Engine Raises $65 Million at $1.3 Billion Valuation to Grow Customer Base and Lodging Partnerships
Telescope Partners leads Series B round, catapulting travel tech company to unicorn status
Denver, Dec. 2, 2021
Engine, the world’s largest Lodging Performance Network, today announced it has secured $65 million in Series B funding. Existing investor Telescope Partners led the round with participation from funds managed by Blackstone.
The investment values Engine at $1.3 billion, nearly 9 times higher than the Series A just two years ago. In 2019, Engine raised $16 million in funding with over a $150 million valuation.
“The new and exponentially higher valuation is an exciting milestone for all of us at Engine, and it’s just the beginning,” said Elia Wallen, founder and CEO of Engine. “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.”
San Francisco-based Telescope Partners led Engine’s Series A and also serves as the lead investor in this round. Joining Telescope is Blackstone, a leading global investor and new partner for Engine.
Telescope’s Managing Partner and Founder, Mickey Arabelovic, serves as a member of Engine’s Board of Directors.
“Since our investment in late 2019, we’ve worked closely with Elia and the Engine team, and are consistently impressed by their passion, tenacity and singular focus on business lodging,” said Arabelovic. “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 Engine.”
Amid a global pandemic that has stretched nearly two years, Engine has sustained an incredible growth trajectory, breaking company records monthly. Even more impressive, the company is profitable, a notable distinction in the world of hyper-growth, tech companies.
“We know the world of travel is changing, and so are the priorities of businesses and their travelers. We’re excited for the opportunity to help shape this industry’s evolution,” said Wallen.
About Engine
Engine is the world’s largest Lodging Performance Network, established to create a richer, more rewarding business travel experience by connecting a global network of businesses and lodging partners. The collective power of the network delivers significant savings, convenience and choice to business travelers, while driving significant and differentiated business to lodging partners. Engine is trusted by 550,000+ individual members across 40,000+ businesses and 700,000 hotels in 185+ countries.
To learn more, visit www.engine.com or follow Engine on LinkedIn, Facebook or Twitter. Interested in using Engine to streamline your business lodging? Visit engine.com/sign-up
Engine Press Contact:
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