Secret Escapes, a UK-based online luxury travel agency backed by internet and technology conglomerate Alphabet, has secured £52m ($67.6m) in capital from fund manager Old Mutual, the Telegraph reported on Thursday.
Founded in 2011, Secret Escapes operates a members-only luxury travel platform where users can book discounted holidays at four and five-star hotels in flash sales. It also offers curated travel packages such as spa breaks or Northern Lights tours in Iceland.
Secret Escapes did not specify how it intends to spend the money, though chief executive Alex Saint said an initial public offering was one of the options the company was considering to give investors an exit.
A representative from Old Mutual will take an observer seat on Secret Escapes’ board of directors in connection with its investment.
The company has now raised a total of more than $251m in equity and debt financing to date, most recently securing $111m in an October 2017 series D round led by Singaporean government-owned investment firm Temasek.
Idinvest Partners also took part in the series D round, which included an undisclosed amount of debt financing from Silicon Valley Bank. It followed a $60m series C round in 2015 featuring Alphabet subsidiary GV, Octopus Investments, Index Ventures and Atlas Venture.
– Image courtesy of Secret Escapes.