TravelPerk, the rapidly growing business travel management platform, has announced the closure of an additional $104 million investment. This funding round is led by SoftBank Vision Fund 2, with significant participation from existing investors, including Kinnevik and Felix Capital. The investment is an extension of the Series D-1 round raised in January 2022, which was led by General Catalyst. As part of this development, Stephen Thorne, Investment Director for SoftBank Investment Advisers, will join the TravelPerk Board of Directors.
Avi Meir, CEO and Co-Founder of TravelPerk, expressed enthusiasm about the company’s focus on building the number one Software as a Service (SaaS) business travel platform for Small and Medium-sized Businesses (SMB) and Mid-Tier companies in Europe and the US. He highlighted SoftBank’s backing of this vision and the ongoing support from existing investors, emphasizing their commitment to responsible and thoughtful long-term growth. Meir acknowledged the dedication of the team, comprising over 1200 employees, and announced plans to continue expanding the workforce while scaling the company’s presence across the US and Europe.
Stephen Thorne, Investment Director for SoftBank Investment Advisers, emphasized the underserved nature of the SMB segment within the vast global business travel market. Thorne praised TravelPerk’s continuous innovation, particularly its integration of Artificial Intelligence (AI) throughout the product stack, providing a world-class experience for customers and travelers. He expressed excitement about partnering with TravelPerk to support the next stage of its growth.
Akhil Chainwala, Investment Director at Kinnevik, commended the TravelPerk team for delivering on ambitious plans despite an ever-changing external environment. Chainwala noted a ten-fold increase in volumes compared to the pre-pandemic period and highlighted the company’s rapid innovation and improved customer experience, resulting in a doubling of monetization. He also pointed out significant automation efficiencies that have set a scalable foundation for future growth. Chainwala expressed anticipation for the next phase of responsible acceleration enabled by this latest investment.
