UK-based online travel agency Secret Escapes has raised $60m in a series C round featuring Google Ventures, the corporate venturing arm of internet company Google, the International Business Times reported yesterday.
Fund manager Octopus Investments and venture capital firms Index Ventures and Atlas Venture also took part in the round.
Founded in 2011, Secret Escapes operates a free-to-join, members-only travel agency. The website offers flash sales for discounted luxury and boutique hotel rooms, providing as much as 70% off normal rates.
The series C funding will support the company’s goal of generating a multi-billion turnover by 2020, and of further expanding its presence outside the UK and Europe. Secret Escapes will particularly focus on growing its market share in the US and Asia.
Part of the funding may also be used to acquire peers. The company purchased Poland-based Travelist in June 2014 for an undisclosed amount.
Secret Escapes secured £8m ($12.4m) in a 2012 series B round led by Index that included Octopus and Atlas, both of which had also contributed to Secret Escapes’ seed and series A rounds in 2011.
Tom Hulme, partner at Google Ventures, said: “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.”