HotelTonight raises $37 million to broaden its same-week lodge reserving platform
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(Reuters) — Last-minute U.S. lodge reserving app HotelTonight acknowledged on Wednesday it raised $37 million in a funding spherical as a result of it seeks to broaden its worldwide lodge group and put cash into promoting and advertising and marketing campaigns.
The Sequence E funding spherical, which was led by enterprise capital company Accel Companions and valued the San Francisco-based agency at roughly $500 million, brings it one step forward to an eventual preliminary public offering, though the company has however to stipulate such plans.
HotelTonight had $500 million in product sales closing 12 months and is popping a income.
Clients of HotelTonight can use the app to e e book inns as a lot as each week prematurely, usually at a discount. It has 25,000 lodge companions in extra than 30 nations, which unload their unused rooms onto the platform.
HotelTonight is counting on its shiny cell interface to compete in direction of its lots larger reserving competitor, Expedia Inc.
Earlier this 12 months, HotelTonight secured a partnership with U.Okay. soccer employees Chelsea F.C.
The company’s completely different patrons embody Battery Ventures, US Enterprise Companions, GGV Capital, Coatue Administration and First Spherical Capital, which moreover invested within the latest spherical.
(Reporting by Lauren Hirsch in New York; Enhancing by James Dalgleish)
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