HotelTonight said it raised $9 million in a Series B round led by Battery Ventures and including participation from Accel Partners and First Round Capital. Accel Partners will assume a seat on the board of the San Francisco company, which offers discounted same day hotel rooms.
PRESS RELEASE
HotelTonight Raises $9 Million in B Round
Mobile Innovator Continues Expansion to New Platforms and Global Markets
SAN FRANCISCO, CA–(Marketwire - Nov 18, 2011) - HotelTonight, the mobile app innovator that offers deeply discounted same-day hotel deals, today announced it has secured a $9 Million Series B investment. The funding round was led by Battery Ventures and includes continued participation from Accel Partners and First Round Capital. Accel Partners will assume a seat on the board and Dave Morin will join as an advisor.
HotelTonight launched in January of this year and already has 1,000,000 downloads on iPhone and Android devices. HotelTonight is in 28 cities and will be in 35 markets by the end of the year, including Orange County, Portland, Salt Lake City and Santa Barbara.
Unlike traditional online travel agencies, HotelTonight can offer deep discounts of up to 70 percent on same-day bookings by working with a select group of over 600 leading hotels. In less than 10 seconds, travelers can book exclusive handpicked deals.
HotelTonight offers hotels a flexible way to handle last second, dynamic inventory management. Hotels can offer mobile bookers targeted impulse rates, without jeopardizing revenue or brand management objectives. Consumers win by getting exclusive access to amazing hotels at unmatched rates.
“We’re excited by how quickly HotelTonight has grown since our Series A earlier in the year,” said Brian O’Malley, Partner at Battery Ventures. “The metrics clearly show the intersection of a superstar team and a strong pull from the market for great last-minute deals discovered through mobile devices.”
“We’re going to see the emergence of new global brands as mobile disrupts traditional desktop players,” said Theresia Gouw Ranzetta, Partner at Accel Partners. “HotelTonight is proving this in the travel category, as consumer behavior shifts towards on demand, impulse booking.”
The company will use the funding to expand the product to new mobile platforms, accelerate customer acquisition and expand into new global markets.
“We’re looking forward to continuing our growth and expansion to global markets,” said Sam Shank, CEO, HotelTonight. “HotelTonight is fundamentally changing the way people think about and book travel, encouraging consumers to take spur of the moment trips, urban adventures and getaways.”
About HotelTonight HotelTonight is the only booking app that is made-for-mobile. Available for free in the Apple App Store and Android Market, HotelTonight offers the best pricing for last minute deals at top hotels vetted personally by HotelTonight staff. Perfect for business travelers, leisure travelers and locals alike, HotelTonight deals are currently available in 27 destinations. Visit www.hoteltonight.com to download the app.
About Battery Ventures Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from seed, start-up and expansion financing, to growth equity and buyouts. Battery’s Internet & Digital Media portfolio currently includes companies such as: Angie’s List, Bazaarvoice, BlueKai, BlueStem Brands, Digby, Exact Target, Gogobot, Groupon, H.Bloom, HotelTonight, j. Hilburn, Send the Trend and Viddy. From offices in Boston, Silicon Valley and Israel, Battery manages $4B in committed capital, including its current fund of $750M. For more information, visit www.battery.com or follow Battery on Twitter @BatteryVentures.
About Accel Partners As a leading venture capital and growth equity investment firm, Accel Partners works with outstanding entrepreneurs to build world-class businesses. Using dedicated teams and market-specific strategies for local geographies, Accel manages over $8.8B from offices in Palo Alto, New York, London, Bangalore and China through our partnership with IDG-Accel. Since being founded in 1983, Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including Facebook, Groupon, Cloudera, AdMob, Dropbox, 99Designs, Glam Media, Spotify, Etsy, Angry Birds (Rovio), Braintree, Lookout, SunRun, TRUSTe, and others. For more information, please visit us on Facebook at www.facebook.com/accel.
About First Round Capital First Round Capital is a seed-stage venture capital firm dedicated to helping talented entrepreneurs build great companies. As seed-stage investors, First Round often provides a company’s first outside capital — and is not afraid of funding pre-revenue companies. First Round Capital’s portfolio is a community of web-enabled businesses led by entrepreneurs, guided by an active partnership and connected through a technology platform designed to support companies throughout their growth. The firm’s current portfolio includes companies like StumbleUpon, OneKingsLane, Bazaarvoice, Modcloth, RockMelt, Uber and Square. First Round Capital invests nationally with offices in San Francisco, New York and Philadelphia. To learn more visit www.firstround.com.
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