London Luxury Travel Startup ‘Secret Escapes’ Raises $111M from Singapore’s Temasek & Co.
Secret Escapes, the deal site for luxury hotel and travel has gone from 4 million members in January 2014 to over 47 million members worldwide.
Photo Credit : preferredhotels.com,
Secret Escapes, the London based international online marketplace for affordable luxury travel deals, has closed a $111 million series D investment and debt facility. This significant equity round was led by Singapore headquartered Temasek. Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices internationally, Temasek owns a S$275 billion portfolio as at 31 March 2017, mainly in Singapore and the rest of Asia.
This funding round also saw the participation of existing investors Idinvest Partners, and a debt facility from Silicon Valley Bank.
With the additional funding, Secret Escapes has now raised almost $153 million in capital since its 2011 launch. In July 2015, the company raised $60 million in a round led by Google Ventures and Octopus Ventures.
Secret Escapes is a free-to-join members website, which offers luxury travel for less by running ‘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.
Since the brand’s arrival onto the global travel scene in 2011, Secret Escapes has launched in 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 over 47 million worldwide.
Secret Escapes, which offers its members exclusive deals on hand-picked hotels and holidays at up to 70 per cent off, has enjoyed compound annual revenue growth of 185 per cent, having recently acquired Slevomat, Central and Eastern Europe’s leading travel deals and experiences company.
Building on its profitable core markets, this Series D funding round will be used for driving growth and international expansion, including acquisitions.
Alex Saint, chief executive of Secret Escapes, 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, said, “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, FX and banking services as the management team pursues its global growth strategy.”
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