Sept 17 (Reuters) - Hotel Engine said on Tuesday it had

raised $140 million in a funding round led by a fund advised by

private equity giant Permira that valued the travel technology

startup at $2.1 billion.

WHY IT'S IMPORTANT

Business travel has started to recover after a pandemic-era

slump. Companies offering services to ease the processes behind

bookings and logistics have been seeing strong demand.

Meanwhile, venture capital and private equity-led funding

markets are also on the mend following a prolonged slump due to

higher-for-longer interest rates.

CONTEXT

Hotel Engine said it is focused on simplifying business

travel by providing software that saves companies time and money

without the hassle of contracts, agent-assist fees or minimum

spends.

Its customers include snack and beverage giant PepsiCo ( PEP )

, media company NBCUniversal and supermarket chain Whole

Foods Market, according to the company's website.

Hotel Engine offers business travelers benefits such as

consolidated invoices, 24/7 customer support and insurance.

Its series C funding round was led by Permira Growth

Opportunities II.

BY THE NUMBERS

Hotel Engine said it is profitable, recording a 70%

year-over-year revenue growth at scale, and is on track to book

more than 10 million room nights this year.

Focused on business travel, it has a network of over 750,000

hotels, 300 airlines and 40 rental car companies, among others.

The company was valued at $1.3 billion in a series B round

in November 2021.

WHAT'S NEXT

Hotel Engine said new capital from the round will be used to

fund ongoing product development, including the launch of flight

and rental car bookings on its platform.

The company is rebranding its name to 'Engine' and expects

the new booking options to go live in October.