Hotel Engine: A Unicorn in the Travel Industry

Hotel Engine, a Denver-based startup that simplifies business travel accommodations, has become a unicorn, reaching a valuation of $2.1 billion after securing $140 million in Series C funding led by Permira.

• This latest round follows a $1.3 billion valuation in Series B in November 2021, also led by Permira Growth Opportunities II.
• The company originally raised $16 million in Series A funding in 2019 after four years of bootstrapped growth.

New Funding Fuels Growth and Expansion

The fresh injection of venture capital will be used to further develop Hotel Engine's platform, expanding its offerings beyond hotel bookings to include flight and rental car reservations.

• This expansion is expected to launch in October, enhancing Hotel Engine's ability to provide a comprehensive solution for business travel needs.
• The funding also supports ongoing product development and innovation, aiming to enhance the user experience and provide more value to clients.

Rebranding to "Engine" Reflects Expansion

In line with its expanding product portfolio, Hotel Engine is rebranding itself as "Engine" to reflect its evolution into a comprehensive business travel solution provider.

• This rebranding reflects the company's shift from solely focusing on hotel bookings to offering a wider range of travel services.
• The new name "Engine" signifies the company's focus on powering efficient and seamless travel experiences for businesses.

Capitalizing on the Business Travel Resurgence

Hotel Engine's growth comes amidst a resurgence in business travel following a pandemic-induced decline.

• Companies that simplify booking and logistics for business travelers are experiencing increased demand as businesses return to in-person meetings and conferences.
• This demand is further fueled by the recovery in venture capital and private equity funding after a challenging period.

Hotel Engine's Focus: Efficiency and Value

Hotel Engine continues to emphasize its commitment to making business travel more efficient and cost-effective.

• Its platform offers software that saves businesses time and money by eliminating the need for contracts, agent-assist fees, and minimum spends.
• Hotel Engine's free platform provides consolidated invoices, 24/7 customer support, and insurance to business travelers, ensuring a seamless and hassle-free experience.

A Robust Network for Comprehensive Travel Solutions

With a vast network of partners, Hotel Engine provides tailored solutions to meet various business travel needs.

• The platform offers access to over 200,000 properties worldwide, enabling businesses to secure up to 60% off publicly available hotel rates.
• Hotel Engine serves both private and public sector travelers, boasting notable clients like PepsiCo, NBCUniversal, and Whole Foods Market.
• The company's network includes over 750,000 hotels, 300 airlines, and 40 rental car companies, offering a comprehensive range of travel options.

Profitable Growth and Future Prospects

Hotel Engine demonstrates its success with a 70% year-over-year revenue growth and is on track to book more than 10 million room nights this year.

• This continued growth signifies the company's strong position in the business travel market and its ability to capitalize on the industry's resurgence.
• With its expanding product portfolio, robust network, and commitment to efficiency, Hotel Engine is poised for continued success in the competitive travel industry.