HomeAway Lands Record $250M in Funding
ADOTAS – Zoiks! So VC-funding hasn’t completely dried up afterall. HomeAway, a gargantuan online vacation rental marketplace has reportedly raised a jaw-dropping $250 million in venture capital – the biggest round a tech company has raised since 2000. HomeAway currently has $405 million in funding (it’s only four years old).
While the travel industry has been slammed by the economic downturn, and visits to travel sites are down about 3%, HomeAway may have tapped into a relatively unexploited niche in the market. Traffic to its site has been up about 58% year-over-year.
HomeAway plans to spend the new funds on acquisitions. The Austin, Texas-based shop has already acquired 10 companies.
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