Secret Escapes secures investment for international expansion
Secret Escapes has secured investment of $60 million for further expansion in the US and into Asia.
The London-based flash sales site for affordable luxury travel has closed a $60 million Series C investment led by Google Ventures and Octopus Investments.
The investment was secured with participation from existing investors Index Ventures and Atlas Venture.
Since its launch in 2011, Secret Escapes has been gradually expanding internationally and recently opened operations in The Netherlands, Belgium, Spain and Italy.
It expanded its presence into Germany, Austria and Sweden in 2013, and in Poland (acquiring Warsaw-based Travelist), Norway, Switzerland, Denmark and the US last year.
The expansion has helped it grow revenue by 260% year on year to nearly 2 million room nights.
Meanwhile, its membership base has risen from four million in January 2014 to more than 19 million worldwide.
"The cash injection of $60 million will enable Secret Escapes to continue making great strides to replicate the success of our UK business," said chief executive Alex Saint.
"We forecast to be a global multi-billion turnover business by the end of the decade.
"The continued support and investment from Octopus since the earliest stages of our company formation has helped us to build a rapidly growing global company based in London.
"This new round of investment will allow us to accelerate our brand and expansion into the US and Asia."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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