DENVER, Sept. 17, 2024 (GLOBE NEWSWIRE) -- With new products and a new brand on the horizon, travel technology leader Hotel Engine today announced a $140M Series C growth investment led by Permira Growth Opportunities II, a fund advised by global private equity firm Permira.
Hotel Engine will use the funding to support ongoing product development, including the launch of flight and rental car bookings to its platform. The new booking options will go live in October, making Hotel Engine an all-in-one solution for business travel.
Alongside the new product release, Hotel Engine will change its name to "Engine" to reflect its expanded focus.
“Hotel bookings will always be in our DNA, but we’re out to transform the entire travel experience,” said Hotel Engine CEO Elia Wallen. “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.”
Denver-based Hotel Engine has quickly become a go-to option for business travelers thanks to its industry-leading tech and innovative features like consolidated invoices, coverage for incidentals, 24/7 customer support, whole-company trip insurance and free travel-management software to 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 robust network of more than 750,000 hotels, 300 airlines and 40 rental car companies. Travel providers are also able to use Hotel Engine’s Partner Hub software platform for free which enables them to provide special offers to business travelers, manage reservations, create marketing campaigns and benchmark against competitors.
“We are proud to have built a platform that benefits everyone,” Wallen said. “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.”
It’s a winning strategy. Hotel Engine has used only $20M of outside capital to reach its current $2.1B valuation, up from $1.3B at its Series B in November of 2021. 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.
Permira Principal Alex Melamud has joined Hotel Engine’s Board of Directors.
“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,” commented Melamud.
About Hotel Engine
Hotel Engine, soon to be “Engine,” is radically simplifying business travel by providing software that saves companies time and money without the hassle of contracts, agent-assist fees or minimum spends. Its double-sided marketplace connects tens of thousands of active businesses to a robust network of more than 750,000 hotels, 300 airlines and 40 rental car companies to create a smarter and more rewarding business travel network. To learn more, visit www.hotelengine.com.
Interested in using Hotel Engine to streamline your business lodging? Visit hotelengine.com/sign-up, or download our app on the App Store or Google Play.
About Permira
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately €80bn. Within private equity, Permira Growth Opportunities (PGO) backs disruptive technology and tech-enabled companies as they scale to the next level. The PGO funds have previously backed and helped scale some of the largest and fastest-growing internet and technology businesses globally, including AllTrails, BioCatch, Carta, Housecall Pro, FlixBus, Full Truck Alliance, G2, Klarna, Relativity and Sysdig. Permira employs over 500 people in 16 offices across Europe, the United States and Asia. For more information, visit www.permira.com or follow us on LinkedIn.
Press Contact:
Firebrand Communications for Hotel Engine
hotelengine@firebrand.marketing
415-848-9175
Nina Gilbert / James Williams for Permira
media@permira.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4513c8c2-b95a-4cb1-aaf1-0aba80b2200e
