Barcelona-based disruptor in the business travel sector has raised an extra $60 million as an extension to its Series C. The investment, bringing the total funding of Travelperk’s latest round to $104 million, will go forward new product additions and the company’s further European expansion.
Before TravelPerk entered the scene of business travel, there was a mess of outdated solutions and confusing pricing structures. Not to mention it brought flexibility and control over travel spend, that was previously unheard of, according to Avi Meir, TravelPerk's CEO.
From early-stage startups to major European players and unicorns Farfetch, Adyen, Transferwise, and GetYourGuide, Travelperk is solving pains of business travellers for its 2,000+ clients far and wide. With an answer to an SME (small and medium-sized enterprises) problem at hand, the company has increased revenue by 300 percent in 2019.
Following a period of continuous growth, the recent funding has been raised from existing investors: Kinnevik, individual partners of DST Global, Target Global, Felix Capital, Sunstone, and LocalGlobe.
Antoine Nussenbaum, partner at Felix Capital said: “We are particularly thrilled about the new features soon to be released which will materially transform the traveller experience.”
Founded in 2015, TravelPerk has now raised nearly $134 million in total funding and is focusing its efforts and capital on new products, in old and challenging markets — namely the European one that's worth more than $250 billion. Europe, with GDPR in place and the fragmented network of country-specific suppliers, languages, currencies, tax and accounting laws, is not an easy one to crack.
But Avi Meir, CEO and co-founder of TravelPerk is not looking for excuses : “At TravelPerk, we believe that travel is the biggest unsolved problem in business today. As a $1.3 trillion global market, it’s staggering that businesses have been stuck for so long with a status quo defined by limited inventory, inflexible booking experiences, and lousy customer support.”
The challenge is on. Let’s see how TravelPerk will take it.
Our team had a chance to interview Avi Meir as part of its EU-Startups Summit podcast special. Have a listen below, and check other episodes on iTunes.