TravelPerk, a Spanish business travel management platform, raised nearly 95 million euros in a recent funding round. The investment was led by Japanese giant Softbank Vision Fund 2, with Kinnevik and Felix Capital also participating.
This operation would be an extension of the one carried out by the company in 2022, where they raised $115 million (101 million euros) through a Series D financing round and managed to become a unicorn. The company's valuation at that time amounted to 1.3 billion dollars, very similar to the valuation achieved in this round, which has reached 1.4 billion dollars (1.28 billion euros).
"This latest investment comes when winning technology companies are separating themselves from the pack and further validates our investors' commitment to our vision and strategy," comments Avi Meir, CEO and co-founder of TravelPerk in the release.
In 2023, the company increased revenue by more than 70% year-on-year, although it does not specify the absolute revenue figure, according to La Vanguardia newspaper.
"Within the huge global business travel market, SMEs remain a largely underserved segment. TravelPerk continues to innovate, integrating AI across the product suite to deliver a world-class experience to customers and travelers. We are excited to partner with TravelPerk and support the next stage of growth," states Stephen Thorne, Chief Investment Officer of SoftBank Investment Advisers.
TravelPerk is a platform that helps companies manage their corporate travel needs. In the case of TravelPerk, you can also book accommodation and other services, as well as manage the expenses in one single hub.
In 2020, due to constant changes in travel regulations and health/safety guidelines as a result of the pandemic, TravelPerk acquired Albatross API, a software company that developed TravelSafe API providing real-time health and safety information to travelers. In the same year, the company also launched an online marketplace, where its customers can integrate partner products and services into their own platforms and workflows.
Shortly after being founded, TravelPerk received a $7 million series A round led by Spark Capital and In October 2018, the company raised a $21 million Series B round led by Target Global, Felix Capital, Spark Capital, Sunstone, and Amplo. In July 2019, the company finalized a two-part, $104 million series C funding backed by Kinnevik, Partners of DST Global, Target Global, Felix Capital, Sunstone, and LocalGlobe.
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