Venture Capital News: Peek Secures $10M Series A Round
SAN FRANCISCO, CA, Peek, a startup that lets people book tours and activities, has raised $10 million in new VC funding from individual investors.
According to the New York Times, the start-up, Peek, said on Thursday that it had raised $10 million in a new round of financing. As part of the round, Pete Flint, the founder of the real estate site Trulia, will join the company's board.
The Peek app offers deals on events and tourist activities in various cities.
Among the investors in the round were Mr. Flint; Mr. Bonderman; Ray Lane, the former Oracle executive and venture capitalist; and Gigi Pritzker, a member of the wealthy Chicago family that built the Hyatt Hotel chain.
The new money will help the four-year-old Peek build its employee ranks. The site operates in the same way as the restaurant reservation site OpenTable, but it focuses on offering deals on events and tourist activities in various cities. The company gives activities operators an online marketplace and the ability to process payments and schedules online.
As part of the announcement on Thursday, the company added that it was beginning a partnership with Yelp, in which companies that use Peek can add a 'book now' button on their Yelp page.
Ruzwana Bashir, a co-founder of Peek. Credit Slaven Vlasic/Getty Images
Since its founding by Ruzwana Bashir and Oskar Bruening, Peek has shown considerable growth. Ms. Bashir said that the company had quadrupled its revenue since the beginning of the year, to hundreds of millions of dollars, though she declined to provide specifics.
'Peek's impressive growth, combined with its best-in-class technology, attracted me to invest and join the board,' Mr. Flint said in a statement. 'I see lots of similarities with Peek and Trulia, as both companies empower small businesses and are laser-focused on providing the best possible experience for their customers, and there are compelling network effects.'
Mr. Schmidt of Google said: 'I'm very excited to be involved -- Ruzwana's a fantastic young entrepreneur, and I think there's a huge opportunity to disrupt in this space.'
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