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Room 77(R) Closes $30 Million Round to Accelerate Hotel

Room 77(R) Closes $30 Million Round to Accelerate Hotel Metasearch
Platform 
Expedia, Inc. Joins Existing Investors in Latest Round to Help Room
77 Expand Globally Following Transformative Year of Significant
Growth Helping Travelers Uncover Hotel Savings 
MOUNTAIN VIEW, CA -- (Marketwire) -- 01/03/13 --   Hotel metasearch
engine Room 77 today announced it has closed $30.3 million in Series
C financing with participation from new investor Expedia, Inc.
(NASDAQ: EXPE). The company's existing investors also participated,
including Sutter Hill Ventures, General Catalyst Partners, Concur
Technologies, Felicis Ventures as well as Expedia's founder Rich
Barton, former Expedia CEO Erik Blachford and Spencer Rascoff, CEO of
Zillow. This brings Room 77's total capital raised to $43.8 million. 
Room 77 is pioneering a better way for travelers to shop for hotels,
instantly searching hundreds of travel sites at once to find the best
hotel at the best price. Since launching its hotel metasearch
platform just a year ago, Room 77 bookings and revenue have
accelerated dramatically. In the past nine months alone, the company
has driven hundreds of thousands of room nights through its
marketplace, recording significant month-over-month growth. 
By combining fast and comprehensive search technology with
unprecedented service, Room 77 is proving it helps users save time
and money -- and score a great room. Based on internal analysis of
more than five million hotel searches, Room 77 uncovered at least one
lower price for travelers in two out of three searches, averaging $72
per stay. And, only Room 77 offers free Room Concierge(TM) service,
which leverages the company's proprietary room data, such as
blueprints and simulated RoomView(SM) technology, to help travelers
get in a great room when they book through Room 77. The company's
consistently high savings and service levels garner high marks from
customers, contributing to a repeat booking rate of more than 50
percent. 
"We believe metasearch is an increasingly important model and
complementary to our travel transaction businesses," said Dara
Khosrowshahi, Expedia, Inc. President and Chief Executive Officer.
"The level of innovation and depth of content at Room 77 excites us
about its future role in this important customer a
cquisition
channel." 
"Room 77 is obsessed with helping travelers uncover the best hotel
deal anywhere in one fast and easy search," said Kevin Fliess, chief
operating officer of Room 77, Inc. "Our investors recognize the
inherent value of metasearch and the importance of rapid innovation
in this category, and we're delighted to welcome Expedia, Inc. to
this esteemed group. As recent events in this category demonstrate,
hotel metasearch represents a massive market and huge global
opportunity. This round will only help Room 77 grow our marketplace
to help travelers around the world find great hotel deals which, in
turn, drive incremental business and revenue to our hotel and travel
agency partners." 
Room 77 expects to use the additional capital to grow its team with
top talent; expand into new markets; increase investment in product;
engineering and room-level content; and step up its marketing efforts
to build a world-class brand.  
Simultaneous with the closing of this round, Jim White, managing
director of Sutter Hill Ventures, has joined the Room 77 board of
directors. Additional financial details regarding the round were not
disclosed. 
The hotel vertical represents the largest and most profitable
category in online travel, accounting for approximately two billion
room nights and more than $165 billion in gross bookings annually(1). 
In addition to Room77.com, travelers can shop for hotels using the
Room 77 hotel app for iPhone(R), available in the App Store, and on
Android(TM) in Google Play. 
(1) Based on Company and third-party estimates 
About Room 77
 Room 77 is a growing hotel metasearch engine where
travelers can instantly shop hundreds of travel sites at once to find
great hotel deals. By combining fast and comprehensive search
technology with unprecedented service, Room 77 is proving it helps
users save time and money -- and score a great room. Two out of three
searches on Room 77 uncover real hotel savings, averaging $72 per
stay -- this translates to more than $7 million in found savings for
Room 77 customers. And, only Room 77 offers free Room Concierge
service, which leverages Room 77's proprietary room data and insights
to get travelers in a room that meets their needs. The appreciation
customers have for Room 77 shines through in its high Reseller Rating
of 9.38. Based in the Silicon Valley, Room 77 launched out of beta in
2012, and has raised $43.8 million. For more information, visit
www.room77.com. 
Room 77 is a registered trademark of Room 77, Inc.
 iPhone is a
registered trademark of Apple, Inc. Android is a trademark of Google,
Inc. 
About Expedia, Inc.
 Expedia,Inc. is the largest online travel
company in the world, with an extensive brand portfolio that includes
some of the world's leading online travel brands, including:  


 
--  Expedia.com(R), the world's largest full service online travel
    agency, with localized sites in 30 countries
--  Hotels.com(R), the hotel specialist with sites in more than 60
    countries
--  Hotwire(R), a leading discount travel site that offers opaque deals
    in nine countries on its eight sites in North America and Europe
--  Egencia(R), the world's fifth largest corporate travel management
    company
--  eLong(TM), the second largest online travel company in China
--  Venere.com(R), the online hotel reservation specialist in Europe
--  Expedia Local Expert(R), a provider of in-market concierge
    services, activities and experiences in 18 markets worldwide
--  Classic Vacations(R), a top luxury travel specialist

  
The company delivers consumers value in leisure and business travel,
drives incremental demand and direct bookings to travel suppliers,
and provides advertisers the opportunity to reach a highly valuable
audience of in-market travel consumers through Expedia(R) Media
Solutions. Expedia also powers bookings for some of the world's
leading airlines and hotels, top consumer brands, high traffic
websites, and thousands of active affiliates through Expedia(R)
Affiliate Network. For corporate and industry news and views, visit
us at www.expediainc.com or follow us on Twitter @expediainc. 
Trademarks and logos are the property of their respective owners.
Copyright 2012 Expedia, Inc. All rights reserved. CST: 2029030-50 
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2192955 
Contacts: 
Room 77:
Dawn Lyon 
415-846-4706 
or
Kathie Gonzalez 
720-320-430 
pr@room77.com 
Expedia:
Investor Relations 
(425) 679-3555 
ir@expedia.com  
Communications
(425) 679-4317
press@expedia.com