Travel management company Lola.com announced today that it has raised US$37mn in a Series C funding round led by existing investors General Catalyst and Accel. The round also included participation from CRV, Tenaya Capital, and GV.
The company, which is headquartered in Boston, Massachusetts, operates a travel booking platform which provides a simple solution to manage, book, and report on business travel. Lola.com hopes to tap into the global travel market, which Allied Market Research predicted will reach $1.7trn annually by 2023.
The new funding comes on the heels of Lola.com recently reporting 423 percent growth in annual travel bookings and 786 percent in revenue growth, among other successes in 2018. Total funding is nearly $80 million since the corporate travel management company launched.
Lola.com will reportedly use the new venture capital to double its staff size, accelerate technology development as part of its commercial partnership with American Express Global Business Travel and further extend its reach into the travel market.
“As business travelers have become increasingly mobile, Lola.com’s mission is to completely transform the landscape of corporate travel management,” said Mike Volpe, CEO of Lola.com. “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.”