Total amount raised
$221 Millions
Latest funding date
9/1/2024
Location
Engine has successfully raised significant funding through multiple rounds, with notable investors including Permira, Telescope Partners, Blackstone, and Elefund.
Keep reading to explore the intricacies of Engine's fundraising journey and the investors backing this innovative travel management platform.
What Is Engine?
Engine, founded in 2018 by Elia Wallen, is a modern travel management platform based in Denver, Colorado. The company specializes in booking and managing business trips, connecting users to nearly every hotel, airline, and car rental company in the U.S.
Engine offers features like single invoice billing, flexibility to modify trips without sunk costs, and a unified view of all company travel and spend. The platform aims to save businesses time and money through its intuitive travel network.
With a workforce of 501-1000 employees, Engine is backed by notable investors such as Telescope Partners, Blackstone, Elefund, and Permira.
How Much Funding Has Engine Raised?
- Series A
- Amount Raised: $16M
- Date: September 2019
- Lead Investors: Telescope Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the platform.
- Series B
- Amount Raised: $65M
- Date: December 2021
- Lead Investors: Telescope Partners
- Valuation at Round: $1.3 billion
- Motivation Behind the Round: To expand the platform's capabilities and scale operations.
- Series C
- Amount Raised: $140M
- Date: September 2024
- Lead Investors: Permira
- Valuation at Round: $2.1 billion
- Motivation Behind the Round: To support product development, including the launch of flight and rental car bookings, and to rebrand the company to "Engine".
Total amount raised: $221M. Current valuation: $2.1 billion.
Key Investors
- Permira
- Details: Permira is a global investment firm founded in 1985, advising funds across private equity and credit asset classes. The firm has total committed capital of approximately €80 billion and employs over 500 people in 16 offices worldwide.
- Investment Focus Areas: Technology, consumer, healthcare, financial services.
- Notable Investments: Informatica, Genesys, Magento.
- Telescope Partners
- Details: Telescope Partners is a venture capital firm that focuses on investing in early-stage technology companies. The firm is known for its hands-on approach and long-term partnership with its portfolio companies.
- Investment Focus Areas: Technology, software, internet services.
- Notable Investments: Not publicly disclosed.
- Blackstone
- Details: Blackstone is one of the world's leading investment firms, with a focus on private equity, real estate, and credit. The firm manages assets worth over $600 billion and has a global presence.
- Investment Focus Areas: Private equity, real estate, credit, hedge fund solutions.
- Notable Investments: Hilton Worldwide, Refinitiv, Bumble.
- Elefund
- Details: Elefund is a venture capital firm that invests in early-stage companies across various sectors. The firm aims to support innovative startups with the potential for significant growth.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Robinhood, SpaceX, The Boring Company.
What's Next for Engine?
Engine's rebranding and $2.1 billion valuation open doors to vast opportunities. The company is set to expand its platform to include flight and rental car bookings, tapping into a significant market. With a network of over 750,000 hotels, 300 airlines, and 40 rental car companies, Engine is poised to offer comprehensive travel solutions. The group bookings market, described as "very, very big" and "very broken and very manual," presents another lucrative avenue for growth.
Future fundraising rounds seem likely, given the company's growth trajectory and investor confidence. These funds could support further expansion and innovation. However, Engine will face challenges, including competition from other travel platforms and the complexities of integrating new services. Maintaining profitability while scaling operations will be crucial. Despite these hurdles, Engine's strategic approach and robust market position suggest a promising future.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Engine and gather other critical business insights.
Sign up for free on Clay and start making informed decisions today.
