April 24, 2018
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Last-minute hotel-booking service HotelTonight has landed a huge Series E funding round of $45 million to help spur geographic and staff expansion. The company has now raised more than $80 million.
The company says that since it announced its Series C in June of last year, it has doubled downloads to more than 6.5 million, added more cities (it now features hotels in nearly 120 locations across 12 countries), and doubled its headcount to more than 100 employees as well.
The growth, as well as the big new round, suggests that HotelTonight has proven there’s there’s interest in the concept beyond affluent techies in San Francisco and New York. Co-founder and CEO Sam Shank said that’s also evident in some of the markets where HotelTonight is growing the most quickly, such as smaller cities in the US Southeast. He also said that while the app initially targeted the early adopter, 25- to 35-year-old crowd, its user demographics are now “very representative of online travelers generally.”
Looking ahead, Shank said the company is focused on two main areas. First, there’s geographic expansion. The ultimate goal, he said, is “geographic ubiquity,” so that the HotelTonight app can find you a hotel room no matter where you are, whether that’s in a farflung international location or a small town in the US. (As HotelTonight expands globally, it also faces more competitors.) Shank noted that bringing on GGV as an investor should be helpful on this front, given the firm’s presence in Asia.
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