SideStep has raised $15 million (approximately £7,613,000) in a Series C funding round led by Norwest Venture Partners (NVP). Round participants also include Trident Capital, Leader Ventures and Saints Capital. SideStep will use the funding to aggressively scale key areas of the business, while growing its leadership position in vertical search and building out its media and user-generated content offerings.
Established in the US in 1999, SideStep launched in the UK in September 2006. As part of its growing content strategy, SideStep acquired TravelPost.com in October 2006. With this latest funding, the company will continue growing its user-generated content business in new ways.
SideStep has also established partnerships with American Airlines, Delta Air Lines, United Airlines, Hilton, Hyatt, Marriott, Enterprise, Avis and Budget.
"The travel search category is fundamentally changing the way consumers research and shop for travel," said Rob Solomon, president and CEO, SideStep. "The commitment and confidence of these premiere financial partners is recognition of both the huge potential of travel search and of SideStep`s leading position within that market."
"SideStep is a tremendous consumer offering with outstanding market potential," said Robert Abbott, general partner at Norwest Venture Partners who will serve on the SideStep board. "The company`s technology, user-generated content, search products and leadership have earned the confidence of this combined investor group as a travel media company that will drive vertical search forward and create huge value for consumers."