Liftopia Raises Series A with Sand Hill Angels and former Expedia CEO
We’re really pleased to announce the completion of Liftopia’s Series A round of funding. We’ve spent a lot of time and energy towards raising this round of capital (Evan lost even more hair…). Last week we completed the final piece, and we couldn’t be happier to share the news with you. Below is a little background info:
Why did Liftopia decide to raise money now?
We did a “friends and family” seed round in 2005. The bulk of what we raised went to laying the groundwork for Liftopia. It allowed us to take our idea and turn it into something tangible. From the start, however, we’ve been dedicated to being flexible and adapting our model as opportunities presented themselves. The feedback we’ve gotten over the past two years from both our customers and our partners has been phenomenal, and we’ve taken a lot of it to heart, as well as to the drawing board. We decided that in order to grow the business in the direction we wanted it to go, we would need to work with more resources.
Who are your investors?
The Series A was lead by Sand Hill Angels, and joined by North Bay Angels, Erik Blachford (former CEO of Expedia and current CEO of Terrapass), and a handful of individual investors. It’s been important for us to find investors that understand our business model and share our vision for growth, and we think we’ve put together an awesome group of both investors and advisors.
How did you go about it?
A lot of legwork, a lot of networking, a lot of late nights, cold calls and cold emails, and pitching our idea and progress to different folks.
What do you plan on using the funds for?
We believe there is a ton of opportunity for the ski industry to continue to grow if given the right tools. While lift tickets are always going to be the core piece of Liftopia, we think there are many areas for our company to be of value to both our suppliers and our customers. We can’t go into all the details here right now, but keep your eyes peeled over the next few months for changes to the website, and later for an increase in our marketing exposure. A bit dodgy of an answer, you may say, but one of the best parts of being in a start up is that your direction can change at any time.
Now that you have some cash in the bank will you be hiring lots of people?
Why, you want a job? We intend to stay scrappy and lean and stick to the values that have gotten us this far. We’ll grow the company organically, and will keep you up to date on any hiring plans.