Hotel Engine Secures $140M Investment, Rebrands as ‘Engine’ with Expanded Business Travel Services
Hotel Engine, a leading player in travel technology, has recently announced a significant funding milestone, securing a $140 million investment in its Series C round led by Permira Growth Opportunities II. This funding not only brings the company’s valuation to an impressive $2.1 billion but also sets the stage for exciting new developments, including an expanded suite of services and a rebranding to simply “Engine.”
Expansion of Services
As part of its growth strategy, Engine is set to enhance its platform by introducing flight and rental car bookings, with these features expected to roll out in October. This move aims to transform Engine into a comprehensive solution for business travel needs.
Leadership Vision
Elia Wallen, CEO of Engine, expressed the company’s commitment to evolving the travel experience. “While hotel bookings will always be a core part of our identity, our vision is to overhaul the entire business travel process,” he stated. The new branding reflects this ambition, signaling a broader focus beyond just hotel accommodations.
Innovative Features for Business Travelers
Based in Denver, Engine has quickly gained traction among business travelers, thanks to its advanced technology and a range of user-friendly features. These include:
- Consolidated invoices for easier expense tracking
- Coverage for incidental expenses
- 24/7 customer support
- Comprehensive trip insurance for whole companies
- Free travel management software to streamline processes
The platform’s lack of contracts, minimum spend requirements, and agent-assist fees has made it an attractive option for businesses of all sizes.
Robust Network and Partner Hub
Engine connects users to a vast network of over 750,000 hotels, 300 airlines, and 40 rental car companies. Additionally, travel providers can utilize Engine’s Partner Hub platform at no cost, allowing them to offer exclusive deals, manage bookings, and develop marketing strategies while also benchmarking against competitors.
Impressive Growth and Future Potential
Remarkably, Engine has achieved its $2.1 billion valuation using only $20 million in external funding. The company has demonstrated strong financial health, boasting a 70% year-over-year revenue growth and is on track to book over 10 million room nights this year.
New Board Member
Permira Principal Alex Melamud joins Engine’s Board of Directors, emphasizing the company’s unique position in the market. “Engine has successfully combined the benefits of managed travel with a user-friendly approach, appealing to both travelers and service providers,” Melamud said. He expressed enthusiasm for the company’s future and its potential for continued growth.
About Engine
Formerly known as Hotel Engine, the company is dedicated to simplifying business travel through innovative software solutions that eliminate the hassles of traditional booking processes. By connecting businesses with a vast array of travel options, Engine aims to create a more effective and rewarding travel experience.
About Permira
Permira is a global investment firm that focuses on supporting high-growth companies. With a track record of backing disruptive technology businesses, Permira Growth Opportunities is committed to helping companies reach their full potential while fostering innovation in various sectors.
