A string of venture investors in mobile hotel-booking app HotelTonight have reaffirmed their commitment to the company by backing a healthy $45m Series D financing round.
GGV Capital led the round, which also featured investment from fellow existing backers Battery Ventures, Accel Partners, US Venture Partners and First Round Capital.
The financing brings the total capital raised by HotelTonight to more than $80m since it was launched in 2011.
Technology-focused investment firm Coatue Management led the latest round by making the first deal from its $375m fund dedicated to private technology businesses.
GGV partner Jeff Richards said, “The shift to mobile represents another massive opportunity for innovation in the $400bn online travel sector.
“Capitalizing 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.”
Other investors that supported the round included venture capital firms Frontier Ventures and Accel Partners, Facebook investor Yuri Milner, former Expedia head Erik Blachford and Menlo Ventures managing director Shervin Pishevar.
Copyright © 2013 AltAssets