Venture capital firm takes minority stake in Secret Escapes

A venture capital firm supporting luxury flash sales site Secret Escapes has taken an unspecified minority stake in the company. The deal follows $60 million of fundraising by Idinvest Partners last summer.

A venture capital firm supporting luxury flash sales site Secret Escapes has taken an unspecified minority stake in the company.

The deal follows $60 million of fundraising by Idinvest Partners last summer.

Guillaume Durao, investment director at Idinvest Partners, will join Secret Escapes’ board of directors as an observer.

Durao said: “Secret Escapes is simply one of the most promising digital companies in Europe right now.

“It has proven in the UK that it could build a massive, loyal, discerning and profitable base of customers in a very short time.

“Given the company’s execution capabilities, its ambition and level of funding, Idinvest is confident that it can do the same in other European countries and even in the US and in Asia where Secret Escapes has started to build the appropriate supply of hotels.

“We are convinced that Secret Escapes can become a global multi-billion turnover business in the coming years and the place for smart consumers looking to book their holidays.

“So when we had the opportunity to partner with the company, especially as they have an increasing interest in France, it was a no brainer for us.”

Secret Escapes’ co-founder and chief executive, Alex Saint, said: “We’re hugely excited about the position that we’ve carved for ourselves in Europe and more recently in the US.

“Our already proven model is really starting to benefit from some excellent economies of scale as we expand in to more territories.

“2016 is set to be another year of aggressive growth and we’re delighted to have Idinvest around the table with us.”