TravelPerk is a hyper-growth all-in-one SaaS business travel platform and a pioneer in the future of business travel. Its all-in-one platform saves time, money, and hassle in planning business trips.
In 2023 in Barcelona, the company grew revenue by over 70 percent year-over-year, gross profit increased by more than 90 percent year-over-year, and annualised booking volumes approached $2 billion.
With significant participation from existing investors, including Kinnevik and Felix Capital, the round is an extension of the Series D-1 raised in January 2022, led by General Catalyst. It brings the company's funding to over $520 million and 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, commented:
"We have a clear focus: building the number 1 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 when the winning tech companies are separating from the pack, further validating our investors' commitment to our vision and strategy.
We are also incredibly grateful to our team of more than 1200 employees who enabled us to achieve such rapid growth and success together. We'll continue to grow our workforce as we scale our presence across the US and Europe."
Stephen Thorne, Investment Director for SoftBank Investment Advisers, commented:
"Within the enormous global business travel market, SMBs have remained a largely underserved segment.
TravelPerk continues to innovate, integrating AI across the product stack to deliver a world-class experience for customers and travellers. We are excited to partner with TravelPerk and support the next growth stage."
TravelPerk plans to use the funding to increase investment in its platform, enhance the customer experience through new inventory capabilities, launch new business travel services, and expand product automation through AI.
Lead image: Jeshoots.