Hotel booking platform SiteMinder is said to be looking for $100 million plus in venture capital from new and current investors to facilitate its next wave of development.
If successful the fund-raising would raise SiteMinder’s value as a tech sector business at more than $1 billion – giving it unicorn status.
Reports say SiteMinder is working with investment bank UBS on the fund-raising and will start talking and presenting to potential investors in coming weeks.
SiteMinder is said to have more than 35,000 hotel customers and revenue from 160 countries and more than $US38 billion transactional value through its platform.
The AFR says SiteMinder provides core technology to hotel booking sites such as Agoda and Booking.com by connecting hotels’ back end systems to the customer-facing websites.
The fund-raising is expected to be specifically directed towards venture capital firms and growth-minded family offices and similar lists of offshore investors. SiteMinder’s backers include ASX listed, Australian venture capital investor Bailador Technology Investments and Technology Crossover Ventures which is based in California.