Denver-based travel technology company Hotel Engine announced a $140 million Series C growth investment led by Permira Growth Opportunities II, a fund advised by global private equity firm Permira.
Hotel Engine will use this funding to support ongoing product development, including the launch of flight and rental car bookings on its platform. The new booking options will go live in October, making Hotel Engine an all-in-one solution for business travel. Along with the new product release, Hotel Engine will change its name to “Engine” to reflect its expanded focus.
Hotel Engine quickly became a go-to option for business travelers due to its industry-leading tech and innovative features, such as consolidated invoices, coverage for incidentals, 24/7 customer support, whole-company trip insurance, and free travel-management software, which help customers save time and money. Hotel Engine’s contract-free approach with no minimums or agent-assist fees makes adoption easy for businesses of all types and sizes.
Hotel Engine connects business travelers to a network of over 750,000 hotels, 300 airlines, and 40 rental car companies. Travel providers can also use Hotel Engine’s Partner Hub software platform for free, which enables them to offer special offers to business travelers, manage reservations, create marketing campaigns, and benchmark against competitors.
Hotel Engine has used only $20 million of outside capital to reach its current $2.1 billion valuation, up from $1.3 billion at its Series B in November 2021. And the company is profitable, experiencing 70% year-over-year revenue growth at scale, and is on track to book over 10 million room nights this year.
KEY QUOTES:
“Hotel bookings will always be in our DNA, but we’re out to transform the entire travel experience. We want to become the engine of business travel. Our new name will reflect that, and with Permira’s latest investment, we’ll be better positioned than ever to turn our ambitions into reality.”
“We are proud to have built a platform that benefits everyone. In addition to the value we provide to businesses, we also help hotels raise their visibility and build relationships with business travelers worldwide through our Partner Hub platform.”
-Hotel Engine CEO Elia Wallen
“Hotel Engine is a category leader in more ways than one,” he said. “They’ve figured out how to provide the benefits of managed travel without the downsides such as contracts, minimum spend requirements and extra support fees, and they’ve also created a business that appeals to both travelers and suppliers like hotels, airlines and car rental companies. We are confident that Hotel Engine has miles of room to run, and we’re excited to be part of the journey alongside Elia and his team.”
-Permira Principal Alex Melamud – who has joined Hotel Engine’s Board of Directors
