The platform connects users to a network of over 750,000 hotels, 300 airlines and 40 rental car companies, streamlining travel booking process. Credit: New Africa / Shutterstock.

Travel technology company Hotel Engine has concluded a Series C growth funding round, securing a $140m investment.

The funding round was led by Permira Growth Opportunities II, which is a fund advised by private equity company Permira.

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Following the latest financing round, Permira principal Alex Melamud has been appointed to the board of directors at Hotel Engine.

The fresh capital injection is set to bolster the company’s product development initiatives, including the addition of flight and rental car bookings to its platform.

Hotel Engine now plans to launch these additional booking options starting next month, transforming the platform into an all-encompassing business travel service.

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In line with its broadened service range, the company will also undergo a rebranding, changing its name to “Engine”.

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Hotel Engine CEO Elia Wallen said: “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.” 

The Denver-based company has rapidly gained traction among business travellers, offering various technology and features such as coverage for incidentals, round-the-clock customer support, consolidated invoices, trip insurance, and complimentary travel-management software.

All offerings are designed to deliver efficiency and cost savings for customers.

Hotel Engine stated that its contract-free model, devoid of minimums or agent-assist fees, facilitates easy adoption by businesses of varying sizes and sectors.

The platform connects users to an extensive network of more than 750,000 hotels, 300 airlines, and 40 rental car companies, streamlining the travel booking process.

Additionally, travel providers can utilise Hotel Engine’s Partner Hub software platform at no cost.

This tool enables them to extend exclusive offers to business travellers, manage bookings, devise marketing strategies, and conduct competitive benchmarking.

Having utilised $20m in external capital to achieve its current valuation of $2.1bn, Hotel Engine has demonstrated significant growth from its $1.3bn valuation in November 2021.