Secret Escapes secures $60m in latest funding round

Secret Escapes secures $60m in latest funding round

Secret Escapes has closed a $60 million Series C investment.

This significant round was led by Google Ventures and Octopus Investments, with participation from existing investors Index Ventures and Atlas Venture, and advised by Torch Partners.

Since the brand’s arrival onto the global travel scene in 2011, Secret Escapes has sold nearly two million room nights, launched a popular mobile app in multiple languages, and grown its global membership base from four million in January 2014 to its current level of over 19 million worldwide.

Secret Escapes, which offers its members exclusive deals on hand-picked hotels and holidays at up to 70 per cent off, has also moved into its thirteenth territory, having recently opened operations in The Netherlands, Belgium, Spain and Italy.

The brand has enjoyed a year-on-year revenue growth of 260 per cent having already expanded its presence into Germany, Austria and Sweden in 2013, and Poland (acquiring Warsaw-based Travelist), Norway, Switzerland, Denmark and the USA in 2014.

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The launch into The Netherlands, Belgium, Spain and Italy coupled with the new round of funding will enable the brand to offer unmatched travel deals to all members as it continues to execute its ambitious expansion plans into the USA and Asia.                                                                                             

Alex Saint, chief executive of Secret Escapes, said: “We’ve reached a particularly exciting point in our brand’s development where we’re now operating in 13 territories, having sold nearly two million room nights.

“The cash injection of $60 million 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.

“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 USA and Asia.”