Travelperk Secures $100m Funding, Softbank Vision Fund 2 Leads Expansion In Hyper-growth Business Travel Platform

By Author: Orson Amiri
Total Articles: 417
Comment this article

Business travel management platform TravelPerk has successfully secured an additional $104 million in funding, led by SoftBank Vision Fund 2, with notable participation from existing investors such as Kinnevik and Felix Capital. This funding extends the Series D-1 round initiated in January 2022, spearheaded by General Catalyst. SoftBank's Investment Director, Stephen Thorne, is set to join TravelPerk's Board of Directors. The investment will fuel platform improvements, introducing new inventory capabilities, launching additional business travel services, and enhancing product automation through AI. In 2023, the company achieved remarkable growth with a revenue increase of over 70%, gross profit surging by more than 90%, and annualized booking volumes nearing $2 billion.

Avi Meir, CEO and Co-Founder of TravelPerk, expressed gratitude for the support and outlined the company's focus on becoming the leading SaaS business travel platform for SMB and Mid-Tier companies in Europe and the US. Stephen Thorne of SoftBank highlighted TravelPerk's innovation in catering to the underserved SMB segment within the global business travel market. Akhil Chainwala, Investment Director at Kinnevik, commended TravelPerk's resilience and efficient automation, expressing anticipation for responsible acceleration in the next phase of growth enabled by the latest investment.

Read More - https://www.techdogs.com/tech-news/business-wire/travelperk-secures-over-100m-in-funding-led-by-softbank-vision-fund-2-to-expand-hyper-growth-business-travel-platform