Travel flash sales site Secret Escapes plans further international expansion and acquisitions after securing $111 million of new investment.
The additional funding, led by Singapore-based Temasek with participation from existing investor Idinvest Partners and a debt facility from Silicon Valley Bank, means Secret Escapes has raised almost $153 million in capital since its launch in 2011.
The company raised $60 million in a round led by Google Ventures and Octopus Ventures in July 2015.
Secret Escapes is now established across 21 territories in Europe, Asia and the US, and has grown its global membership base from four million in January 2014 to its current level of more than 47 million worldwide.
The company has seen compound annual revenue growth of 185%, having recently acquired central and eastern Europe’s leading travel deals and experiences company Slevomat.
Building on its profitable core markets, this Series D funding round will be used for driving growth and international expansion, including acquisitions.
Secret Escapes chief executive Alex Saint said: “We’ve reached a particularly exciting point in our brand’s development where we’re operating in 21 territories, having sold over seven 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.”
Guillaume Durao, of Idinvest Partners, said: “A clear leader in the travel flash sales industry, Secret Escapes has proved to be the preferred and trusted partner of thousands of hotels owners in Europe and beyond.
“We have been proud to support the Secret Escapes team for the last few years and today, we are excited to participate in the series D round with our Growth Fund II, enabling the brand to further develop its global leadership.”
Erin Platts, head of commercial banking at Silicon Valley Bank, added: “The way we travel and experience the world is being enhanced by Secret Escapes – its innovative business model unlocks special holidays that many consumers may not have had visibility or access to historically.
“Silicon Valley Bank is delighted to continue to provide Secret Escapes with additional capital, foreign exchange and banking services as the management team pursues its global growth strategy.”