TravelPerk, a leading business travel management platform, has raised $95 million in a funding round led by SoftBank Vision Fund 2, with participation from existing investors like Kinnevik and Felix Capital.
This round is an extension of the Series D-1 raised in January 2022, which was led by General Catalyst. Stephen Thorne, Director of Investments at SoftBank Investment Advisers, will join TravelPerk’s board following this investment.
Avi Meir, CEO and co-founder of TravelPerk, stated, “Our focus is clear: to be the number one SaaS business travel platform for SMEs and mid-sized companies in Europe and the U.S. I am thrilled that SoftBank supports this vision and that our existing investors continue to back our prudent and thoughtful approach to long-term growth.”
The Barcelona-based unicorn has seen significant growth, with revenues increasing over 70% year-on-year and gross profits growing more than 90%. The annual booking volume is nearing $2 billion. With more than 1,200 employees globally, TravelPerk plans to expand its presence in Europe and the U.S. this year.
Stephen Thorne commented on the investment, “In the vast global business travel market, SMEs have been a largely underserved segment. TravelPerk continues to innovate by integrating artificial intelligence across its products to provide a top-tier experience for clients and travelers. We are excited to partner with TravelPerk and support its next growth phase.”
Akhil Chainwala, Director of Investments at Kinnevik, praised TravelPerk’s execution of ambitious plans despite challenging external conditions. “The efficiencies brought about by automation have set a scalable foundation for future growth. Throughout this journey, Avi’s leadership has been crucial in maintaining a strong and authentic company culture. We look forward to the next phase of responsible acceleration that this latest investment will unlock,” he added.
TravelPerk became a unicorn in early 2022 after raising €101 million in an investment round led by General Catalyst Partners. Launched in 2015 in Barcelona by former Booking.com employees, the startup has rapidly evolved into a key player in the business travel sector.