Hipmunk adds $15M to its coffers with new funding round
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.
Kevin is senior editor and a co-founder at Tnooz. He was previously editor of UK-based magazine Travolution and web editor of Media Week UK from 2003 to 2005.
He has worked in regional newspapers (Essex Enquirer) and started his career at the Police Gazette at New Scotland Yard in London. He has a degree in criminology, a postgraduate diploma in magazine journalism and publishes his first book - a biography about Depeche Mode - in early-2017.