$60m investment for Secret Escapes
Young Gun-founded luxury travel site plans to use Google Ventures funding to become "global multi-billion turnover business" by 2020
London-based luxury travel site Secret Escapes, founded by Alex Saint and Young Gun Tom Valentine, has closed a $60m Series C round led by Google Ventures and Octopus Investments as it eyes up global expansion.
Existing investors Index Ventures and Atlas Ventures also backed the round.
Launched in 2011, Secret Escapes offers members exclusive deals on hand-picked hotels and holidays at up to 70% off the usual price and has sold almost two million room nights since launch, with 19 million members worldwide.
Said to have achieved 260% year-on-year revenue growth, the company has recently made a number of acquisitions to cement its position internationally with deals in Warsaw-based Travelist and Germany-based JustBook, taking its total reach to 13 territories worldwide.
It will use the finance to ramp up international expansion in the US and Asia and to make further strategic acquisitions.
Secret Escapes’ co-founder and chief executive, Alex Saint, commented:“The cash injection of $60m will enable Secret Escapes to continue making great strides to replicate the success of our UK business, ultimately helping to bring us closer to our ambition of becoming the number one destination for consumers looking to book their holidays. We forecast to be a global multi-billion turnover business by the end of the decade.”
On the deal, Tom Hulme, of Google Ventures, added:
“Secret Escapes has brought deals to millions of customers seeking luxury travel accommodations and continues to expand its business into global markets. The company’s growing partnership base gives it a significant advantage to connect world class hotels with travellers.”
Read our recent interview with Secret Escapes here.