The venture capital arm of search engine giant Google has bought a stake in the holiday home rentals market by investing in HomeAway.

The venture capital arm of search engine giant Google has bought a stake in the holiday home rentals market by investing in HomeAway.

Google Ventures purchased shares from existing shareholders to invest in the US-based company, which is the parent of HomeAway Holiday-Rentals and Owners Direct in the UK.

Both parties declined to say how much money has been invested.

Brian Sharples, CEO and founder of HomeAway, says the company will focus its attention on further technological development, improve its websites and simplify the booking process.

He adds that the company, which operates sites in 11 European countries as well as the USA and Brazil, is looking to expand to Asia and Australia.