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The Barcelona-based unicorn TravelPerk has announced that it has closed a further €95 Million investment for its Business Travel Platform.

The investment came with a significant contribution from current investors, including Kinnevik and Felix Capital, under the leadership of SoftBank Vision Fund 2.

Building upon the Series D-1, orchestrated and raised by General Catalyst in January 2022, the deal signifies an expansion. In light of this development, the TravelPerk Board of Directors is set to embrace Stephen Thorne, Investment Director at SoftBank Investment Advisers.

With the help of this cash infusion, TravelPerk will put more money into its platform, introducing new business travel services, improving customer experience with additional inventory capabilities, and growing product automation with AI.

The company’s revenue surged by more than 70% in 2023 compared to the previous year, its gross profit soared by over 90%, and its annualized booking volumes came close to $2 Billion.

About TravelPerk

Positioned as the next generation in business travel, TravelPerk pioneers the future of corporate journeys. With its all-in-one platform, it not only grants travelers the freedom they desire but also offers companies the necessary control they seek.

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Avi Meir, CEO and co-founder of TravelPerk said:

“We have a clear focus: building the number one SaaS business travel platform for SMB and Mid-Tier companies in Europe and the US. I’m thrilled that SoftBank has embraced that goal and that our current investors still believe in our methodical and conscientious approach to long-term expansion. This most recent investment confirms our investors’ dedication to our vision and approach at a time when successful tech companies are starting to stand out from the crowd. We are also immensely appreciative of our team of over 1200 workers, who work together to allow us to expand and succeed at such a rapid pace. As we expand throughout the US and Europe, we’ll be hiring more people.

Stephen Thorne, Investment Director at SoftBank Investment Advisers stated:

“SMBs have remained a largely underserved segment within the enormous global business travel market, TravelPerk keeps innovating by incorporating AI throughout the product stack to give clients and travelers an exceptional experience. We can’t wait to work with TravelPerk and encourage their continued expansion.”

Akhil Chainwala, Investment Director at Kinnevik, added:

“The TravelPerk team has continued to deliver on their ambitious plans, irrespective of an ever-changing external environment. Compared to the pre-pandemic period, the company has achieved a ten-fold increase in volumes and rapidly innovated on products, resulting in improved customer experience and a doubling of monetization. Most recently, we have been excited to see significant automation efficiencies set a scalable foundation for future growth. Throughout this journey, Avi’s leadership has set the tone for a strong and authentic company culture. We look forward to the next phase of responsible acceleration that this latest investment will unlock.”

Image Credit: TravelPerk

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