Corporate travel management platform Lola.com is beginning a major expansion initiative sparked by $37 million in new funding.
The Series C round was led by existing investors General Catalyst and Accel, with participation from previous investors CRV, Tenaya Capital and GV.
The new funding nearly doubles the company’s prior funding, which was $44.7 million in two rounds.
The company had raised just under $65 million, and its last post-money valuation, in 2017, was $100 million, according to PitchBook.
There are signs that the valuation will have had a bump in this round. The company said in 2018, its bookings have gone up by 423%, with revenues up 786%, although it’s not disclosing what the actual figures are for either.
"As business travelers have become increasingly mobile, Lola.com's mission is to completely transform the landscape of corporate travel management," says Mike Volpe, CEO of Lola.com.
In November, Lola.com and American Express Global Business Travel announced a five-year partnership. That deal gives GBT clients access to Lola.com’s simplified, self-service travel management tools and gives Lola.com both access to new customers and access to special air and hotel pricing through GBT.
"Lola.com offers an incredibly simple solution to corporate travel management, which enables American Express Global Business Travel to take our value proposition to even more companies across the middle market," says Evan Konwiser, vice president of product strategy and marketing for American Express GBT.
Lola.com was founded in 2015 by Paul English, co-founder of Kayak. It currently has about 75 employees.
Lola.com is not the only one to spot the opportunity there. To further diversify its business and to move into higher-margin, bigger-ticket offerings, Airbnb has also been slowly building out its own travel platform targeting business customers by adding in hotels and room bookings.
There are others that are either hoping to bypass or complement existing services with their own takes on how to improve business travel such as TravelPerk (most recent raise: $44 million), Travelstop (an Asia-focused spin), and TripActions (most recently valued at $1 billion), to name a few. That speaks to an increasingly crowded market of players that are competing against incumbents like SAP, which owns Concur, Hipmunk and a plethora of other older services.
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