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HipWay Announces $2.75 Million in Angel FundingRussian Online Travel Company Sees Growing Support From U.S. Investment Community (October 19, 2011)
SAN FRANCISCO, CA -- (Marketwire) -- 10/19/11 -- HipWay Ltd., an innovator within the Russian online travel industry, today announces the completion of its Angel Round -- adding an additional $2 million to the company's previous $750k financial backing and bringing its projected revenues for 2012 into the $30-$35 million range. This completion celebrates HipWay's strong competition within the travel sector as an attractive business endeavor for international venture capitalists and solidifies its platform as a leading competitor within Russian's online travel businesses.
Currently supported through heavy U.S. and European investors, HipWay has garnered financial support from significant U.S. influencers like Chamath Palihapitiya formerly of Facebook, Michael van Swaaij formerly of Skype, Fabrice Grinda co-founder of Zingy and Mark Gerson of the Gerson Lehrman Group. Based on the most solid operational platform in the Russian market, these investors coupled with the visionaries of HipWay are challenging the way travel is presented. While many start ups in Russia target hotel booking, HipWay is the first venture which is aiming at a much bigger, and more forward-thinking market -- organized outbound travel. The $10 billion dollar outbound travel market is currently served by thousands of small agencies known for having a poor online presence and bad overall service. HipWay was the first on the market to offer credit card payments for packaged tours. Also, by creating a spin-off website available by invitation only (hipclub.ru) the company provides exclusive travel opportunities and deals to its members.
"The merge of U.S. and European business standards incorporated into our Russian business practices, has allowed us to quickly increase and show great returns and potential within the market, " said Mikhail Reider, CEO and co-founder. "As we continue into 2012 we will grow our partnerships with international venture capitalists and have planned an additional funding round with a goal of receiving $10 million in funds."
Backed with an unparalleled operational platform, HipWay allows Russian consumers to feel at ease with dynamic packaging enabling them access to travel throughout the globe without worrying about the semantics of their vacation. In addition to the main engine, HipClub is winning customer loyalty with genuine huge hotel discounts.
HipWay Ltd., positioned to become a leader within the Russian travel industry, was launched in October of 2010 and showed great success. HipWay uses a strong U.S. and European Investor support to bridge innovative travel technology to consumers in Russia from hotels, airfare, car rentals, excursions and serves as the source for dynamic packaging to Russian consumers. First to provide an online, invitation only travel club and the first to offer credit cards as a way of purchasing online travel packages within Russia, HipWay is quickly building the reputation of being a major leader for seamless travel.
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