Still a fair amount of investment money kicking about for newbies in the hotel sector as TripBAM picks up a $1 million round from Thayer Ventures.
The company [TLabs here] hopes the investment will further its vision to transform the way travelers book hotels in the $10 trillion global travel and hospitality industry.
TripBAM allows travelers to book hotels at the best rate possible by monitoring the changing price of a particular room. When a lower price is available, the service informs the traveler, who can then cancel and re-book at that lower rate.
The service will also continually monitor a selection of hotels and e-mail the traveler daily with updates as the service searches all of the booking sites automatically.
The funding will be used to hire more employees and to further development the product, including onto mobile.
Jeffrery Jackson, managing director of Thayer Ventures will join the tripBAM Board. In the announcement, Jackson says:
"We are delighted to acknowledge this investment in tripBAM, coming on the heels of our first closing for Thayer Ventures II.” He concluded, “tripBAM is a simple yet transformative approach to shopping for hotels -- it fits perfectly with the strategy of disruption and innovation, which characterize all our portfolio companies."
TripBAM's president, Steve Reynolds, echoed Jackson's sentiments:
"The Thayer investment is more than just funding, it is a validation of the tripBAM concept. It comes at a critical time, because there is significant interest in tripBAM from multiple audiences, including consumers, travel agencies, corporate travel managers, and more.
"Our membership is growing exponentially – and this funding will allow us to take faster action on the opportunities we’ve developed."