Travelperk has raised $104 million due to a significant rise in business travel demand.
- The funding comes as business travel in the UK surged by 75% in 2023 compared to 2022.
- With this investment, the company is valued at $1.4 billion.
- The funds will be utilised to enhance Travelperk’s platform and introduce AI-driven services.
- SoftBank Vision Fund 2 spearheaded the investment, with existing backers like Kinnevik.
In a significant financial move, Travelperk has successfully raised $104 million in new funding, reflecting a robust recovery and growth in the business travel sector. This influx of capital arrives on the heels of a remarkable 75% increase in business travel conducted by UK-based companies in 2023 compared to the previous year.
With the new funding round boosting its valuation to an impressive $1.4 billion, Travelperk aims to leverage this capital to further develop its platform. The company plans to launch an array of new business travel services and enhance product automation using artificial intelligence. This strategic focus is poised to redefine user experience across its service offerings.
SoftBank Vision Fund 2 led the funding initiative, marking a vote of confidence in Travelperk’s innovation trajectory. Supported by existing investors such as Kinnevik and Felix Capital, the move underscores the firm’s growth potential, reflected in a 2023 revenue surge exceeding 70% year-on-year and a gross profit increase of more than 90%. Additionally, the company disclosed that its annualised booking volumes are nearing $2 billion, highlighting its expanding market footprint.
Stephen Thorne, investment director at SoftBank Investment Advisers, joins Travelperk’s board of directors as part of this funding round. Thorne pointed out that small and medium-sized businesses remain an underserved segment in the vast global business travel market. He noted that ‘Travelperk continues to innovate, integrating AI across the product stack to deliver a world-class experience for customers and travellers’.
Co-founder and chief executive Avi Meir expressed his enthusiasm for SoftBank’s support, reiterating Travelperk’s mission to establish itself as the premier SaaS travel platform for SMBs and mid-tier companies within Europe and the United States. Meir stated, ‘This latest investment comes during a time when the winning tech companies are separating from the pack, and it further validates our investors’ commitment to our vision and strategy.’ Meir also commended the company’s workforce, numbering over 1,200, whose efforts have been instrumental in the company’s rapid growth and success.
Travelperk’s significant funding round showcases its robust market performance and ambitious growth plans in the evolving business travel industry.
