Site59, the company that instantly assembles and prices last-minute travel inventory, announces a series C financing of $4.7 million with existing investors iFormation Group, Accor, Starwood Hotels & Resorts Worldwide, Advanta Growth Capital and National Leisure Group, Inc.
According to Michelle Peluso, CEO of Site59, ?gIt is gratifying that our investors are supporting us in a way that shows their belief in the product, technology and management that set Site59 apart. We will use this money to continue along our accelerated growth path and to help us achieve profitability.?h
Site59?fs aggressive launching of new distribution partners: Northwest Airlines, Worldspan as Agent59.com, BestFares.com, LowestFare.com and Cheap Tickets adds to the previous impressive group, which includes Orbitz, Travelocity, American Airlines (aavacations.com), and Yahoo!Travel. The funds will be used for technology enhancements to ensure fast integration and scalability for a large number of distribution partners and the customers they serve.
?gEnhancing their powerful technology and expanding their product in a competitive and unpredictable marketplace, Site59 continues to attract the attention of investors and travel providers who recognize the value of the last-minute market and the successes of Site59`s leadership.?h said David Pecaut, President, iFormation Group. Proprietary dynamic packaging technology enables Site59 to promise guaranteed availability of the inventory it queries from over 2100 partners including major airlines, hotels, car rentals and hundreds of specialty providers worldwide. Site59 features unique getaways to hundreds of U.S. and international destinations, all at discounted prices, from 14 days until 3 hours in advance.