JackRabbit Systems, a developer of online travel software for destination and travel portal websites, has closed a round of USD1.33m private equity funding co-led by Kickstart Seed Fund and Sun Mountain Capital.
The funding will support the national growth plans of the company.
"JackRabbit Systems combines a savvy, high-quality entrepreneur in Andrew and a disruptive technology in the online travel space," says Gavin Christensen, managing director of Kickstart Seed Fund. "We are impressed with the revenue traction and customer wins that the company has achieved within a short amount of time and with very little capital."
Originating four million leads to hotels, JackRabbit Systems’ BookDirect product is growing as an online search engine with direct booking for accommodations.
"With BookDirect’s ability to drive new users, increased hotel bookings and repeat customers to websites, investing seemed like a natural fit," says Lee Rand, general partner for Sun Mountain Capital. "With those solid numbers coupled with the recent Las Vegas Convention & Visitors Authority partnership, we are we were excited at the opportunity to invest in the company’s future success."
"We are delighted to consummate this transaction for additional capital and are pleased by the confidence our new investors have placed in the future of JackRabbit Systems," adds Andrew Van Luchene, president and chief executive officer of JackRabbit Systems. "In this downturn economy we have managed to double our revenue year over year and anticipate we will do the same in 2010."
