London-based Secret Escapes, a luxury hotel flash deals site, has raised $111 million in Series D equity and debt funding. Temasek led the equity round with participation from return backer Indinvest Partners while Silicon Valley Bank provided the debt facility.
October 5th, 2017 (London, UK) — Secret Escapes, the London-based international online marketplace for affordable luxury travel deals, has today announced that it has closed a $111m (£83m) Series D investment and debt facility. This significant equity round was led by Singapore-headquartered Temasek, with participation from existing investors Idinvest Partners, and a debt facility from Silicon Valley Bank.
With the additional funding, Secret Escapes has now raised almost $153m (£104m) in capital since its 2011 launch. In July 2015, the company raised $60m (£37m) in a round led by Google Ventures and Octopus Ventures.
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.”
About Secret Escapes
www.secretescapes.com 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.
Launched in February 2011 and founded by CEO Alex Saint, COO Tom Valentine and Troy Collins, the company works with its leading hotel, tour operator and travel agent partners to negotiate exclusive rates for over 47 million members globally, and over 19 million members in the UK alone. Outside of the UK, Secret Escapes operates in Sweden, Germany, Poland, Denmark, Norway, Austria, Switzerland, Italy, Spain, Belgium, the Netherlands, the USA, Hong Kong, Malaysia, Indonesia, Singapore, France, Hungary, Slovakia and the Czech Republic.
For this round of funding, Secret Escapes were advised by Taylor Vinters and Octopus were advised by Shoesmiths.
Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices internationally, Temasek owns a S$275 billion (US$197b, €184b) portfolio as at 31 March 2017, mainly in Singapore and the rest of Asia. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media & technology; transportation & industrials; consumer & real estate; life sciences & agriculture; as well as energy & resources. Its investment activities are guided by four investment themes and the long term trends they represent transforming economies, growing middle income populations, deepening comparative advantages and emerging champions. For more information, visitwww.temasek.com.sg
With more than €8 billion under management, Idinvest Partners is a leading pan-European private equity firm focused on the mid-market segment. Idinvest Partners has developed several complementary areas of expertise including: investments in innovative European start-ups; mid-market direct lending (unitranche, senior loans and junior financing); primary and secondary investments in unlisted European companies, and private equity consulting. Founded under the name AGF Private Equity in 1997, Idinvest Partners was formerly part of Allianz until 2010 when it became an independent firm.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative businesses, enterprises and their investors move bold ideas forward, fast. SVB provides a range of targeted financial services and expertise through its office in the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. The UK’s leading technology and life science businesses, in all stages of development, look to SVB’s niche expertise, 30 years of experience and unparalleled network, as they grow at home and tackle new markets abroad. Learn more at svb.com/uk.