Nobody has money, and nobody is traveling. Yet, somehow, Smart Destinations found a group of companies willing to sink a whopping $7 million into it. The company also picked up $3 million in debt financing, and it plans to use this newfound lagesse to expand its range of products and the markets in which it plays.
I’ve seen (and received) worse Christmas presents.
Obviously not off the cuff, the co-founder and CEO of Smart Destinations, Kevin McLaughlin, stated succinctly in a press release, “We’re obviously very pleased given today’s economy to have additional capital at our disposal.”
NewSpring Capital, a firm in Radnor, PA (I didn’t know they had venture capitalists in Pennsylvania), led the round of investment. It was joined by Square 1 Bank of Durham, NC, which also kicked inthe $3 million in debt financing.
So, just what the hell is Smart Destinations? What makes it worth receiving $10 million? The Boston-based company deals in unlimited admission attraction passes for 15 destinations in North America. Their network includes 425 attractions, all covered by a fixed price. So, if you want to go to the Met and MoMA, talk to these guys.