Farecast Raises An Oversubscribed $12M Financing Led By Sutter Hill Ventures
Adds Brad Gerstner of Par Capital Management to Board of Directors
SEATTLE– January 31, 2007 — the world's only airfare prediction website, today announced the completion of an oversubscribed $12.1 million Series C financing led by Sutter Hill Ventures. Other new investors in Farecast are PAR Capital Management, Pinnacle Ventures, and Farecast board member and former Expedia CEO, Erik Blachford. Existing investors, Greylock Partners, Madrona Venture Group, and WRF Capital also participated to the round. With the close of this latest financing, Farecast has now raised approximately $20.6 million in venture funding.
Farecast also announced that Jim White, Sutter Hill Managing Director, and Brad Gerstner, a Vice President of PAR Capital Management and former CEO of National Leisure Group, have joined Farecast's board of directors. Other Farecast board members include former Expedia CEO Erik Blachford, Greylock's Moshe Mor, Madrona's Matt Mcllwain, Farecast founder and University of Washington computer science professor, Oren Etzioni and Farecast CEO Hugh Crean.
The Series C funding will be used to hire additional technology and product development resources to continue to innovate and evolve Farecast's unique prediction technology and to develop additional products and services that will empower consumers to make more informed travel decisions.
Farecast is leading the next generation of innovation in online travel," said Brad Gerstner, travel industry veteran and investor, Par Capital Management. "The team brings a unique skill set that benefits both the industry and travelers by helping consumers be more informed in their purchase decisions and helping them to answer one of the toughest questions in travel - when should I buy?"
"Predictive technologies and data mining are revolutionizing the online travel experience," stated Jim White, managing director, Sutter Hill Ventures. "The Farecast team has a unique DNA, has seen tremendous traction with customers and is poised to change the way consumers shop for travel."
"We're thrilled to complete our Series C financing and welcome Jim and Brad to the Farecast board," said Hugh Crean, president and CEO of Farecast. "This funding will enable Farecast to continue to aggressively innovate and expand our prediction capabilities. Over two million people have already discovered Farecast, and overwhelming feedback has confirmed that customers want Farecast's predictions so they can be smarter and more empowered when shopping for travel."
About Sutter Hill Ventures
Sutter Hill Ventures is a venture capital firm that finances technology-based start-up and early-stage companies that pioneer products or services in growth markets, especially those in information technology and health care. Founded in 1964, it is one of Silicon Valley's original venture capital firms. Some of the companies backed by Sutter Hill include: Network Appliance, Legato, Quantum, StorageTek, Data Domain, Alteon, Linear Technology, nVidia, and BroadVision. www.sutterhillventures.com
About PAR Capital Management
PAR Capital, based in Boston with over $1.5 billion in assets under management, focuses on investments in various consumer related industries including travel and online media.
About Farecast, Inc.
Farecast.com is the first and only airfare prediction website. Farecast.com helps airfare shoppers across the country save money by answering the question: should you buy now or buy later? In addition to being the first to provide airfare predictions, Farecast.com displays the lowest fares from the major airline sites and offers industry leading travel planning tools. Farecast.com was recognized as one of PC World's 20 Most Innovative Products of 2007, "Best of What's New for 2006" by Popular Science, one of TIME Magazine's 50 Coolest Websites for 2006 and one of the "Best Trip Planning Tools" by Business Week readers. The company is located in Seattle, Washington, and is funded by Greylock Partners, Madrona Venture Group and WRF Capital. To get a free airfare prediction from your city, or to learn more visit www.farecast.com.
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