Yesterday, hotel reservations leader HotelTonight announced that it has secured US$45 million in Series D financing. This is especially interesting news for those expecting to attend next week’s PulsoConf in Guadalajara, because Jared Simon, one of the company’s founders and its current COO, is a speaker.
Following this investment, the HotelTonight team has big plans for what’s ahead. It hopes to double its product, sales and support staff over the next year and open new international offices, as it has done in London. The focus will remain on customer service, meaning HotelTonight will be hard at work strengthening its relationships with hotels in the U.S. and abroad.
When we spoke with Simon back in May, he provided us with some insight into HotelTonight’s recipe for success, emphasizing the importance of simplicity in the app:
The only way to get people to use the app was to make it very simple. We were obsessed with the number of taps required, with how fast the process could be.
Who’s Who in the Investment
HotelTonight’s Series D round was led by Coatue Management, a global investment manager founded by Philippe Laffont in 1999. Coatue manages approximately US$7.5 billion and focuses on companies in technology, media and telecommunications.
This marks Coatue Management’s first deal as lead investor since launching its new US$375 million fund dedicated to private technology companies. According to PandoDaily, the investment may give HotelTonight the final push it needs for an IPO.
GGV Capital, an expansion stage venture capital firm focused on the U.S. in China, also participated in the round, as did existing investors Battery Ventures, Accel Partners, U.S. Venture Partners (USVP) and First Round Capital.
Daniel Senft, Senior Managing Director at Coatue Management, remarked in the investment announcement:
The explosion of the mobile Internet creates a once-in-a-decade opportunity to build the next big global travel franchise. HotelTonight is at the leading edge of this mobile disruption with a differentiated model that emphasizes the unique experience and functionality of the mobile environment. We are proud to invest behind the innovative and visionary management team of HotelTonight.
Simon discussed the significance of the investment for HotelTonight:
We are beyond excited to add Coatue and GGV Capital to HotelTonight’s group of top-notch investors. We are incredibly fortunate to have been able to work with a world class group of investors since inception, and the deep public company and global operational expertise Coatue and GGV bring to our team fit perfectly with our corporate and business goals.
HotelTonight has raised over US$80 million to date. It is growing at a 300% annual rate, boasts more than 6.5 million downloads, and partners with around 3,000 hotels around the globe.
Original source, featured image.