$8.5 Million in Expansion Capital for Timeshare Resale Company SellMyTimeshareNow
Edison Venture Fund becomes the sole instiutional investor for timeshare resale industry leader SellMyTimeshareNow.
Dover, NH (December 16, 2008) -- With an $8.5 million injection of capital, SellMyTimeshareNow launches a new growth and expansion plan designed to better serve the timeshare resale needs of both consumers and the timeshare development industry. After extensive diligence, Edison Venture Fund has become SellMyTimeshareNow's sole institutional investor, continuing Edison's investment commitment to high-growth, entrepreneurial, technology companies.
SellMyTimeshareNow and its family of websites provides advertising tools and marketing services to assist owners with timeshare resale and rental options. In addition to its by-owner advertising platform, the company also offers success-based services through its brokerage arm, Timeshare Broker Services. The company has experienced dramatic growth so far in 2008 with more than 23 million visitors and over $1 million in daily offers to buy or rent timeshares, landing it as one of the fastest growing privately held companies according to Inc.com. Despite the economic downturn, SellMyTimeshareNow has experienced a 90 percent increase in the number of offers to rent or buy timeshare advertised through its website and a 74 percent increase in the dollar amount of those offers over 2007.
Jason Tremblay, Mark Eldridge and Cindy Gonzalez started SellMyTimeshareNow in 2003 as a home-based business with three employees. Through cutting-edge internet search technologies and excellent customer service, the company has grown to over 150 employees with offices in Dover, NH, and Orlando and Tampa, FL.
Jason Tremblay, founder, explains, "SellMyTimeshareNow is well on its way to become the de-facto destination for the vacation ownership secondary market. With Edison as our investment partner, we can expand our innovative, business-to-business solutions in ways that will provide proactive, developer-friendly solutions."
Michael Kopelman, Principal at Edison Venture Fund, noted, "The company's search engine leadership drives massive exposure to sellers. Buyers now have the ability to purchase timeshare intervals online at attractive discounts to retail prices."
Tremblay elaborates, "SellMyTimeshareNow is already the global leader in online timeshare advertising and the number one resale solution for consumers today. Edison's due diligence recognized the utility of our platforms. Edison's investment enables SellMyTimeshareNow to further expand, offering resale and rental solutions for both timeshare developers and owners.
"We understand that the secondary market has been highly inefficient in the past. Our goal is to provide real solutions that create tangible results for timeshare owners and developers," said Tremblay.
The company is the recognized global leader in online timeshare resale and rental marketing with over $400 million in offers through its websites in 2008. The company's flagship website property, SellMyTimeshareNow, provides internet advertising and marketing solutions for timeshare owners who seek to sell timeshare or rent timeshare. In addition, the company also offers success-based services through its brokerage arm, Timeshare Broker Services. Headquartered in Dover, NH with offices in Orlando, FL, and Tampa, FL, the company has over 150 employees and was recently recognized as one of the fastest-growing privately held companies in the country by Inc.com.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 8 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, McLean, VA, New York, NY, Needham, MA, and West Chester, PA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare, & pharmaceutical IT. Edison's successes include Best Software, Dendrite, E-Transport, Gain Capital, Liberty Tax, VirtualEdge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments.