The race for the next $1 billion travel technology company is on. Hotel tech startup SiteMinder has just received an investment that placed a more than $750 million ($1.1 billion Australian) valuation on it.
BlackRock, the world’s biggest money manager, led the round in the Sydney-based startup, which helps hoteliers get guests online. The companies didn’t disclose the size of the investment. BlackRock did not claim to be either the largest shareholder or a majority owner. Other investors include AustralianSuper, Ellerston, and Pendal Group.
‘We began the fund-raising journey targeting $70 million ($100 million Australian),” said SiteMinder CEO Sankar Narayan. “But, due to the interest and demand in the business, we ended with well above that.”
Before this round, the company had raised approximately $50 million ($70 million Australian) in venture capital from investors, including TCV (Technology Crossover Ventures) and Bailador Technology Investments. It launched in 2006.
For the year to June 30, 2019, SiteMinder, via its holding company Online Ventures, reported revenue of $67 million ($96.9 million Australian), according to filings. So the company’s valuation is roughly 10 times last year’s earnings.
Read Original Article
