Google invests in Secret Escapes as online travel firm secures $60m funding

Google Ventures, the investment arm of the internet search giant, is one of a number of investors to have pumped $60m (£38.7m) into online holiday discount firm Secret Escapes.

Private equity firm Octopus Investments also participated in the fundraising and the cash will be used to expand further into the US and Asia as the firm sets its sights on becoming a "multi-billion turnover business".

Alex Saint, chief executive of Secret Escapes, said: "The cash injection of $60m will enable Secret Escapes to continue making great strides to replicate the success of our UK business. We forecast to be a global multi-billion turnover business by the end of the decade."

The firm, which already has a presence in much of mainland Europe, has also signalled its intention to acquire rivals with the proceeds. In 2014 it snapped up Warsaw-based Travelist.

Since it launched in 2011, Secret Escapes has sold nearly 2m room nights and grown its global membership to over 19m worldwide.

In 2013, turnover hit £65m and the company has seen year-on-year revenue growth of 260%.

Google Ventures, which has $2bn in assets under management, has invested in a number of nascent tech firms, such as Uber.

Tom Hulme, of Google Ventures, said: "Secret Escapes has brought deals to millions of customers seeking luxury travel accommodations and continues to expand its business into global markets. The company's growing partnership base gives it a significant advantage to connect world-class hotels with travellers."

Existing investors Index Ventures and Atlas Venture also participated in the fundraising.