Mobile-only same-day hotel booking company Hot Hotels has gained an unspecified cash injection from international investment firm Axon Partners Group.
This brings the total investment in Hot Hotels to $1 million and will enable the company to develop and expand in Latin America, a fast-growing market in which Axon has expertise and knowledge.
The firm, founded just two years ago and covering more than 5,000 hotels, also plans to continue to increase its customer base in Europe.
Hot Hotels has developed an API that allows both OTAs and metasearch to access its inventory. Hotels have their unsold rooms available for same-day booking not only through the Hot Hotels app but also though over travel apps.
Chief executive Conor O´Connor 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, added: “We have been impressed by the strong results Hot Hotels’ diverse and experienced team has achieved.
“With their 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.”