US-based, online campsite marketplace Hipcamp received $25m on Wednesday in a series B round featuring O’Reilly AlphaTech Ventures (OATV), the corporate venturing arm of media company O’Reilly Media.
The round was led by venture capital firm Andreessen Horowitz and its Cultural Leadership Fund, and included VC firms Benchmark, August Capital, Yes VC and Slow Ventures. It valued the company at $127m according to TechCrunch.
Founded in 2014, Hipcamp runs an online platform that lets customers find and book campsite spaces on both public land and privately-owned sites secured through partnerships with landlords.
Cash from the series B round will help Hipcamp extend the marketplace and expand geographically. It will target US markets where rapid property development has put pressure on public campsites, according to Forbes.
Andrew Chen, general partner at Andreessen Horowitz, has joined the company’s board of directors. Hipcamp is currently recruiting for roles in software engineering, app development and content development.
The series B round increased Hipcamp’s overall funding to $41.8m, Forbes said. It follows a $9.5m series A in June 2018 led by Benchmark that also featured angel investors Dick Costolo and Max Levchin.
OATV and Slow Ventures co-led Hipcamp’s $2m seed round in 2014, participating together with AngelList’s Syndicate Fund, AngelList-affiliate Maiden Lane Ventures, Sam Shank and Gregg Brockway.