TravelPerk, a rapidly expanding business travel management platform, has successfully secured an additional $104 million in funding, spearheaded by SoftBank Vision Fund 2 and featuring substantial contributions from existing investors such as Kinnevik and Felix Capital. This funding represents an extension of the Series D-1 round initiated in January 2022, led by General Catalyst, and is accompanied by the appointment of Stephen Thorne, Investment Director for SoftBank Investment Advisers, to the TravelPerk Board of Directors. With the infusion of capital, TravelPerk is poised to intensify its investment in the platform, focusing on augmenting customer experience through innovative inventory capabilities, the introduction of new business travel services, and the expansion of product automation powered by AI. Notably, in 2023, the company achieved remarkable financial growth, boasting a revenue increase of over 70%, a gross profit surge of more than 90%, and annualized booking volumes nearing $2 billion.
Avi Meir, CEO and Co-Founder of TravelPerk, expressed satisfaction in SoftBank's endorsement and ongoing support from existing investors, emphasizing the company's clear vision to establish itself as the premier SaaS business travel platform for SMB and Mid-Tier companies in Europe and the US. This latest investment aligns with TravelPerk's responsible and thoughtful approach to long-term growth, especially during a period when standout tech companies are differentiating themselves. Stephen Thorne from SoftBank recognized the underserved SMB segment in the global business travel market and praised TravelPerk's continuous innovation and integration of AI, anticipating strong support for the next phase of growth.