Corporate travel specialist Hotel Engine has landed $140 million in a Series C growth investment.
Permira Growth Opportunities II led the investment in the United States-based company which is now valued at $2.1 billion.
The company, which launched in 2015, plans to use the funding to support product development, including the launch of flight and rental car bookings on its platform in October. To reflect its widened focus, it is also rebranding to Engine.
“Hotel bookings will always be in our DNA, but we’re out to transform the entire travel experience,” said CEO Elia Wallen. “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.”
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Hotel Engine said it connects business travelers to more than 750,000 hotels, 300 airlines and 40 rental car companies. Travel providers are also able to use its free partner hub software platform enabling them to make special offers to business travelers, manage reservations, create campaigns and benchmark against competitors.
Hotel Engine said it is profitable and "on track to book over 10 million room nights this year."
Alex Melamud, Permira principal, who has joined Hotel Engine’s board, described the company as a "category leader in more ways than one."
"They’ve figured out how to provide the benefits of managed travel without the downsides such as contracts, minimum spend requirements and extra support fees, and they’ve also created a business that appeals to both travelers and suppliers like hotels, airlines and car rental companies. We are confident that Hotel Engine has miles of room to run."
The company announced $65 million in Series B funding in late 2021. At the time it said the investment would go towards recruitment and increasing its lodging partners.