By HTN Staff - 12.2.2021
Travel technology solution provider Hotel Engine has reportedly raised $65 million in a Series B round at a $1.3 billion valuation, which is nearly nine times higher than the $150 million valuation the Denver-based startup achieved when it raised $16 million in a Series A round in 2019. Investors include San Francisco-based Telescope Partners, which led the funding round. Other participants include Blackstone.
Hotel Engine is a no-contract, free-to-use corporate travel booking and management platform. The company bills itself as a “high-growth travel tech company that focuses on one goal — to make lodging management easier for businesses.” It provides customized hotel reservation and management solutions “built for the control, transparency, billing, and support needs of both large and small companies.” The company claims to provide rates that are up to 60 percent less than public rates.
Hotel Engine reportedly experienced a 200-plus percent increase in core bookings revenue between the third quarter of 2020 and the third quarter of 2021. It also increased its customer base by 60 percent, to more than 40,000 companies. The company’s headcount increased during this same period from just over 100 to more than 300 with expectations of hiring another 400 employees in the coming year.
“The new and exponentially higher valuation is an exciting milestone for all of us at Hotel Engine, and it’s just the beginning,” said Elia Wallen, founder and CEO of Hotel Engine, in a press statement. “This capital infusion will allow us to innovate faster, grow our global network of lodging partners, and add more world-class talent to our team.”