SellMyTimeshareNOW.com, a Dover, N.H.-based online secondary marketplace for timeshares, has raised $8.5 million in VC funding from Edison Venture Fund.
Edison Venture Fund announced an $8.5 million investment in SellMyTimeshareNOW.com based in Dover, NH. Edison is the sole institutional investor in this rapidly growing business. The proceeds will be used to expand staffing and marketing.
SellMyTimeshareNOW.com is the leading online secondary marketplace for timeshares. The company’s family of websites provides advertising tools and services to assist owners with the sale or rental of their timeshare. With over 42K paid listings, 2M monthly page views, and buyer and rental offers exceeding $400M in 2008, the company has become the de facto online destination in the vacation ownership secondary market. In addition to its advertising platform, the company also offers success-based services through its brokerage arm, Timeshare Broker Services.
Michael Kopelman, Principal, John Campbell and David Sweet joined the Board of Directors. John Campbell, an Edison Director Network member, was the EVP of Marcam, an Edison IPO success, and currently serves as a Director of Constant Contact (NASDAQ: CTCT). Michael Balmuth, General Partner, assisted with the investment process. Orlando Mendoza, Principal, conducted Edison’s due diligence. Balmuth and Mendoza are based in Edison’s new office in Needham, MA.
Jason Tremblay, CEO observed, “Edison’s strategic guidance and value-added services will be instrumental in helping us fortify our company for accelerated growth.”
“Jason Tremblay and his team have built an impressive eCommerce platform with limited outside capital,” stated Michael Kopelman. “The company’s innovative online marketplace provides pricing transparency to an industry that has previously been inefficient.” Orlando Mendoza noted “the company’s search engine leadership drives massive exposure to sellers. Buyers now have the ability to purchase timeshare intervals online at attractive discounts to retail prices.”
Edison has invested in 19 eCommerce & interactive marketing companies including Cadient, Exclaim, Fishbowl, Innovectra, Operative, Sonicbids and True Commerce. Edison has made 20 investments in New England, including Blue Cod, CambridgeSoft, Inmagic, Maptuit, PlumChoice, Tangoe and VFA. Successful Boston area exits include Marcam, MathSoft, Netegrity, Retec and Tylink.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 8 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s investment professionals are based in Lawrenceville, NJ, McLean, VA, New York, NY, Needham, MA and West Chester, PA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison’s successes include Best Software, Dendrite, E-Transport, Gain Capital, Liberty Tax, VirtualEdge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. www.edisonventure.com
The company is the recognized global leader in online timeshare resale and rental marketing, with over $400 million in offers through its websites in 2008. The company’s flagship website property, SellMyTimeshareNOW.com, provides internet advertising and marketing solutions for timeshare owners who seek to sell or rent their timeshare. In addition, the company also offers success-based services through its brokerage arm, Timeshare Broker Services. Headquartered in Dover, NH with offices in Orlando and Tampa, the company has over 150 employees and was recently recognized as one of the fastest-growing privately-held companies in the country by Inc. magazine. www.sellmytimesharenow.com