Travel planning site Hipmunk has just received 15 million USD in its second round of investment led by led by Institutional Venture Partners (IVP). The money raised from both IVP and other investors from the first round, including Ignition Partners, will be used for investments in staff and to launch new products. Todd Chaffee, General Partner at IVP, has also joined Hipmunk’s board of directors.
“IVP has a highly successful 31 year track record of investing in innovative technology and travel companies,” said Adam Goldstein, CEO and co-founder of Hipmunk. “We’re very excited to work with IVP, and Todd in particular. He brings tremendous experience, relationships and strategic sense to our crazy, competitive industry.”
Todd Chaffee, the new member of the board, has been involved in several high profile venture capital investments for companies such as Twitter, HomeAway, Living Social, Netflix, Omniture, ComScore, Ariba, Verisign and Yahoo.
“At IVP, we seek to invest in companies with superior technology and innovative products targeting large markets,” said IVP’s Todd Chaffee. “Hipmunk is exactly that type of company. They have a brilliant, energetic management team that is developing fantastic new services for travelers around the world. “
Although facing a tough competition in the online travel industry, Hipmunk which has been launched in August 2010 is a popular travel planning website, with a large user base and over one million downloads for its mobile app. The company will use the newly acquired funding to power new product launches and then build up its team so that it can support their existing and new products.