UK: Business travel management platform TravelPerk has closed an additional $104 million funding led by SoftBank Vision Fund 2.
The round is an extension of the Series D-1 raised in January 2022, led by General Catalyst.
With the latest funding, TravelPerk will increase investment into its platform and will add new inventory capabilities as well as launch new business travel services, including the expansion of product automation through AI.
The investment, also backed by Kinnevik and Felix Capital, takes the company to a total value of $1.4 billion. Stephen Thorne, investment director for SoftBank Investment Advisers, will join the TravelPerk board of directors.
Avi Meir, CEO and co-founder of TravelPerk, said: “We have a clear focus: building the number one SaaS business travel platform for SMB and mid-tier companies in Europe and the US. I’m delighted that SoftBank has backed that vision, and that our existing investors continue to support our responsible and thoughtful approach to long-term growth. This latest investment comes during a time when the winning tech companies are separating from the pack, and it further validates our investors’ commitment to our vision and strategy.
“We are also incredibly grateful to our team of more than 1200 employees who together enable us to achieve such rapid growth and success. We’ll continue to grow our workforce as we scale our presence across the US and Europe.”
Akhil Chainwala, investment director, Kinnevik added: “The TravelPerk team has continued to deliver on their ambitious plans, irrespective of an ever-changing external environment. Compared to the pre-pandemic period, the company has achieved a ten-fold increase in volumes and rapidly innovated on product, resulting in improved customer experience and a doubling of monetisation. Most recently, we have been excited to see significant automation efficiencies set a scalable foundation for future growth. Throughout this journey, Avi’s leadership has set the tone for a strong and authentic company culture. We look forward to the next phase of responsible acceleration that this latest investment will unlock.”
