Additional Capital Supports Continued Expansion
December 22, 2008
Boston, MA — Smart Destinations Inc., the fastest growing travel company on the Inc. 500, announced that it closed a $7 million Series C round of funding and added $3M in debt financing. The additional capital will help the company continue its rapid product and market expansion as the premier provider of unlimited attraction passes for consumers across 15 destinations.
“We’re obviously very pleased given today’s economy to have additional capital at our disposal,” said Kevin McLaughlin, co-founder and CEO of Smart Destinations. “It puts us in an even stronger position to continue to serve the consumer and all the museums, tours, and attractions that we partner with.”
The Series C Round was led by NewSpring Capital of Radnor, PA, with additional participation from existing investors. NewSpring Capital is a leading provider of private equity capital with over $500 million under management. Past and current investments have driven the tremendous growth of many successful consumer companies such as Nutrisystems, Smooth Fitness, and hotelreservations.com. As part of this growth financing, Glenn Rieger General Partner of NewSpring Capital has joined Smart Destinations’ Board of Directors.
Square 1 Bank of Durham, NC has also provided an additional $3M in available debt financing. Square 1 Bank is a full service commercial bank dedicated to providing financial services to venture capital firms and entrepreneurs in all stages of growth and expansion.
Headquartered in Boston, MA with locations throughout North America, Smart Destinations is the premier provider of unlimited admission attraction passes in 15 major North American travel destinations from Oahu to New York City. Smart Destinations’ Go Cards and Explorer Passes offer pre-paid access to over 425 museums, attractions, and tours for one fixed price. The combination of savings and convenience has resulted in 94% customer satisfaction as measured by 3rd party research and helped the company rank 78 on the Inc 500 list of fastest growing companies. Distributed through major travel services in 25 countries, corporate HR departments and their vendors, as well as on the Web, Smart Destinations’ products are a “trusted companion” for the best a destination has to offer at an unbeatable price point.