Travel Platform Siteminder Raises $100M in Pre-IPO Funding Round – Funding

An open hospitality commerce platform, Siteminder revealed a pre-IPO funding round of over A$100 million in mid-September, comprised of both primary and secondary capital.

The company says this represents an evolution of its shareholder base with Fidelity International, a leading investment and asset management firm joining the register.

Existing shareholders include AustralianSuper, equity funds managed by BlackRock, Ellerston Capital, Pendal Group and Washington H. Soul Pattinson also participated in the pre-IPO funding round.

Early SiteMinder investors who skipped the round included Bailador Technology Investments, Equity Venture Partners’ Les Szekely and TCV, although a spokesperson said they remained supporters and shareholders of the company.

Despite the pandemic, in fiscal year 2021, SiteMinder maintained revenues of over A$100 million, achieved a 40% increase in the number of customers using its payments and other transaction-based products, and maintained its revenue decline at less than 6% at constant rates. monetary terms.

SiteMinder’s valuation remains at over A$1 billion based on this latest pre-IPO funding round. Its valuation after the close of a January 2020 survey was $1.1 billion, and while it didn’t disclose the current valuation, it at least appears to have held the line.

Sankar Narayan, CEO of SiteMinder, said the company’s shareholders have not faltered over the past 18 months. “We thank all of our shareholders for their continued confidence as we continue to perform in a changing industry environment.”

The company continued to innovate during the travel crisis with initiatives such as:

  • The growth of its metasearch and hotel payments programs – Demand Plus and SiteMinder Pay – through the additions of trivago in May 2021 and the ability for hotels to process guest payments from within the SiteMinder platform. He claimed that Demand Plus and SiteMinder Pay have seen higher adoption rates than all other SiteMinder offerings over the past year.
  • Testing a new digital acquisition strategy for small hotel operators, to complement SiteMinder’s existing go-to-market models.
  • The May 2021 launch of SiteMinder Multi-Property, a product designed to simplify the complexity of distribution for hotel chains and groups.
  • The introduction of the SiteMinder Partner Program in November 2020, which recently signed its 500th member and brought the total SiteMinder ecosystem to over 1300 partners worldwide.
  • The April 2020 launch of the World Hotel Index, a publicly available tool that collects data from hotels and 400 worldwide hotel booking channels connected to SiteMinder, to allow hoteliers to see trends in their countries and regions .

According to Narayan, “We have maintained high levels of engagement with customers and partners to deliver strong and consistent business performance and demonstrate SiteMinder’s resilience under these challenging industry conditions.”

“Having joined SiteMinder’s fundraising of over A$100 million in January 2020, at a time when we could not have foreseen the events to come, we have seen SiteMinder demonstrate an agility, ‘extraordinary resilience and innovation, especially as the needs of their customers and partners have rapidly changed,’ said George Batsakis, Senior Portfolio Manager at AustralianSuper.

“The unprecedented impacts of the past 18 months have proven the importance of easy-to-use technology platforms for hotels, and we’re excited to increase our support for SiteMinder as the company continues to provide these much-needed services to support his clients. .”

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