Existing investors joining the latest round, giving TravelPerk a $1.4 billion valuation.
Another high-growth digital platform gains a significant amount of follow-on funding with the announcement by TravelPerk that it has secured over $100 million as an extension of the Series D-1 raised in January 2022. Investors are excited about TravelPerk’s hyper-growth business travel management platform that is unleashing the full monetization potential of SMB and mid-tier companies in Europe and the U.S.
“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 travelers. We are excited to partner with TravelPerk and support the next stage of growth,” stated Stephen Thorne, Investment Director for SoftBank Investment Advisers.
The all-in-one platform gives business travelers more freedom while giving their companies the necessary control. Both sides appreciate the savings in time, money, and convenience it brings. The latest funding round will be used to expand the platform, further enhance the customer experience, and introduce new business travel services—while increasing product automation achieved through AI.
TravelPerk was co-founded in 2015 by a highly seasoned entrepreneurial innovation team. Current CEO Avi Meir previously founded Hotel Ninjas acquired by Booking.com; Javier Suarez is the current CEO and Co-founder of Oliva, a mental health platform for companies, having also previously led innovation at Booking.com, and Ron Levin who left the company in 2023 to become Managing Partner, AV Seed Fund and Doctors Innovate Fund at Alumni Ventures.
Last year TravelPerk grew revenue by over 70% year-over-year with gross profit rising by more than 90% year-over-year. With booking volumes approaching $2 billion and employees now over 1200, the latest lead funder Softbank has come on board with participation from existing investors, Kinnevik and Felix Capital.
TravelPerk has attracted top financial backers who have invested in disruptive tech companies Airbnb, Uber, Slack, Twitter, Trello, Zalando, and Delivery Hero.
“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,” said CEO Meir.
