Google Ventures has invested in Austin, Texas based HomeAway, a vacation home rental service, at a $1.4 billion valuation, we&'ve heard from a source. The New York Times first broke the story, but doesn&'t have details on valuation or amount invested.

Our source says Google Ventures invested somewhere around $25 million in the company.

Google Ventures bought stock directly from existing shareholders and the money isn&'t being injected into HomeAway. The valuation was set in the last round of financing, a massive $250 million raise in 2008.

The company has been growing rapidly since launching in 2005, partly through acquisitions. We&'ve estimated revenue to be in the $200 million range, with $70 million or so in profit.

Around half a billion dollars has been invested in HomeAway to date.