Hotel booking and management platform raises $16 million
Hotel Engine , a hotel booking and management platform for business travel, announced it has received its first external investment of $16 million in a Series A funding round led by Telescope Partners, a San Francisco-based growth equity firm.
Despite being bootstrapped since its founding in 2015, Hotel Engine has experienced 300% growth year-over-year and is now valued at over $150 million. The company has managed this growth through massive expansion in its customer footprint, adding over 10,000 new users a month. Hotel Engine’s proprietary booking and management platform supports companies of all sizes across the private and public sector and provides access to over 200,000 available hotel properties in more than 185 countries.
This new funding will allow Hotel Engine to further their mission to make managing business travel lodging simpler. The company will focus on expanding its foothold within the small-to-medium business market and continue building out its team. More importantly, partnering with Telescope will speed up the development of new product features and functionality for business travelers that are hungry for more customer-centric innovation.
“I’m extremely proud of what the Hotel Engine team has built in just a few short years, and I’m excited for the opportunities we now have in front of us with this investment. This partnership gives us the added resources we need to increase our velocity and meet this growing market demand. We’re very excited to work with Mickey and his team and to take advantage of Telescope’s experience and knowledge to support Hotel Engine in our mission.” – Elia Wallen, founder and CEO of Hotel Engine.