TravelPerk, a Barcelona-origin business platform centered on travel management, has netted a massive $200M funding, shooting its valuation to an elevated $2.7B. This rise in valuation is nearly twice its former worth of $1.4B marked in the preceding year’s fundraise.
Additionally, the new-found capital infusion accompanies TravelPerk’s acquisition of Yokoy, a budding Swiss start-up, thus broadening the platform’s expenses management capabilities.
The travel tech properties like TravelPerk are witnessing increased attention, given that the travel industry is inching closer to its former glory prior to the pandemic. The corporate sector paints a similar picture with an estimated record-breaking projection of $1.5 trillion for business travel in 2024 by the World Travel and Tourism Council.
According to Jean-Christophe Taunay-Bucalo, TravelPerk’s president, and chief operating officer, the remote and hybrid-working models haven’t affected the demand for corporate travel. The company expects an increasing investment in business travels to stimulate sales and new business ventures.
Subsequent to this funding round, TravelPerk is all set to double down on its plans for global expansion, which includes stepping into the U.S. market and purchasing American competitor, Amtrav.
The platform is now integrating Yokoy after confirming its Series E funding. This will help TravelPerk to develop a more coherent travel and expense system natively embedded in its existing infrastructure.
Avi Meir, co-founder and CEO of TravelPerk, is keen on expanding to become the leading platform in travel and expense management. He believes the integration of Yokoy, an AI-backed spend management platform, will furnish better control over expenses.
The takeover of Yokoy will bring their key personnel, CEO Philippe Sahli and CTO Devis Lussi, under TravelPerk’s umbrella. They will work towards the integration of their respective products.
TravelPerk’s latest funding round was led by European venture capital firm Atomico, along with participation from EQT Growth, Noteus Partners, Kinnevik, and General Catalyst among others.
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