Published on : Monday, July 10, 2017
Upside, NewYork based business travel startup founded by Priceline Founder Jay Walker is raising as much as $100 million in the new funding which aims to offer alternative for smaller companies buying travel.
The round was led by Private-equity firm Vista equity Partners management and the valuation was pegged at $600 million however there were skepticism about the accuracy of the value.
Red ventures and investment firm Leucadia National took part in the earlier round, Upside being a year old company raised $50 billion in venture funding in prior rounds.
3.7 million shares were sold by Walker innovation, a consultancy founded by Jay Walker in Upside at a value of $7.6 million.
As per reports the company intends to buy 11 percent of Upside and it was found that the valuation placed on Upside was about $217 million at that time.
Upside basically serves in travellers get gift cards while buying travel packages and agencies save money on their travel spend. It also provides retail discounts and hotel packages in all major US airlines.
Walker commented during the launch of Upside that it will directly help the unmanaged business traveller.
Though launched earlier this January it has captured the imagination of the investors, it has been widely advertising in radio,podcasts giving tough competition to Priceline Group and Expedia Inc.
Inventory negotiations may be difficult and early gains will be limited. The US market size for unmanaged business travel spend to be $165 billion.