Hotel Engine, a hospitality startup based in Denver, has raised $65 million in Series B funding to expand its lodging performance network to help the tourism sector continue its recovery.
The funding round was led by Telescope Partners with participation from Blackstone, bringing Hotel Engine’s valuation to $1.3 billion. This valuation represents a 9x increase over the valuation the startup had back in 2019 when it closed its Series A round. Mickey Arabelovic, Telescope’s Managing Partner and Founder, referred to the firm’s continued support by stating:
“Since our investment in late 2019, we’ve worked closely with Elia and the Hotel Engine team, and are consistently impressed by their passion, tenacity and singular focus on business lodging. There is no other company that delivers a friction-less, easy-to-use solution for travelers, and they’re just getting started. We’re thrilled to be able to strengthen our partnership, and excited by the opportunities ahead for Hotel Engine.”
Hotel Engine was founded with the mission to help create a richer and more rewarding business travel experience for its users. To achieve this, the startup has established partnerships with a global network of business and lodging partners, delivering savings and convenience via a single platform. Elia Wallen, founder and CEO of Hotel Engine, said about this mission:
“The new and exponentially higher valuation is an exciting milestone for all of us at Hotel Engine, and it’s just the beginning. 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.”
Providing business travelers with a straightforward and better experience has become one of the priorities for organizations in the tourism industry as they try to recover from the economic impact of the COVID19 pandemic. Hotel Engine believes that by bringing multiple partners together and combining them with smart technology, it can help the industry accelerate the recovery and confront the effects of the upcoming Omicron variant.
