Lola.com Raises $37M to Transform Corporate Travel
Lola.com , “the Agile Travel Management™” company that provides a simple way to manage, book, and report on business travel, announced a $37m Series C round, bringing its total funding to date to $81.7m. The round was led by Lola.com’s existing investors General Catalyst and Accel with participation from CRV, Tenaya Capital, and GV.
Founded in 2015 by Kayak cofounder Paul English, and led by CEO Mike Volpe, Lola.com is on a mission to reinvent corporate travel for the 1.3m people who travel for business every day in the U.S. alone. The new funding comes on the heels of Lola.com recently reporting 423% growth in annual travel bookings and 786% in revenue growth, among other successes in 2018.
“As business travelers 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.” – CEO of Lola.com, Mike Volpe.
“We book travel for numerous people, and that process before Lola.com included a lot of back-and-forth, emailing preferences for aisles, windows, and airlines. Now, anyone traveling for Drift can simply log in, book their flight and immediately put it on the corporate card. There’s no back-and-forth on when they can and can’t fly or which city they prefer, and they don’t have to check back on approvals. We simply give them access to the app, and they just book it. Essentially, Lola.com has taken our entire process down from three days to 10 minutes.” – Becky Garber, Executive Assistant at Drift, and a happy Lola.com client.
Bottom Line: Currently, Lola.com doesn’t offer travel insurance, but that could change.