Secret Escapes, a UK-based online travel agency backed by internet and technology conglomerate Alphabet, raised $111m in a series D round yesterday led by Singapore state-owned investment firm Temasek.
The round included private equity firm Idinvest Partners and an undisclosed amount of debt financing from Silicon Valley Bank (SVB).
Although the debt and equity portions were not revealed, TechCrunch reported in advance of the round’s announcement that Secret Escapes had raised £52m ($67.8m) in funding, citing a securities filing.
Founded in 2011, Secret Escapes runs a free-to-join, members-only luxury travel agency that offers flash sales for discounted stays at four and five-star hotels, and for travel packages around the world, focusing on curated hotels and holidays that are handpicked by its staff.
The company currently operates in 21 countries, including the UK and several European markets, as well as the US, Singapore, Malaysia, Indonesia and Hong Kong. The funding will drive expansion efforts in existing and into new markets, including through acquisitions.
Secret Escapes has now secured more than $183m to date. GV, the corporate venturing arm of Alphabet then known as Google Ventures, contributed to a $60m series C round in 2015 alongside Octopus Investments, Index Ventures and Atlas Ventures.
Alex Saint, chief executive of Secret Escapes, said: “We have reached a particularly exciting point in our brand’s development where we are operating in 21 territories, having sold over 7 million room nights.
“The cash injection of $111 million will enable Secret Escapes to achieve its vision to inspire the world to escape and to become the number one travel deals website in the world.
“The support and investment from Temasek, Idinvest Partners and SVB will help us accelerate our mission through worldwide acquisitions.”