- Companies
- Engine
Engine Revenue, Valuation, Funding & Investors
Engine is valued at $2.1B as of September 2024.
Last Engine valuation
$2.1B
Series C · Sep 2024
Last Engine funding round
$140M
Series C · Sep 2024
Engine revenue
$11M
Series B · Dec 2021
Key investors in Engine
Telescope Partners
Blackstone
Permira
About Engine
Engine is a San Francisco-headquartered travel management platform for business trips, integrating with 95 percent of US airlines, hotels, and car rentals. Launched in 2021 and backed by Blackstone and Permira, it offers single-invoice billing, real-time modifications without fees, and spend analytics dashboards. Engine serves mid-market companies like Rippling and Notion, reducing travel costs by 25 percent through negotiated rates and policy enforcement.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$11M (Dec 2021)
Valuation
$2.1B (Sep 2024)
Sectors
Engine Valuation
Engine is currently valued at $2.1B, based on its Series C in September 2024.
The $140M round was led by Permira.
Engine's valuation has grown 14x from $150M at its Series A in September 2019 to $2.1B in September 2024, across 3 priced rounds.
Engine valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2024 | Series C | $2.1B | - |
| Dec 2021 | Series B | $1.3B | 118.2x |
| Sep 2019 | Series A | $150M | - |
Engine Revenue
Engine's latest recorded revenue is $11M, as of its Series B in December 2021.
Engine revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2021 | $11M | $1.3B | 118.2x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Engine Funding History
Engine has raised a total of $221M across 3 funding rounds.
Engine's first fundraising round was a $16M Series A in September 2019. The most recent completed round was a $140M Series C in September 2024.
Engine funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Series C | Permira (lead) | $140M | $2.1B | Hotel Engine, a Denver-based travel technology platform launched in 2015, announced a $140 million Series C growth investment on September 17, 2024, led by Permira Growth Opportunities II, valuing the company at $2.1 billion post-money, up 62% from its $1.3 billion Series B valuation in November 2021 after raising $65 million. The company, rebranding to Engine to reflect its expanded scope beyond hotel bookings, connects business travelers to over 750,000 hotels, 300 airlines, and 40 rental car companies, while enabling providers to offer specials, manage reservations, and market directly. It has raised a total of $221 million in outside capital, using only $20 million prior to this round to achieve its current scale. Engine plans to deploy the new funding for product development, including launching flight and rental car bookings in October 2024, positioning it as an all-in-one business travel solution without traditional managed travel downsides like contracts or minimum spends. The platform benefits businesses, travelers, and suppliers via features like the Partner Hub, and Permira principal Alex Melamud, joining the board, highlighted its category leadership and appeal to multiple stakeholders. This marks the largest funding round in 2024 for a travel startup, surpassing TravelPerk's $106 million Series D. The company reports profitability, 70% year-over-year revenue growth, and is on track to book over 10 million room nights in 2024, demonstrating efficient capital use and strong traction in the corporate travel market. |
| Dec 2021 | Series B | Telescope Partners (lead); Blackstone | $65M | $1.3B | Engine, formerly known as Hotel Engine, is a Denver-based business travel startup founded in 2015 that provides a platform connecting business travelers to a network of over 750,000 hotels, 300 airlines, and 40 rental car companies. The platform enables travel providers to offer special deals, manage reservations, and handle marketing for corporate clients, serving more than 40,000 businesses with a focus on savings, convenience, and customer experience. In late 2021, Engine raised a $65 million Series B round led by Telescope Partners, with participation from prior investors including Blackstone, achieving a post-money valuation of $1.3 billion. This funding supported the company's growth amid the recovery of business travel post-COVID. By 2024, Engine secured a $140 million Series C led by a Permira-advised fund, boosting its valuation to $2.1 billion—a 62% increase from the prior $1.3 billion mark—and bringing total funding to $221 million. The company reported profitability and 70% year-over-year revenue growth at that time, using the new capital for product expansion into flight and rental car bookings. Engine rebranded to reflect its broader ambition to transform the entire business travel experience beyond just hotels. Engine experienced rapid scaling, growing its workforce to 350 employees by 2022 (up from prior years) and ranking as the #10 largest tech employer in the Denver area per the Denver Business Journal, with plans to more than double headcount that year. The startup positioned itself strongly in the travel tech sector, outperforming peers in funding amid a challenging market for 2020-2021 vintage valuations. |
| Sep 2019 | Series A | Telescope Partners (lead) | $16M | $150M | Hotel Engine is a Denver-based travel tech company providing a lodging performance network that simplifies hotel booking and management for businesses, offering discounted rates across 700,000 hotels in over 185 countries and serving more than 40,000 businesses with 550,000 individual members. In 2019, the company raised $16 million in a Series A round led by Telescope Partners, achieving over a $150 million valuation. Telescope Partners' managing partner Mickey Arabelovic joined the board following the investment. The 2019 funding supported Hotel Engine's growth in business lodging solutions. By late 2021, the company raised a $65 million Series B round led by Telescope Partners with Blackstone participation, reaching a $1.3 billion valuation, nearly nine times the prior round. Hotel Engine demonstrated resilience during the pandemic, breaking monthly records and achieving profitability amid hyper-growth. |
Who has invested in Engine?
