The deal will enable Hot Hotels to develop and expand throughout Latin America, a market in which Axon has vast expertise and knowledge. The company also plans to continue to increase its customer base in Europe, with an aim to consolidate Hot Hotels’ leadership in the European mobile-only, same-day hotel booking market.
Conor O’Connor, CEO of Hot Hotels said: “With this investment by Axon, we now have the firepower to establish clear water between ourselves and our competitors in Europe. With the expertise of Axon’s investment team, as well as its global network of offices, Axon provides a base to accelerate our roll-out in fast growing Latin America.”
Carlos Rodríguez-Maribona, of Axon Partners Group’s Investment Division, comments: “Travel and mobile are among the hottest areas for investment right now, so Axon is delighted to have made Hot Hotels the first investment of its recently announced ICT II Fund. We are looking to work with, and have found in Hot Hotels, driven and talented entrepreneurs that already have a strong presence in their market as well as the capacity to expand internationally.”
The ICT II Fund aims to create a positive long-term impact on the Spanish economy. It looks to take the same strategy as the successful Axon’s ICT I Fund, which invested in companies like Wuaki.tv, Akamon and Nice People at Work; however ICT II is oriented towards early stage companies, rather than growth.
Carlos continues: “We have been impressed by the strong results Hot Hotels’ diverse and experienced team has achieved. With its vast experience in the travel sector and our knowledge of the technology sector and Latin American markets, we believe this is a relationship with great potential.”
For more information, contact Rosie Hegarty.