Online group travel company Groople has secured $6 million in its latest round of financing. ArrowPath Venture Partners led the financing along with FA Technology Ventures (FATV).

Published: 10 Aug 2006

Online group travel company Groople has secured $6 million in its latest round of financing. ArrowPath Venture Partners led the financing along with FA Technology Ventures (FATV).

Existing investors Vista Ventures, Fatty Tuna and Flywheel Ventures also participated in the round.

This latest investment will be used to further accelerate the company’s growth plans including expansion of their website (www.groople.com) and improving the customer experience.

The company will also use a portion of the proceeds to enhance agent and supplier technologies as well as increase its growing network of hotel properties, affiliates, partners and direct sales capabilities.

“There has been such strong demand for our product from both consumers and suppliers, as evidenced by our double-digit revenue growth, as well as triple-digit growth in profits,” said Groople chief executive officer Mike Stacy.

“Self-organised, small group travel is a growing, multibillion dollar segment of the travel industry. Group travelers have come to expect the same convenience and control of individual online travel coupled with a service that understands the unique needs of group travel,” said Jerry Gramaglia, a Partner with ArrowPath Venture Partners. “Groople, led by top executives from both the travel and technology industries, is filling that consumer need.”