(Bloomberg) Hotel Urbano, the Brazilian hotel-booking startup backed by venture capital firms including Tiger Global Management, said it raised US$60m from Priceline Group Inc.
The companies also agreed that Booking.com, Priceline’s hotel-booking service, would provide access to hotels outside of Latin America for the Brazilian company, Hotel Urbano Chief Financial Officer Joel Renno Jr. said in a telephone interview Monday. He didn’t disclose the size of the Priceline stake.
“We have the local relationships,” Renno said. “On the other hand, they are the world’s largest player, so I think it’s going to be a great combination for both sides.”
The deal, Priceline’s first investment in Brazil, comes after Hotel Urbano became last year’s top recipient of venture capital funding in a round led by Insight Venture Partners and Tiger Global. The Rio de Janeiro-based online travel agency expects to generate earnings before interest, taxes, depreciation and amortization this year for the first time, as it works toward an initial public offering.