Hotel Engine, a travel technology business, has raised $140 million in its Series C growth financing round.
Leading the fundraising round was Permira Growth Opportunities II, a fund advised by Permira, a private equity firm.
Alex Melamud, a principal at Permira, was added to Hotel Engine’s board of directors subsequent to the most recent funding round.
The company’s plans for product development, such as adding travel and vehicle rentals to its platform, will be supported by the new funding infusion.
In order to fully develop the platform into a comprehensive business travel solution, Hotel Engine now intends to include these other booking possibilities beginning next month.
The business will rebrand, going by the moniker “Engine,” to reflect its expanded service offering.
Elia Wallen, CEO of Hotel Engine, declared, “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 travellers worldwide through our Partner Hub platform.”
Due to its innovative features and technologies, which include incidental coverage, 24-hour customer service, consolidated billing, trip insurance, and free travel management software, this Denver-based company has quickly become popular among business travelers.
The goal of every solution is to save clients money and achieve efficiency.
As per Hotel Engine, companies of different sizes and industries may easily implement its model because it is free of contracts, minimums, and agent-assist costs.
Travel booking is made easier for users of the platform by connecting them to a vast network of over 750,000 hotels, 300 airlines, and 40 rental car brands.
The Partner Hub software platform from Hotel Engine is also available to travel agencies for free.
With this application, they can manage reservations, create marketing campaigns, provide special deals to business travelers, and measure themselves against competitors.
Hotel Engine has shown tremendous growth from its $1.3bn valuation in November 2021, having used $20m in outside funding to reach its present valuation of $2.1bn.
The original source of “Hotel Engine secures $140m funding in Series C round” was Hotel Management Network, a brand owned by GlobalData.
