Secret Escapes, the London-based flash sales site for affordable luxury travel, closes a $60M Series C investment
Secret Escapes, the London-based flash sales site for affordable luxury travel, has announced that it 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 percent 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 percent 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. 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 sincethe 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.”
Tom Hulme,of 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.”
Alliott Cole, of Octopus Investments, said: “It was Secret Escapes’ strong commercial opportunity, the size of the potential global market, and the strengths of the founding team which initially attracted us to support the brand during the early stages of the business’ development. Since 2011 Secret Escapes has enjoyed a 260 per cent year-on-year revenue growth and we’re excited to see how this brand develops in the future.”
About Secret Escapes
www.secretescapes.com is a free-to-join members website and app, which runs ‘best-in-market’ flash sales of four and five-star hotels and holidays worldwide. The hotels and holidays are hand-picked by a team of travel experts and include everything from UK country house hotels and city breaks to luxury European getaways and long-haul holidays, with travel included.
Launched in February 2011 and founded by CEO Alex Saint, COO Tom Valentine and Troy Collins, the company works with its leading hotel, tour operator and travel agent partners to negotiate exclusive rates for over 19 million members globally, and 14 million members in the UK alone. Outside of the UK, Secret Escapes operates in Sweden, Germany, Poland, Denmark, Norway, Austria, Switzerland, Italy, Spain, Belgium, the Netherlands and the USA.
Secret Escapes sells actual dates and rooms via a booking engine which means that customers can book their holiday or hotel stay directly on the Secret Escapes website.
Source: Secret Escapes Press Release