More funding news for travel startups with US-based air and hotel search service Hipmunk capturing a new round of financing to the tune of $15 million from Institutional Investment Partners.
The series B includes additional funds from its original Series A investor, Ignition Partners. General partner at IVP, Todd Chaffee, will join the company’s board of directors.
The announcement effectively quashes growing rumours (denied by CEO Adam Goldstein) circulating in recent months that the company was looking for a buyer after less than two years
Hipmunk says it plans to do a number of things with the new injection of money.
As with many startups, the focus will be on hiring more engineers to build multiple products, “not just one at a time like we’ve done”. It also plans to invest in business development and marketing.
But using a phrase which will no doubt resonate with many fellow newbies on the travel scene, Hipmunk says it is time to “go big or go home”.
“Going big means building a product that’s more complete than any other tool,” the company says in a blog post today, notifying users and, more importantly, the industry that it will be making some “major announcements in the next few months”.
Hipmunk has made a number of strategic moves since its fledgling debut in August 2010, not least moving off solely using the Orbitz affiliate model to sign a deal with ITA Software to utlilise the famed QPX system.
It went mobile with an app in February 2011 and launched hotel search system in March of the same year.
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About Kevin May
Cripes, that’s a lotta dough. Congrats Hipmunk’ers on the big achievement. They should consider dressing their logo in a shiny tux to celebrate.