Payment services firm Mastercard has paid an undisclosed amount to acquire one of its portfolio companies, US-based leisure experience provider IfOnly, in a deal in which several other corporates exited, TechCrunch reported yesterday.
Founded in 2012, IfOnly had built an online marketplace that offered access to exclusive experiences such as premium holidays and meetings with famous people arranged by its partners, with a revenue share going to each partner’s nominated charity.
The company’s business has suffered due to travel restrictions and lower demand during the Covid-19 pandemic, particularly given the high price-point of many of its activities.
Mastercard has wound down the operation but is retaining IfOnly’s core technology and team, who will be transferred to its own special experience marketplace, Priceless. The acquisition took place in January this year but was only announced on IfOnly’s website last month.
IfOnly had raised $50m in funding altogether according to TechCrunch. Deals database Pitchbook placed its most recent valuation at $150m.
Mastercard led the company’s $20m series D round in early 2018, investing with hotel chain Hyatt Hotels, auctioneer Sotheby’s, New Enterprise Associates (NEA), Founders Fund, Khosla Ventures and TriplePoint Capital.
Sotheby’s had invested an undisclosed amount in IfOnly in November 2016, nine months after a $10.3m series B round led by internet company Digital Garage that included American Express Ventures and Advance Newhouse, on behalf of payment servcies provider American Express and media group Advance Publications.
The series B round also featured Khosla Ventures, Founders Fund, XB Ventures and individuals including Drew Houston, Marc Benioff and Yuri Milner.
NEA had led a $12m series A round for the company the year before that also featured American Express Ventures, Advance Newhouse, Khosla Ventures, Founders Fund and several private investors, following $3m of seed funding from angel investors earlier that year.