US mobile hotel booking app HotelTonight is poised for international expansion on the back of securing $45 million in funding.
Technology-focused investment firm Coatue Management and venture capital company GGV Capital participated in the investment, which brings HotelTonight's total funding to more than $80 million since being established two years ago.
Existing investors Battery Ventures, Accel Partners, US Venture Partners and First Round Capital also contributed to the latest round of funding.
HotelTonight, based in San Francisco, will use the funding to support new growth initiatives, including:
The company currently works with more than 3,000 hotels and has doubled downloads of its suite of mobile apps to top 6.5 million in 12 countries since its last round of funding in June last year.
Staff numbers have doubled in that time, with plans for “aggressive recruitment” in 2013 and beyond.
Co-founder and chief executive Sam Shank said: “People have been quick to embrace HotelTonight, and we truly believe that everyone, everywhere can benefit from having our app at their fingertips.
“We’ve made travel significantly easier and more fun for the millions of people who have downloaded our apps across North America and Europe, and we’ve already seen a shift in consumer behavior and a change in the way people think about booking travel.
“But we won’t slow down until everyone around the world is able to experience the pleasure of truly seamless on-demand booking through HotelTonight. We’re just getting started.”
Daniel Senft, senior managing director at Coatue Management, said: “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 emphasises the unique experience and functionality of the mobile environment.”
GGV Capital partner Jeff Richards added: "The shift to mobile represents another massive opportunity for innovation in the $400 billion online travel sector.
“Capitalising on this shift, HotelTonight has come on the scene and built a very meaningful brand in a short amount of time. We're thrilled to be investing early in this industry shift to mobile, and believe HotelTonight has a tremendous opportunity to drive adoption on a global basis."
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