HotelTonight Raises Another $37 Million in Funding
Photo Credit: HotelTonight raised an additional $37 million in funding and will use some of that to expand its employee roster. Hotel Tonight
Skift Take
Hotel booking startup HotelTonight took immense losses in 2015. If it is truly profitable now and doubled its revenue to at least $60 million in 2016, then that still doesn't scream IPO.
Mobile-only hotel booking brand HotelTonight raised $37 million in a funding round, the company says.
Venture capital firm Accel Partners led the Series E round, which places a $463 million valuation on San Francisco-based HotelTonight, according to published reports. Also participating in the round are past investors Battery Ventures, US Venture Partners, GGV Capital, Coatue Management, and First Round Capital.
That brings HotelTonight's funding total to $117 million to date. It has been three years since the startup's last funding, which sources told us gave it a $320 million valuation.
In the summer of 2015, chief executive Sam Shank had struggled to raise a fresh round. Investors balked at the news that the startup was forecast to lose $3
