Tripping.com, the vacation homes and short-term rental search engine, said Tuesday (July 28) that it has raised $16 million in Series B financing.
In a release detailing the funding round, the company stated that it had raised the money from a group of investors with the leader noted as Steadfast Venture Capital. Other investors included 7 Seas Venture Partners, Azure Capital, and a series of individual investors ranging from Erik Blachford, the former chief executive officer of Expedia and IAC Travel, and Monte Koch, who serves as a board member at Choice Hotels and also is a founder of Auction.com
Concurrent with the July 28 news that Tripping.com had raised the financing, the company said it had significant growth – with a 2,918 percent rise in traffic, with an attendant 2,390 percent boost in monthly revenues in the past year. Tripping.com also said it has over 5 million rental listings globally. That last number represents 158 percent growth year over year, with a destination count topping 100,000. The company is partnered with HomeAway and Tripadvisor, amid other leisure and hospitality oriented sites. With 2 million unique visitors, the company says one-third of its users are repeat customers.
In the statement announcing the funding on Tuesday, Tripping.com’s founder and chief executive officer, Jen O’ Neal, stated that “before Tripping.com, travelers would spend hours searching for vacation rentals across an average of five sites. Now they simply come to Tripping.com to browse millions of properties with a single click. We’re thrilled to announce our Series B today,” the executive went on to say in the release. “This funding will enable us to fuel our growth, expand aggressively into international markets and enhance our mobile offering.”