TravelPerk Raises $104m in Funding to Expand Business Travel Platform
TravelPerk, a London, UK-based business travel management platform, recently announced the completion of an additional $104m funding round. The funding round was led by SoftBank Vision Fund 2, with participation from existing investors such as Kinnevik and Felix Capital. This round served as an extension of the Series D-1 funding raised in January 2022, which was led by General Catalyst. As part of the deal, Stephen Thorne, an Investment Director for SoftBank Investment Advisers, will join the TravelPerk Board of Directors. The company plans to utilize the funds to further invest in its platform, enhance the customer experience through new inventory capabilities, and launch new business travel services. Additionally, TravelPerk aims to expand its product automation through the use of artificial intelligence.
TravelPerk, founded by Avi Meir, is a SaaS business travel platform that prioritizes both the freedom of travellers and the control of companies.
By providing travel inventory alongside management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, TravelPerk enables companies and organizations worldwide to optimize their travel experiences. Notable clients include Revolut, Wise, Redbull, GetYourGuide, and Aesop. The company experienced considerable growth in 2023, with revenue increasing by over 70% year-over-year, gross profit rising by more than 90% year-over-year, and annualized booking volumes approaching $2 billion. With a team of over 1200 employees, TravelPerk has positioned itself as a leading player in the business travel industry.
As the world adapts to a post-pandemic era, business travel is expected to rebound, making TravelPerk's services increasingly relevant. The additional funding will allow the company to continue innovating and finding new ways to meet the evolving needs and expectations of both corporate travelers and organizations. With SoftBank Vision Fund 2 leading the latest funding round, TravelPerk has secured strong financial backing and is well-positioned for future growth. The company's commitment to enhancing the customer experience through advanced technology and design is likely to further solidify its position as a go-to platform for businesses seeking efficient and seamless travel management solutions.
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