Technology Crossover Ventures leads $30m round for Australia’s SiteMinder


hotel roomVenture capital firm Technology Crossover Ventures (TCV) has led a $30m Series B round for Australian online hotel distribution platform SiteMinder.

SiteMinder aims to continue its global expansion, focusing on the Americas.

Last year, SiteMinder launched its US operations and saw its revenues surge more than 70 per cent.

In 2013, SiteMinder’s technology facilitated in excess of US$5bn in booking revenue for its hotel clients, close to double that of the previous year.

TCV general partner David Yuan said, “We have been following SiteMinder for a number of years and have been impressed with the company’s rapid growth, which has been fuelled by market-leading product development and a strong, talented team.

“As a pioneer, SiteMinder’s culture of innovation is unparalleled by any other in the sector.

“We are excited about this partnership and look forward to working with SiteMinder in continuing its global expansion.”

Earlier this month AltAssets reported that TCV had raised $1.47bn for its latest fund.

TCV focuses solely on technology, with $7.7bn raised since inception, usually adopting minority positions.

Most recently the firm, which operates out of offices in Silicon Valley, New York and London, invested $66m in workforce management company TOA Technologies.

Copyright © 2014 AltAssets