Technology Crossover Ventures leads Series B for Australia's Siteminder

Founded in 2006, SiteMinder's cloud-based distribution products - including a booking engine, and connectivity tools - help hotels increase online revenue, streamline business processes and decrease operational costs.

The company raised a Series A round worth A$5.5 million ($4.9 million) from Bailador Investment Management in 2012 and has grown by 70% and processed over $5 billion in booking revenue for more than 11,000 clients in the last year. It has offices in Bangkok, Cape Town, Dallas, London and Sydney.

The new funding will be used help SiteMinder scale and fulfill the rapidly rising demand for its products in the Americas, while building on its already established position in the European and Asian markets.

"There is a relatively low penetration of our kind of technology in the global hotel market, and with TCV's wealth of technology and investing experience, we are confident that we have chosen the ideal partner to help us to capture market share rapidly," said Mike Ford, CEO of SiteMinder.

David Yuan, a general partner at TCV, and Erik Blachford, a venture partner at the firm and former CEO of Expedia, will join the SiteMinder board.

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• Topics
• Australasia
• Venture
• Technology
• Early-stage
• Australia
• Technology Venture Partners
• Venture
• TMT