Escapia Raises $2 Million In Financing To Expand Leading Suite Of Vacation Rental Software And Services
SEATTLE – October 4, 2006 – Escapia, Inc., makers of the leading web-based application for managing vacation rentals, today announced the completion of funding with an aggregate value of $2 million. The investment is being led by online travel executive and vacation rental pioneer Steven D. Murch. Buerk Dale Victor, which led the company's initial Series A financing, and several other individual investors also participated.
Escapia's suite of web-based vacation rental software simplifies how professional vacation rental managers run their companies by enabling online reservations, streamlining reservation management, opening up new sources of revenue, enhancing security and providing unparalleled flexibility in running vacation rental businesses. Today Escapia powers the back office as well as vacation rental web sites for well over 100 companies with online availability, booking and direct integration with their reservation desks.
The new financing allows the company to build on an impressive track record of growth. During the past twelve months, Escapia has doubled its account base and the number of units managed by its clients has increased by 121%. Even more impressive has been the growth rate in bookings through the Escapia platform this year, which have grown by more than 200% over the same period in 2005.
The company's CEO Bill Furlong said, "Escapia is demonstrating significant progress on all fronts. In 2006 we've seen a dramatic acceleration in our business results as well as significant upgrades to our back office software and fully integrated Web Portal sites. So we're thrilled to have secured additional funding to accelerate the development of new features for our clients and continue our role as the innovation leader in the vacation rental software and services business."
Steve Murch, the lead investor in this round of funding, is a seasoned online travel executive, entrepreneur, and Chairman of Escapia. As the founder and CEO of VacationSpot.com, one of the first online vacation rental directories, Mr. Murch has been working to help vacation rental managers capitalize on the growth of the Internet for a decade. "Today, more than ever, the Internet is transforming how professional vacation rental managers manage their businesses, reach customers and owners, partner with others, and market their properties," said Murch. "Escapia has built a remarkably innovative and robust software platform for vacation rental managers; with the Escapia platform, we intend to dramatically simplify and improve the way that vacation rentals are managed, marketed and booked."
"Escapia is a compelling investment for Buerk Dale Victor because it has a track record of delivering innovative products and services that provide unparalleled value to its clients," said Todd Marker, Principal at Buerk Dale Victor. "The company was the first to recognize the opportunity of a web software solution for professional vacation rental managers and to deliver a breakthrough product. With this new level of funding, the company will have the chance to significantly expand its products and services."