Lola.com, a Boston-based agile travel management company, announced that it has raised $37 million in Series C funding led by existing investors General Catalyst and Accel. CRV, Tenaya Capital, and GV also participated in this round. Including this round, Lola.com has raised nearly $80 million.
What does Lola.com do? Lola.com offers an easier way of managing, booking, and reporting on business travel. With this funding round, the company is going to double its headcount and accelerate technology development as part of its commercial partnership with American Express Global Business Travel (GBT) while further expanding its outreach in the $1.6 trillion global travel market.
“As business travelers have become increasingly mobile, Lola.com’s mission is to completely transform the landscape of corporate travel management,” said Lola.com CEO Mike Volpe. “The continued support of our investors underscores the market potential, which is leading us to expand our partner ecosystem and double our headcount across engineering, sales and marketing. At the core, we continue to invest in building the best, simplest corporate travel management platform in the industry.”
Last year, Lola.com reported 423% growth in annual travel bookings and 786% in revenue growth. And the company’s customers have confirmed the simplicity and the platform’s ease of use. On G2 Crowd, Lola.com has a 4.8-star rating — which makes it one of the highest rated corporate travel apps.
“Lola.com offers an incredibly simple solution to corporate travel management, which enables American Express Global Business Travel to take our value proposition to even more companies across the middle market,” added American Express GBT’s Vice President of Product Strategy and Marketing Evan Konwiser.
Drift, one of the largest growing startups in the world, uses Lola.com for simplifying its corporate travel. “We book travel for numerous people, and that process before Lola.com included a lot of back-and-forth, emailing preferences for aisles, windows, and airlines,” explained Drift Executive Assistant Becky Garber. “Now, anyone traveling for Drift can simply log in, book their flight and immediately put it on the corporate card. There’s no back-and-forth on when they can and can’t fly or which city they prefer, and they don’t have to check back on approvals. We simply give them access to the app, and they just book it. Essentially, Lola.com has taken our entire process down from three days to 10 minutes.”