Ashfords has advised venture capital funds Episode 1 and Notion Capital on a $2m investment round in Triptease, a software company aiming to improve the online hotel booking experience with a number of digital tools including the real-time "Price Check" widget. The investment will be used to advance product development and expand the sales and marketing functions at the company, which has already partnered with the likes of Trump Soho and Shangri-La Hotel Dubai.
Chris Tottman, Partner at Notion Capital says: "We love working with the Ashfords team as they really get early stage technology investments and how we like to do business. Our relationship with them is strategic in nature but always propelled by the quality of each of the deals we do and the low friction we can create around this for the founders we invest in. In the case of www.triptease.com we wanted to do an extremely low friction deal with Charlie, the founder and CEO, which enabled him to have more time to drive execution and value creation. We now see the business scaling very rapidly with sales doubling in each quarter, post transaction, as hundreds of hotels adopt the platform".
Episode 1 Partner Simon Murdoch commented: "We have a strong interest in investing in SaaS businesses that create value by improving the customer experience. Triptease fits that category perfectly and operates in a large and global market, so we see very significant potential for upside."
The Ashfords Team was led by Partner Chris Dyson and assisted by Solicitor Tom Storey. Chris Dyson commented: "We were delighted to work with renowned SaaS investors Episode 1 and Notion Capital on their investment in this promising company, which is good example of disruptive innovation being used to challenge a well-established industry. We have seen a marked increase in syndicated SaaS investment as well as new and exciting businesses being established, so I expect there to be significant growth and activity in the next few years".
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