Tuesday, November 11, 2008
HomeAway Raises $250M
Austin-based online vacation rental marketplace HomeAway Inc. announced Monday that it has raised a huge, $250M financing round. HomeAway claims that the funding represents the largest minority investment of a U.S. Internet company in the last eight years. Technology Crossover Ventures led the round, which also included existing investors Institutional Venture Partners and Redpoint Ventures. HomeAway said that it will use the financing's proceeds to eliminate debt, fund strategic investments and provide working capital for marketing and promotions. HomeAway also said it will introduce a share repurchase program for select shareholders, including tenured employees.