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The business travel startup Engine has reached a valuation of $2.1 billion following a $140 million Series C funding round.

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Engine, previously known as Hotel Engine, has secured $140 million in a Series C funding round led by a fund managed by private equity firm Permira, bringing the Denver-based company's valuation to $2.1 billion. This new valuation marks a significant 62% increase from its previous $1.3 billion valuation following a $65 million Series B round in late 2021. This growth is noteworthy, especially given that many startups are still struggling with flat or declining valuations compared to the peak levels of 2020 and 2021.

The funding highlights the recovery of the business travel sector, which was heavily impacted by the COVID pandemic and has been gradually rebounding. Engine’s platform, which now encompasses over 750,000 hotels, 300 airlines, and 40 rental car companies, facilitates connections and special offers for business travelers, and assists travel providers with reservation management and marketing.

The company, which is profitable and experiencing a 70% annual revenue growth, plans to use the new capital to enhance its product offerings, including the addition of flight and rental car bookings to its platform. Alongside this, Engine will undergo a rebranding from “Hotel Engine” to simply “Engine” to better reflect its broader business travel ambitions.

This funding round is the largest for a travel business startup this year, surpassing the $106 million Series D raised by Spain-based TravelPerk in January, according to Crunchbase data. Since its founding in 2015, Engine has raised a total of $221 million.

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