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HomeAway.com raises $250 Million
By siliconindia
Austin: Texas based internet start-up HomeAway.com has raised $250 million from three venture firms. While it raised $175 million from Technology Crossover Ventures and the rest of $75 million from two existing investors, Institutional Venture Partners and Redpoint Ventures.
The capital was raised after considering nearly 10 venture capitalists. "It's pretty tough to obtain capital right now, but its the opposite if you have a company that has strong earnings. I've never seen so much competition for financing," said CEO Brian Sharples said. The capital is raised to pay down its debt of $88 million from American Capital, to make sure that longtime employees could cash out some of their stock and also keep a certain amount for further acquisitions.
The company was no stranger to big capital-raises or acquisitions, pulling in $160 million in November 2006 and completing 10 acquisitions in the past three years. It used some of that cash to expand globally whereby30 oercent of its revenue now comes from overseas. It was about to go public in October 2007, but pulled back before officially filing it with the Securities and Exchange Commission.