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Hipmunk raises USD15m from IVP and existing investors

Hipmunk has closed a USD15 million Series B financing round led by Institutional Venture Partners (IVP). Todd Chaffee (pictured), General Partner at IVP, will join Hipmunk’s board of directors. Existing angel investors and the Series A lead, Ignition Partners, also participated in the round.

"IVP has a highly successful 31 year track record of investing in innovative technology and travel companies,” says Adam Goldstein, CEO and co-founder of Hipmunk. "We’re very excited to work with IVP, and Todd in particular. He brings tremendous experience, relationships and strategic sense to our crazy, competitive industry.”

Todd had led venture capital investments in well known companies such as Twitter, HomeAway, Living Social, Netflix, Omniture, ComScore, Ariba, Verisign and Yahoo.

Hipmunk is widely popular with a highly enthusiastic base of users and has over one million mobile application downloads to date. The company is quickly establishing itself as an emerging leader in the competitive online travel world. The capital will be used to fund major product launches and scale the workforce to support new product initiatives.

"At IVP, we seek to invest in companies with superior technology and innovative products targeting large markets, “ says Chaffee. "Hipmunk is exactly that type of company. They have a brilliant, energetic management team that is developing fantastic new services for travelers around the world.“

The Hipmunk site launched in August 2010 with advanced visual flight search technology. The company recently launched map-based hotel search and award-winning mobile applications for Android and iOS.  Hipmunk also has calendar integration for hotel and flight search on both the desktop and mobile applications.  

Founded in 1980, IVP is widely respected as one of the top performing venture capital firms in the world. The firm has more the USD3 billion in capital under management.

Hipmunk is headquartered in San Francisco and will be doubling its employee base this year.

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