DOVER, NH (June 14, 2010) — Sell My Timeshare NOW announces a new business expansion made possible through $1.6 million in follow-on investment funding from growth partner Edison Venture Fund. Based on extensive due diligence Edison led the financing, which included commitment by existing investment partners of Sell My Timeshare NOW. Proceeds of the funding will be directed to the company’s sales expansion, marketing, customer support services, and product development.
Founded in 2003, Sell My Timeshare NOW has grown to become the leading online secondary marketplace for timeshares on a resale basis. Each month, averaging more than 2 million page views, the Sell My Timeshare NOW websites deliver 86,000 offers valued at $88 million for timeshare rentals and 61,000 offers valued at $338 million for timeshare resales to timeshare owners and developers.
Expanding to better serve not only consumers, but the timeshare industry itself, Sell My Timeshare NOW has launched Vacation Property Solutions, providing industry specific solutions developed to support the timeshare resale needs of developers and HOA’s. Michael Kopelman, Principal of the Edison Venture Fund, says, “The company is currently in negotiations with many of the timeshare industry’s most prominent brands… Jason’s domain expertise, vision, and leadership will help the company to scale to the next level.”
CEO Jason Tremblay adds, “Edison’s strategic counsel and experience in accelerating the growth of their portfolio companies has played a key role in the success of Sell My Timeshare NOW. We look forward to serving the timeshare industry and the consumer marketplace as the de facto online destination for vacation ownership products.”
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers, and other financing sources to build successful companies by providing capital and value-added services to late stage ($5 to 20 million revenue), information technology businesses. Edison typically serves as the sole or lead investor in financings up to $10 million; initial investments range from $5 to 8 million. Edison also funds management buyouts, spinouts and secondary stock purchases, and recapitalizations.
Based in Lawrenceville, NJ; Needham, MA; New York, NY; and McLean, VA, Edison’s industry specialties include application software, financial technology, communications, healthcare IT and interactive marketing. Edison’s successes include Axent, POMS, Vocus, MathSoft, Mapics, Netegrity, VirtualEdge, Visual Networks, 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. www.edisonventure.com
About Sell My Timeshare NOW
The company is the recognized global leader in online timeshare resale and rental marketing, with over $427 million in offers through its websites in 2009. The company’s flagship website, SellMyTimeshareNOW.com, provides internet advertising and marketing solutions for timeshare owners seeking to sell or rent their timeshare while offering timeshare buyers and timeshare renters competitively priced vacation ownership and rental opportunities. 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, Sell My Timeshare NOW has over 150 employees and has been recognized on the Inc. 500 and 5000 Lists for the second consecutive year as one of the fastest-growing privately held companies in the country.
Kelley Marggraf, Executive Assistant to CEO Jason Tremblay
SOURCE: Sell My Timeshare Now