Not satisfied with a paltry $160 million Series D round, Barcelona-based TravelPerk has announced an addition of $115 million to the round, and in doing so signs the dotted line on the unicorn club application with a valuation of $1.3 billion.
After an impressive shopping spree, TravelPerk is now settling into the groove, and the additional capital is slated to support significant expansion in the company’s target markets, including the US and Europe, despite an ongoing global pandemic. More specifically, the Catalonians are now aiming to solve the problem of maintaining meaningful in-person human connections in a time when flexibility and sustainability are non-negotiable for both employees and leaders.
“As time goes by, it is clear that there won’t be a replacement for the human touch. We are seeing data on our platform and we are feeling it ourselves,” commented TravelPerk CEO Avi Meir. “While some technologies are focused on virtual interactions, TravelPerk is building the technology that will help us get together in real life.”
Taking things a step further, the company also stepped into the events space last November with the launch of TravelPerk Events, offering event planners a one-stop destination for simple meetings and events travel management, a project it intends to continue to develop.
TravelPerk is also coming at the industry through a sustainability-focused lens, offering customers the ability to calculate their carbon footprint and offset their emissions through its acquisition of Susterra in 2021.
Meir added, “The last two years have changed the travel industry forever, but one thing will always remain true: we have a human need to connect and meet with each other. Businesses will always need to travel, to bring their teams together and to meet with customers. But they need that travel to be flexible, convenient and, more than ever, they need it to be sustainable.”
TravelPerk’s additional $160 million was led by new investor General Catalyst and existing investor Kinnevik, and takes the total raised by TravelPerk to $409 million. Gillian Tans, ex Chairwoman and CEO of Booking.com, who invested personally in this round, is joining the board of directors alongside Joel Cutler, an early investor in Stripe, Airbnb, and Kayak.
“I have been working in the travel industry for many years, and TravelPerk is the one company that never ceases to surprise me. It has solidified its leadership position over the last two years in challenging times for the travel industry, emerging stronger than ever,” commented Gillian Tans. “They are innovative and have been able to anticipate and address their customers’ changing needs through major acquisitions, new market entries, and product designs. I’m honored to be joining as an investor and the board of directors at TravelPerk and to help the company reach a global leadership position.”