Travel Innovator Hipmunk Raises $15M from IVP and Existing Investors


San Francisco, CA (PRWEB) June 12, 2012

Hipmunk, the travel site taking the agony out of travel planning, today announced that the company has closed a $ 15 million Series B financing round led by Institutional Venture Partners (IVP). Todd Chaffee, General Partner at IVP, will join Hipmunks board of directors. Existing angel investors and the Series A lead, Ignition Partners, also participated in the round.

“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. “Were very excited to work with IVP, and Todd in particular. He brings tremendous experience, relationships and strategic sense to our crazy, competitive industry.

Todd had led venture capital investments in well known companies such as Twitter, HomeAway, Living Social, Netflix, Omniture, ComScore, Ariba, Verisign and Yahoo.

Hipmunk is widely popular with a highly enthusiastic base of users and has over one million mobile application downloads to date. The company is quickly establishing itself as an emerging leader in the competitive online travel world. The capital will be used to fund major product launches and scale the workforce to support new product initiatives.

“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.

The Hipmunk site launched in August 2010 with advanced visual flight search technology. The company recently launched map-based hotel search and award-winning mobile applications for Android and iOS. Hipmunk also has calendar integration for hotel and flight search on both the desktop and mobile applications.

Founded in 1980, IVP is widely respected as one of the top performing venture capital firms in the world. The firm has more the $ 3 billion in capital under management.

Hipmunk is headquartered in San Francisco and will be doubling its employee base this year.

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About Hipmunk

Hipmunk is a travel site bringing the fun back to travel by taking the agony out of hotel and flight search. With its superior user experience, breadth of travel options and innovative Agony and Ecstasy sorts, Hipmunk allows travelers to select the best travel options at a glance. Flight results are displayed in a visual timeline and hotel results on a map with the ability to overlay unique, city-specific heatmaps.

Hipmunk is one of TIME Magazines 50 Coolest Websites, TIME Magazines 50 Best Smartphone Apps, Travel + Leisures Best Websites of 2011, Budget Travels Top 10 Most Useful Websites, and Inc.s Best Booking Website. Co-founders Adam Goldstein and Steve Huffman were named to Bloomberg BusinessWeeks Top Tech Entrepreneurs, Forbes 30 Under 30 and Inc.s 30 Under 30 lists. The company launched in 2010, is based in San Francisco, and has funding from Ignition Partners, Y Combinator, SV Angel, Webb Investment Network, Quest Hospitality Ventures, and several angel investors.

For more information, to book your next flight or hotel, and to download the iOS or Android application, please visit http://www.hipmunk.com

About Institutional Venture Partners (IVP)

With $ 3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $ 750 million later-stage fund focused on investments in rapidly growing technology and media companies. Founded in 1980, IVP has invested in over 300 companies, 90 of which have gone public. IVP is one of the top performing firms in the industry and has a 31 year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight, Aspect Communications, ComScore, Concur Technologies , Digital River, Dropbox, HomeAway, Juniper Networks, LegalZoom, LivingSocial, MySQL, Netflix, Polycom, Seagate, Shazam, Synchronoss, Tivo, Twitter, and Zynga. For more information, visit http://www.ivp.com or follow IVP on Twitter: http://twitter.com/ivp.

Media Contact

Jacqueline Tanzella, Director PR Hipmunk

Jacqueline(at)hipmunk(dot)com

415-794-1118







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Tonara Raises $4 Million Series A Investment to Transform the Way Musicians Read, Play and Interact with Music


New York (PRWEB) July 31, 2012

Tonara, creator of the first interactive sheet music app that listens to you, today announced $ 4 Million in Series A funding led by Carmel Ventures, with follow-on investment from existing seed investors including Index Ventures, Lool Ventures, Eilon Tirosh, Rami Lipman and other prominent angel participants. The funding will enable Tonara to invest in ongoing technology innovation, secure additional partnerships with sheet music publishers, and pursue strategic marketing initiatives.

The Tonara app enriches the music practicing experience by understanding the music being played and correlating it interactively with scores. Musicians can view their exact position in a score, focus on playing without the distraction of turning pages and receive real-time tempo feedback on their performance. Beginners and professionals alike enjoy the app, as it follows a musicians position in the score, even if the user changes tempo, goes out of key or makes a mistake.

Each week, Tonara will introduce a new selection of songs from Hal Leonards vast score collection, which features music from todays most popular artists under the Universal, Sony and EMI labels. During this rollout, users will gain access to hit songs of all genres and performance levels by artists such as Adele, Usher and the Beatles in full cooperation with Hal Leonards digital rights management system.

We started Tonara with the idea that the way people learn, practice and play music will change considerably with the rise of tablet technologies and new music distribution channels, said Yair Lavi, CEO and Founder of Tonara. This round of funding, along with the Hal Leonard partnership, supports our vision and firmly positions us as the leading provider of interactive digital sheet music. We enable musicians of all experience levels to have a fun and interactive experience while playing their favorite songs.

Added Lavi, Were thrilled to partner with Carmel Ventures as the lead investor in this funding round. Today, we took another strong step forward on our mission to transform the entire music-playing experience. Strengthened by our new and existing investors and partners were ready to scale our offering worldwide.

Rina Shainski, General Partner of Carmel Ventures and recent edition to Tonaras board added, Tonaras disruptive technology was designed to transform the music-learning and practicing experience for amateur and professional musicians while bringing intelligent interactivity and social sharing to the music-playing community. Tonara is generating excitement in the broad music ecosystem and were delighted to support the company in fulfilling its vision.

Tonaras music store currently features a wide selection of music and includes pieces for piano, violin, cello, flute and voice, with plans to support additional instruments as its user base grows. Tonara is currently available as an iPad App on Apples AppStore. Users can access a selection of music scores free of charge, and purchase additional scores for $ 0.99 to $ 2.99 directly within the app.

About Tonara

Launched in 2011, Tonara is the worlds first interactive sheet music application that listens to musicians and helps them learn, rehearse, and perform. The companys vision is to turn music playing into a fun and interactive experience. Using exclusive patent-pending polyphonic score-following technology, the Tonara app shows musicians their position on the score, automatically turns the pages at exactly the right moment, and provides real-time feedback on their performance. For more information, please visit http://www.tonara.com and follow us @tonara_app.

About Hal Leonard Corporation

Founded in 1947, Hal Leonard Corporation http://www.halleonard.com is the worlds largest music print publisher and digital content provider, producing songbooks, sheet music, educational publications, reference books, DVDs, tech products, magazines, eBooks, digital sheet music, apps and more. In its more than 200,000 available publications and products, the company represents many of the worlds best known and most respected publishers, artists, songwriters and arrangers. Hal Leonard is headquartered in Milwaukee, WI and also has domestic offices in Winona, MN; New York; and Nashville; and offices abroad in Australia, Belgium, China, France, Germany, Holland, Italy, Switzerland and the United Kingdom.

About Carmel Ventures

With over $ 600 million currently under management, several successful exits, and a growing portfolio of promising start-ups, Carmel is among Israels top-tier venture capital funds. Carmels investments are focused primarily on early stage companies in the fields of Software, Internet, Digital Media, Communications, Semiconductors, and Consumer Electronics. Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel provides significant capital and active, hands-on support through the growth cycle of its portfolio companies and is recognized as a true company-building fund in Israel. Carmel, headquartered in Herzliya, Israel enjoys a worldwide network of industry, strategic and investment resources. Carmel is an affiliate of the Viola Group, the largest technology focused Private Equity group in Israel with $ 2B under management. For more information, please visit http://www.carmelventures.com.







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