HIPMUNK CLOSES $20 MILLION SERIES C FINANCING LED BY OAK INVESTMENT PARTNERS
Travel company Hipmunk to advance cross-platform strategy, continue hiring, and accelerate partnerships
SAN FRANCISCO (May 30, 2014) — Hipmunk, the fastest, easiest way to plan travel, today announced a $20 million Series C financing round led by Oak Investment Partners. Hipmunk will use the funds to accelerate its industry-leading cross-platform strategy, hiring, customer acquisition, and partnership efforts. Ren Riley, general partner with Oak Investment Partners, will join the Hipmunk board of directors. Existing angel investors; Series B lead, Institutional Venture Partners; and Series A lead, Ignition Partners joined the round.
“The winners in the next generation of travel will be the companies that can do the best job serving all user needs, across all platforms.” said Adam Goldstein, CEO and co-founder of Hipmunk. “Oak’s travel and mobile experience make them a tremendous addition to our existing investment team and an ideal partner.”
Over the course of more than three decades, Oak Investment Partners has invested across five growth sectors, including information technology, Internet and consumer, financial services technology, healthcare services, and clean energy. In the Internet and consumer space it has backed companies like Kayak, GMarket, Huffington Post, Bleacher Report, Thrillist Media Group, Wonga, and B5M.
“We’re eager to invest in great entrepreneurs and companies that are capitalizing on mobile trends,” said Ren Riley, general partner at Oak Investment Partners. “Hipmunk has both of these qualities, and in less than four years, has developed an energetic user base, industry-leading cross platform integration, and key partnerships that we’re excited to help grow.”
Hipmunk was founded in June 2010 when Adam Goldstein graduated from MIT and set out with Steve Huffman, co-founder of Reddit, to take the agony out of travel. Hipmunk’s unique visual display makes it easy for users to identify the best travel options while its “agony” flight filter and “ecstasy” hotel filter show results based on a combination of convenience and price.
In February 2011, Hipmunk launched its iOS app and in January 2012 launched its Android app. With the growing interest in on-the-go hotel bookings, in August 2013, Hipmunk introduced Tonight Deals to offer mobile users up to 60 percent off last-minute hotel bookings. And in March 2014, Hipmunk announced Hipmunk Anywhere, which allows logged-in users to begin a hotel or flight search on one device and seamlessly pick up the search on another device.
Hipmunk is the fastest, easiest way to plan travel. The site and mobile apps help save time and money by comparing top travel sites to show the perfect flight or hotel at the cheapest price. Hipmunk offers the most comprehensive travel search, from commercial flights, trains, and charter flights to hotels and vacation rentals through Airbnb and HomeAway. The unique display makes it easy to visually compare results to choose the best option.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in over 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm’s five major growth sectors of focus are information technology, Internet and consumer, financial services technology, healthcare services and clean energy. For more information, visit www.oakvc.com.
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For Oak Investment Partners