(Reuters) – US last-minute hotel booking app HotelTonight said on Wednesday it had raised $ 37 million in a funding round as it sought to expand its hotel network international and invest in marketing campaigns.
The Series E funding round, led by venture capital firm Accel Partners and valuing the profitable San Francisco-based firm at around $ 500 million, takes a step towards a possible IPO, although the company has not yet defined such plans. .
HotelTonight users can use the app to book hotels up to a week in advance, often at reduced prices. It has 25,000 hotel partners in more than 30 countries, who unload their unused rooms on the platform.
HotelTonight relies on its sleek mobile interface to compete with its much larger booking competitor, Expedia Inc. EXPE.O.
Earlier this year, HotelTonight entered into a partnership with British football team Chelsea FC
Other investors in the company include Battery Ventures, US Venture Partners, GGV Capital, Coatue Management and First Round Capital, who also invested in the most recent round.
(This story has been corrected to remove the incorrect income line in the original paragraph 3)
Reporting by Lauren Hirsch in New York; Editing by James Dalgleish