Off & Away, the Seattle based luxury hotel room auction service has received $2million in fresh capital. This new infusion of capital has boosted the total financing of the company to $3.35 million. Madrona Venture Group led the consortium that has put all the capital behind Off & Away.
Doug Aley, CEO and founder of Off & Away has been associated with Madrona earlier in a different avatar. He served as an entrepreneur-in-residence at Madrona. He admitted that this kind of business is a little more capital intensive than a standard software startup.Off & Away was launched in May this year. There first auction was the Tata Presidential Suite at the Pierre in New York.
They have been very active since then and have already held about 300 auctions for luxury suites at hotels like The Barclay in New York, Fairmont Heritage Place in San Francisco and Willows Lodge in Woodinville. Winners of those auctions are walking away with some amazing deals. “There’s a huge opportunity for upside, with very low downside risk,” said Aley, describing how the concept works. Even if you fail to win a bid you can use the entire amount to purchase a standard booking for a hotel room.
Via: techflash
