Engine, previously known as Hotel Engine, has secured $140 million in a Series C funding round, led by a fund advised by private equity firm Permira. This latest investment boosts the Denver-based startup’s valuation to $2.1 billion.
The new valuation marks a significant 62% increase from its previous valuation of $1.3 billion, established after a $65 million Series B round in late 2021. This surge in valuation is notable amidst a broader trend where many startups are struggling to maintain high valuations from the peak venture capital market of 2020 and 2021.
This growth underscores the ongoing recovery of the business travel sector, which was severely impacted by the COVID-19 pandemic and has been gradually rebounding.
Engine’s platform offers business travelers access to an extensive network comprising over 750,000 hotels, 300 airlines, and 40 rental car companies. Additionally, travel providers utilize Engine’s platform to offer exclusive deals, manage reservations, and enhance their marketing efforts.
The company has achieved profitability and is experiencing a 70% annual revenue growth. The newly acquired funds will be allocated towards product development, including the introduction of flight and rental car booking services on its platform.
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