Published on : Mar 04, 2015
Options Away, a travel site that offers airline tickets and combining options to make travel plans simpler, has landed an investment of US$3.5 million. The company that was started by Heidi and Rob Brown two years ago now has a slew sites following their idea now. The Chicoga-based company has new investors such as OCA Ventures, Pritzker Group Venture Capital, and Thayer Ventures. Some of the individual investors in this include Donald Carty, who was the former CEO of American Airlines and a board member of Virgin America and Porter Airlines and Howard Tullman, who was the CEO of tech incubator 1871.
Options Away allows users to search for flights and purchase an option to buy a ticket sometime in the future at the current price. The company charges US$4 - US$50 to users for booking that option, which can be exercised within 24 hours to 21 days. If the user does not book the ticket in the given timeframe, Options Away earns the fee.
The couple comes from a trading background. Rob Brown used to sell software to trading companies, while Heidi Brown worked with foreign currencies. They refused to say anything about the revenue. However, Rob Brown stated that the volume of transaction has increased ten times in the last year. Options Away started its site with users when it initially tied up with others in the travel industry. It partners with Expedia, Hipmunk, and Sabre that are used by over 200,000 travel agents. Brown further added that he intends to tie up with airlines in the near future.