3 investors have backed Engine across its funding rounds, including Telescope Partners, Blackstone and Permira.
Lead investors include Permira and Telescope Partners.
Engine Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Sep 2019 | ||
This data is available for Pro users. Sign up to see all 3 Engine investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Engine
Engine has acquired 1 company to date.
Last acquisition by Engine was on July 30th 2026. Engine acquired Options Travel for undisclosed valuation.
Latest Acquisitions by Engine
| Description | Options Travel is a travel services provider that supplies software solutions for organizing meetings and events. |
| HQ Country | |
| HQ City | Chicago, IL |
| Deal Date | 30 Jul 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Engine acquisitions and their M&A valuation multiples. Start Free Trial | |
Engine Competitors
Engine competitors include listed companies like Tongcheng Travel, Travel+Leisure, Tripadvisor and MakeMyTrip, and private ones like Fora and SMARTSCORE.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.9B | $659M | $3.2B | 0.7x | ||
| Publicly listed | $4B | $684M | $3.9B | 2.3x | ||
| Publicly listed | $1.9B | $160M | $1B | 0.6x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $1B | $171M | $4.5B | 4.5x | ||
| Private | - | - | $688M | - |
Engine Public Comps
Engine is still privately-owned, but its public comps include HBX Group, TBO.com, Jungfraubahn Holding, Changbai Mountain Tourism, Flight Centre, Seera Group, LuxExperience, Tongcheng Travel, Tripadvisor and Jet2.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $896M | $218M | 3.0x | 3.3x | 12.4x | 5.7x | |||
| $262M | $41M | 6.7x | 5.2x | 43.2x | 34.3x | |||
| $331M | $168M | 4.7x | 4.3x | 9.3x | 10.0x | |||
| $117M | $37M | 13.2x | 12.4x | 41.6x | 35.8x | |||
| $2B | $306M | 0.9x | 0.9x | 6.1x | 5.5x | |||
| $1.3B | $222M | 1.4x | 1.4x | 7.9x | 7.4x | |||
| $2.9B | ($103M) | 0.4x | 0.4x | (11.3x) | 47.7x | |||
| $2.9B | $659M | 0.7x | 0.7x | 3.0x | 2.6x | |||
This data is available for Pro users. Sign up to see all Engine competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Engine
| When was Engine founded? | Engine was founded in 2018. |
| Where is Engine headquartered? | Engine is headquartered in Denver, CO, United States. |
| Is Engine publicly listed? | No, Engine is a private, VC-backed company. |
| What is Engine's valuation? | Engine was last valued at $2.1B in its Series C in September 2024. |
| How much funding has Engine raised? | Engine has raised $221M across 3 funding rounds. |
| What was Engine's last funding round? | Engine's last funding round was a $140M Series C in September 2024, led by Permira. |
| Who are Engine's investors? | Engine's investors include Telescope Partners, Permira and Blackstone. |
| What is Engine's revenue? | Engine's latest recorded revenue is $11M (December 2021). |
| Which companies are comparable to Engine? | Companies comparable to Engine include Tongcheng Travel, Travel+Leisure, Tripadvisor, Fora, MakeMyTrip and SMARTSCORE. |
| How many companies has Engine acquired? | Engine has acquired 1 company, including Options Travel. |
See companies similar to Engine
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