Online closed user group travel flash sales specialist Secret Escapes is reported to have secured £8 million of new funding.
Secret Escapes secures £8m funding for Euro and US expansion
Online closed user group travel flash sales specialist Secret Escapes is reported to have secured £8 million of new funding.
The company, which is targeting £1 billion in revenues within five years, plans to expand in the US, Germany and Nordic countries.
Private equity firm Index Ventures led the funding round while existing backers, Octopus Ventures and Atlas Venture, also raised their stakes.
The firm, which offers unsold hotel rooms at cut price rates, has seen a five-fold increase in monthly revenues since the start of the year and plans to accelerate growth by expanding the site overseas.
Chief executive Alex Saint told the Daily Telegraph: “We think there is an opportunity in the US.
“Lots of people tell us that that market is too hard to crack and that we can’t do it, but we think we can. And if we can crack it, it is such a huge opportunity.”
The company is on track to turn over £26 million in 2012, and is on track to move into profit in the first quarter of 2013, according to Saint.
