Tripping.com touts global expansion after USD35 million funding round
Monday, 15 Dec, 2016
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Vacation rental metasearch site Tripping.com has secured $35 million in a round of series C funding, which will fuel expansion into Europe and Asia.
The latest investment round in the San Francisco based company has been led by Princeville Global, which has offices in Silicon Valley and Hong Kong.
Tripping.com will also use funds to invest in TV and offline marketing campaigns.
Also, Tripping.com expects to generate more than $500 million in gross booking value this year, a huge 600% increase compared to 2015.
Its online inventory has now reached 10 million property listings where customers can search, compare, and book vacation homes via major global rental sites such as HomeAway and VRBO.
"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."
Matt Krna, managing director of Princeville Global said: "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."
Krna will take a seat on Tripping.com’s board of directors.
The funding round also includes a contribution from Adams Street Partners in Silicon Valley.
Other notable investors in Tripping.com include former Expedia CEO Erik Blachford and Monte Koch, board member at Choice Hotels.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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