Oyster Hotel Reviews Secures $4 Million Second Round of Funding From Bain Capital Ventures
Capital Infusion to Further Expansion and Growth of Leading Resource for Unbiased Hotel Reviews
NEW YORK, NY September 14, 2009 - Oyster Hotel Reviews (www.oyster.com) announced today that it has raised an additional $4 million of funding from Bain Capital Ventures. The announcement follows Oyster's March 2008 raise of $6.4 million and brings the total that Oyster has raised to $10.4 million.
Launched in June 2009, Oyster Hotel Reviews maintains hundreds of original reviews, and more than 75,000 undoctored, original photos of the New York hotels, Las Vegas hotels, Miami hotels, Aruba hotels, , and hotels in the Dominican Republic. To assure that consumers get apples-to-apples comparisons, Oyster Hotel Reviews reporters visit hotels anonymously, sleep in the bed, swim in the pool and evaluate hotels on 70 different quantitative and qualitative dimensions and make extensive comparisons between hotels; the reader learns not only about the hotel itself but also about other hotels that they should consider.
"There is obviously a need for such transparent reviews, as evidenced by the tremendous response the Oyster Hotel Reviews launch received from both the public and the media," says Ajay Agarwal at Bain Capital. "We look forward to continuing the momentum and assisting in the growth of Oyster Hotel Reviews moving forward."
Since the launch, Oyster Hotel Reviews has been seen as an innovator in the online travel space for tackling the consumer need for unbiased hotel reviews written by experienced journalists who, while staying at the hotel, also photograph it extensively. On the heels of its latest round of funding, Oyster will soon expand its coverage to include several West Coast destinations; Oyster is currently hiring aggressively and is poised to become the largest travel media outlet in the U.S. by year-end.
"We are thrilled that Bain Capital made this additional investment in our vision for Oyster," says Elie Seidman, co-founder and CEO of Oyster Hotel Reviews. "We remain dedicated to providing the most comprehensive, in-depth, and unbiased hotel reviews anywhere on the web."
In stealth mode from its founding in March 2008 until its launch in June 2009, Oyster Hotel Reviews has spent the past 17 months dispatching its staff of experienced journalists (whose credentials include time at the New York Times, Men's Journal, Money magazine, The Village Voice, and Conde Nast Traveler, among other publications) to stay in hotels anonymously while systematically evaluating the properties and taking hundreds of their own photos.
About Oyster Hotel Reviews
Oyster Hotel Reviews is the first and only company dedicated to publishing objective, in-depth reviews, written by trained journalists, of the world's hotels. Using its proprietary hotel review method, Oyster Hotel Reviews adheres to the highest editorial standards in producing the world's most comprehensive hotel reviews online or off. Each review is accompanied by hundreds of undoctored photos taken by Oyster reviewers. Launched in late June 2009, Oyster has already been praised by, among others, the New York Times, the Wall Street Journal, the Economist, Arthur Frommer, and other major media outlets. Scott Medintz, a former Senior Editor of Money magazine, is Oyster's Executive Editor. Management includes Microsoft alum Eytan Seidman, formerly of Microsoft's Bing.com; and two highly accomplished serial entrepreneurs, Ariel Charytan and Elie Seidman.