Under the agreement, Roamfree will act as an online booking service for the more than 15,000 hotels, motels, apartments, B&B’s and other STAR rated accommodation assessed under the Australian STAR rating scheme and the New Zealand and the Fiji STAR rating scheme.
Mr Smith said the deals represented a substantial step towards cementing Roamfree’s position as the Google of the accommodation industry.
“Our plan for Roamfree is to be the Google of accommodation by building a database of more than one million properties over the next few years,” he said.
“Accommodation providers on our database will be able to distribute their inventory to any number of websites with live availability.”
“This will give a great boost to STAR rated accommodation,” said Jeff Floyd CEO AAA Tourism. “Only STAR rated properties will receive this service through the powerful auto club websites.”
“This initiative will also serve as a valuable marketing tool that we can use to attract additional properties to the Australian STAR rating scheme.”
The automobile clubs included in the agreement are; Royal Automobile Club of Queensland (RACQ), National Roads and Motorists’ Association (NRMA), Royal Automobile Club of Victoria (RACV), the Royal Automobile Association of South Australia, the Royal Automobile Club of Western Australia, the Royal Automobile Club of Tasmania, the Automobile Association of the Northern Territory, the New Zealand Automobile Association.
“Roamfree will provide auto club members with the most up to date information on rates and availability in a consistent and easy to use format,” said Mr. Smith. “Members will be able to search, compare and book their accommodation via any auto club site and gain the benefits of great deals provided by their club.
Mr Smith said the agreement provided not only the opportunity to work with auto clubs in the Pacific region for the first time, but may open doors around the world.
“Beyond the Pacific, there is an exciting opportunity to extend this service to the hundreds of other auto clubs globally,” Mr Smith said.
Report by The Mole
John Alwyn-Jones
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