Travel technology specialist Hotel Engine has secured a $140m Series C growth investment led by Permira Growth Opportunities II, a fund advised by global private equity firm Permira, giving the company a valuation on $2.1bn.
Hotel Engine has used only $20m of outside capital to reach its current valuation, up from $1.3bn 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.
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 Engine connects business travellers to a 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 travellers, manage reservations, create marketing campaigns and benchmark against competitors.
As part of the deal, Permira Principal Alex Melamud has joined Hotel Engine’s Board of Directors.
