Travelperk, renowned in the business travel sector, has marked a notable milestone with a recent funding surge.
- The company successfully obtained $104 million in fresh investment.
- This infusion values Travelperk at a staggering $1.4 billion.
- Business travel rebounded strongly in 2023, with a 75% increase reported for UK firms.
- SoftBank Vision Fund 2 spearheaded this funding round, reinforcing Travelperk’s market position.
Travelperk has successfully secured $104 million in new funding, enhancing its status as a significant player in the business travel sector. This impressive capital raise appraises the company at $1.4 billion, reflecting its substantial growth and market presence.
The business travel landscape has witnessed a remarkable revival in 2023, with Travelperk reporting a 75% surge in travel activities among UK-based companies compared to the previous year. This rebound highlights the growing demand for effective travel management solutions.
The latest financial boost will empower Travelperk to channel more resources into its platform enhancements, expanding its offerings to include new business travel services. In particular, the company aims to fortify its product automation using AI, a move expected to streamline operations and improve user experience significantly.
This funding round was led by SoftBank Vision Fund 2, with substantial backing from existing investors like Kinnevik and Felix Capital. The investment underscores the confidence stakeholders have in Travelperk’s innovative approach and strategic direction in the business travel domain.
Stephen Thorne, the investment director for SoftBank Investment Advisers, is set to join Travelperk’s board of directors. Expressing enthusiasm, Thorne remarked, “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.”
Avi Meir, the co-founder and CEO of Travelperk, articulated the company’s vision to establish the leading SaaS business travel platform for small and medium-sized businesses across Europe and the United States. Meir expressed delight at the continued support from SoftBank and existing investors, particularly appreciating the team’s effort in driving the company’s growth.
Travelperk plans to scale its presence further in the US and European markets, with a detailed focus on expanding its workforce to support this trajectory. This commitment reflects the company’s long-term goals and strategic initiatives aimed at consolidating its foothold in the industry.
Travelperk’s latest funding round reaffirms its growth trajectory and innovation within the business travel sector, ensuring its continued success in meeting growing industry demands.
