Bye, Bye Bootstrapping — Last-Minute Booking App Hot Hotels Raises $1M

TechCrunch

In the idiosyncratic world of European startups, being bootstrapped can be both a badge of honour and a mark against your name, especially when you have a heavy-weight Silicon Valley competitor backed to the tune of $80.35 million.

Enter Hot Hotels, the Madrid-based last-minute hotel booking app and European competitor to HotelTonight, which is announcing its raised $1 million from Axon Partners Group — its first external investment since being founded in January 2012.

Officially, the new funds are pegged for expansion into Latin America, for which Axon brings expertise, and to further consolidate what it claims is a leadership position in Europe. However, I’m also hearing that Hot Hotels has a platform play in development, something that would see the company expand beyond just being a consumer app, to also helping other travel apps get in on the last-minute hotel booking action. The move would be another…

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