HomeAway raises $250 million from TCV, IVP and Redpoint Ventures
Texas-headquartered HomeAway Inc., has informed that the it has completed a $250 million equity capital raise, a record investment that would strengthen the company's leadership position in fast-growing travel segment.
The latest financing led by Technology Crossover Ventures (TCV) and with existing investors Institutional Venture Partners (IVP) and Redpoint Ventures, represents the largest minority investment of a U.S. Internet company in the last eight years.
HomeAway intends to use proceeds from the investment to fund additional strategic investments, eliminate all debt and provide working capital for increased marketing and promotions.
In addition, the company plans to introduce a share repurchase program for certain shareholders including tenured employees.
HomeAway operates the world's leading and most-established vacation rental sites including HomeAway.com, VRBO.com, VacationRentals.com, Holiday-Rentals.co.uk, FeWo-direkt.de, Ownersdirect.co.uk and Abritel.fr. The firm was founded in 2005 with $49 million in equity from Austin Ventures and Redpoint Ventures.
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