“Agile travel management” company Lola.com has completed a Series C funding round led by existing investors General Catalyst and Accel in which the start-up raised US$37 million.
The company says it will use the additional funds to double its headcount in 2019, accelerate technology development as part of its commercial partnership with American Express Global Business Travel (GBT) and further expand its reach. The Series C round also included participation from previous investors CRV, Tenaya Capital and GV.
The new funding comes after Lola.com reported a 423 per cent increase in annual travel bookings and 786 per cent growth in revenue. Total funding since the company’s launch in 2015 now stands at nearly $80 million.
“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,” commented Evan Konwiser, VP of product strategy and marketing for American Express GBT.
Mike Volpe, CEO of Lola.com, said: “As business travellers have become increasingly mobile, Lola.com’s mission is to completely transform the landscape of corporate travel management. The continued support of our investors underscores the market potential, which is leading us to expand our partner ecosystem and double our headcount across engineering, sales and marketing. At the core, we continue to invest in building the best, simplest corporate travel management platform in the industry.”