HomeAway to spend £85m on global expansion

US holiday rental website Homeaway.com has won a new round of funding totalling $160 million and snapped up its biggest rival VRBO.com in an undisclosed deal.

HomeAway, owner of the Holiday-Rentals.co.uk brand in Europe, is expected to pour the investment into a major global expansion programme.

American Capital, Institutional Venture Partners and Trident Partners have joined existing backers Austin Ventures and Redpoint Ventures to provide the funding for Homeaway.com.

HomeAway founder and chief executive, Brian Sharples, said: “The unprecedented number of people who own second homes in the U.S. and Europe means the supply of quality rental properties has never been stronger and that owners are now realising the ease and great return on investment of marketing online.

“This financing enables HomeAway to grow its worldwide marketplace even more quickly.”

The deal to buy VRBO.com will land HomeAway with access to an additional 65,000 properties worldwide.

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