Travel tech firm Sojern has raised US$120 million Series D led by growth equity firm TCV, raising its total funding to US$162.5 million over five rounds.
TCV has also invested in companies including Airbnb, Expedia, HomeAway, TripAdvisor, SiteMinder, ExactTarget, Act-On and Ariba.
Sojern, the travel’s marketing demand engine for airlines, hotels, cruises, transportation and the tourism industry, said it would use the funds to expand its business with travel brands worldwide and accelerate into new markets.
Late last year the company acquired Adphorus, Facebook & Instagram Marketing Partner marketing arm, specialising in custom advertising solutions for travel brands.
Mark Rabe: Continue to drive efficiency with new partnership.(Image credit: Sojern).
‘We’ve used those insights to drive US$13 billion in bookings so far, with the goal of transforming digital marketing into digital distribution,’ said Sojern CEO Mark Rabe.
‘With this new partnership with TCV, we’re excited to continue driving efficiency into the US$100 billion being spent by travel brands around the world.’
As part of the transaction, TCV general partner Woody Marshall will join Sojern’s board of directors.
‘We have been watching Sojern’s rapid rise in the travel technology space for several years, and we were impressed with Sojern’s leadership position in the space and its unique, scalable model for influencing travellers worldwide,’ commented Marshall on the new investment
‘Sojern’s ability to both conceptualise a better marketing experience for travel organisations and their steady execution over the past decade, as well as their innovative business strategy, strong executive team and inspiring company culture made them a natural fit for us.”
Heaquartered in San Francisco, Sojern has reported 13 consecutive quarters of profitability, and is recognised as a Deloitte Technology Top 500 Fastest Growing Company for five years in a row. It has 500 employees across 13 global offices. Its clients include 93% of the Travel Fortune 500 including Marriott, Hilton, Hyatt and Disney.
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