September 14, 2009
Based in New York, one of the United States’ biggest online hotel critics, Oyster Hotel Reviews announced today that it has secured $4 million of a second round of funding from Bain Capital Ventures. This additional funding follows a $6.4 million round of funding that Oyster Hotel Reviews has raised last year. This current round of funding makes the total amount of funding that Oyster Hotel Reviews has raised over the past year to $10.4 million.
Despite the fact that the travel industry is growing on the internet with online travel agencies which book e-tickets for flights and provide online reservations for hotels and restaurants, Oyster Hotel Reviews has its own niche in the market, because it is the only online service that provides in depth and objective reviews about hotels throughout the world. The reviews that Oyster provides stand out from other internet travel related services, because these reviews are written by trained journalists who know what to look for in writing a good objective review. What makes Oyster Hotel Reviews unique in the market place is that it uses its proprietary method, known as the hotel review method. By adhering to some of the highest standards possible, Oyster Hotel Reviews is able to have some of the most comprehensive hotel reviews both online and offline. These reviews are not just written articles about the hotels that are reviewed by the company, but are also accompanied by photos that are unedited and clearly show how good or bad the hotel is. Furthermore, Oyster’s name is already well known and has been featured with positive reviews from some of the most prominent press worldwide, including the New York Times, Men’s Journal, and the Wall Street Journal to name a few. Currently, Oyster Hotel Reviews writes reviews about hotels in Aruba, Las Vegas, Miami, New York, Jamaica, and the Dominican Republic.
According to Ajay Agarwal of Bain Capital, the need for clear, comprehensive, and objective reviews are very necessary for travelers and this is quite evident by the response that Oyster Hotel Reviews after being launched. Mr. Agarwal further stated that the team at Bain Capital Ventures looks forward to helping the company in future endeavors to expand its reviews.
Proceeds from this funding, along with last year’s funding; Oyster Hotel Reviews plans to expand its reviews to include more hotels on West Coast destinations. Oyster Hotel Reviews is also aggressively hiring people and is already positioned to become one of the largest media outlets for travel in the United States by the end of the year.
According to Oyster’s CEO, Elie Seidman; the team at Oyster Hotel Reviews is thrilled to have such a large name and prestigious firm, such as Bain Capital back it. Mr. Seidman further added that the company still remains dedicated to providing the most in depth and objective reviews of some of the major hotels in the country.
Bain Capital Ventures is the vc arm of Bain Capital and is dedicated to provide funding to companies from seed stage all the way to the later stages of the company. Bain Capital Ventures primarily invests in companies who are in the software, wireless, internet, information, healthcare, and tech industries. Some other companies in Bain Capital Ventures’ portfolio include Regulatory Data Group, AdReady, Ameritrade, Blip TV, Camera World, and others.
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