From Partner Away.com: Third Round of Funding Closes
Circle T Partners, Gannett, New World Ventures, Gleacher & Co., SOFTBANK Capital Partners, General Catalyst LLC and Potomac Ventures Participate in Latest Round
WASHINGTON, D.C., September 21, 2000 — Away.com, the leading online destination for extraordinary travel, today announced it has closed a third round of financing totaling $17 million. Circle T Partners led the round; also participating are Gannett Co., Inc., New World Ventures, the partners of Gleacher & Co., Potomac Ventures and SOFTBANK Capital Partners and General Catalyst LLC via National Leisure Group, their wholly owned leisure travel technology company.
“While many Internet companies have over-promised and under-delivered, the Away.com team has exceeded every major milestone, building a company based on strong business fundamentals,” said Douglas H. McCorkindale, President and Chief Executive Officer of Gannett.
“After reviewing other competitors in this space, it was clear to us that Away.com possessed a superior business model, an experienced management team and a proven track record of executing on aggressive operational goals,” concurred Seth Platt, Director, Private Equity and Venture Capital, Circle T Partners.
“In surveying the dot.com landscape, we were impressed with Away.com’s ability to combine aggressive growth with building a profitable business,” remarked Robert A. Engel, Managing Director of Gleacher & Co.
Away.com is the recognized leader in extraordinary travel with more than 1 million members and 10,000 trips throughout the world; no other travel destination on the Web can match its level of expertise and service. Specialty travel, which includes adventure and experiential travel, is the fastest growing segment of the leisure travel market, with attractive demographics and high commission rates. More than half of U.S. adults, or 98 million people, participate in adventure and active travel, according to the Travel Association of America.
“Strong partnerships have helped us secure our place as the leader in the experiential travel space,” said Sean Greene, President and CEO of Away.com. “The top-tier partners and additional resources we’ve secured will allow us to continue to offer travelers unparalleled expertise in planning and booking their perfect escape.”
Away.com (https://www.away.com) is the recognized leader in extraordinary travel, with more than 1 million members and over 10,000 trips for those seeking an unforgettable vacation to challenge the mind, body and senses. With over 100,000 pages of content and a full-service call center, Away.com has been recognized as one of the top 50 privately held Internet companies by investment bank Wit Soundview Capital. The company is backed by Gannett, New World Ventures and Potomac Ventures, among others, and has strategic partnerships with Alta Vista, Expedia.com, Planet Outdoors, Trip.com and USATODAY.com.
About the Investors
Circle T Partners – Circle T Partners is a $450M family of funds founded by Seth Tobias in 1996. With offices in New York and Philadelphia, Circle T Partners has investments in numerous public and private companies across all domestic industry groups.
Gannett Co., Inc. – Gannett Co., Inc. is an international news and information company that publishes 100 daily newspapers in the U.S., including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns in excess of 200 non-daily publications in the U.S. and USA WEEKEND, a weekly newspaper magazine. Gannett also operates 22 television stations in the United States and is an Internet leader with sites sponsored by most of its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web. www.gannett.com.
New World Ventures – Chicago-based New World Ventures has invested in early stage technology and telecommunications companies since 1996. www.newworldvc.com.
Gleacher & Co. – With offices in New York and London, Gleacher & Co. operates an investment banking business and a private equity investment business as well as related businesses. Since inception, Gleacher & Co. has advised on over $250 billion of M&A transactions to Fortune 1000 clients. Portfolio companies of Gleacher Capital Partners, Gleacher & Co.’s private equity investment business, include WebMD, Level 3 Communications and Praecis Pharmaceuticals. www.gleacher.com.
Potomac Ventures – Based in Washington, D.C., Potomac Ventures focuses on early stage investments in Internet and related technology companies. www.potomacventures.com.
Jennifer Piecuch, Away.com, 202.518.7050
Steven Blinn, BlinnPR, 212.675.4777