Technology

Posted on July 19, 2018 by staff

Secret Escapes gets £52m from major tech investor

Technology

Secret Escapes has secured a £52 million investment from the backer of successful UK tech firms including TransferWise and The Hut Group.

The London-based company, which is behind an online marketplace for affordable luxury travel deals, raised the cash from the Old Mutual Global Investors (OMGI) UK equity team.

Secret Escapes said the funding boost was a testament to its “rapid growth and development”, having raised £104 million in capital since its 2011 launch and achieving full-year group profitability in 2018.

“We’re delighted to be joining the likes of The Hut Group and TransferWise in OMGI’s impressive UK small- and mid-cap equity portfolio, as we enter the next exciting stage of Secret Escapes’ growth,” said CEO Alex Saint.

“The support from OMGI will help us to inspire the world to escape with amazing hand-picked, discounted travel deals and innovative product developments.”

Secret Escapes will use the investment to grow its core business and accelerate the ongoing integration of the Slevomat Group, a travel deals company which it acquired in late 2017.

Since launching in 2011, Secret Escapes has expanded into 21 territories in Europe, Asia and the US, grown its global membership base from four million in January 2014 to its current level of over 50 million worldwide and has enjoyed compound annual revenue growth of 156 per cent.

Dan Nickols and Richard Watts, UK small- and mid-cap portfolio managers at Old Mutual Global Investors, said: “Since launch, Secret Escapes has become a clear leader in the travel sphere; building a database of loyal travellers and acting as a trusted and valuable partner for hotels and holiday suppliers across the globe.

“We’re proud to support Secret Escapes and its profitable business model on this next step, as the brand further develops its global leadership, develops new products and offers its members luxury travel for less.”