Worldwide: Business travel platform TravelPerk has raised $200 million in Series E funding, valuing the company at $2.7 billion.
The funding round was sled by European venture capital firm Atomico alongside EQT Growth, with participation from Noteus Partners and existing investors including Kinnevik and General Catalyst.
The funding will be used to continue expansion into the US market (following the acquisition of AmTrav in 2024) as well as invest in the product, technology and AI.
In addition to the funding, TravelPerk has acquired Yokoy – an AI-powered expense, invoice, and card payment processing.
TravelPerk president and chief operating officer, JC Taunay-Bucalo, said: “Until now, customers had to make hard trade-offs— an integrated solution or best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance.
“Customers don’t have to compromise anymore. Now, they can have the best travel management product built on the world’s largest inventory, and the expense management product that works best for their business, combined for the best integrated experience there is,” he added.
Philippe Sahli, co-founder and CEO of Yokoy, which has partnered with TravelPerk since 2020, said: “Given our successful collaboration to-date, and the compelling vision for the future of integrated travel and expense management, we are excited to come together as one company and are confident in the unprecedented experience we can together deliver to customers.”
Avi Meir, TravelPerk CEO and co-founder, said: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform.
“Our partnership with Yokoy has already been a great success. We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”
Hillary Ball, partner at Atomico and who will join TravelPerk’s board of directors, said: “Corporate travel and expense management is time-consuming, expensive and burdensome. We’ve long admired how TravelPerk has solved this problem with a product-centric approach, and remained at the forefront of the market through strategic acquisitions, international growth, and innovative product expansions.
“With a team as ambitious as TravelPerk, and with the inclusion of Yokoy, there is still so much more on the horizon. Atomico is thrilled to be partnering with Avi and the whole team to fuel the next phase of the company’s vision,” she said.
Carolina Brochado, partner at EQT Growth and who will also join TravelPerk’s board, added: “Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”
