TravelPerk Raises $104 Million in Funding, Led by SoftBank’s Vision Fund 2
TravelPerk, a platform for managing business travel aimed at small and medium-sized enterprises, has secured $104 million in equity funding from SoftBank.
TravelPerk, a business travel management platform, has raised a whopping $104 million in funding.
TravelPerk, the Barcelona-based business travel management platform, has secured $104 million in a recent funding round led by SoftBank’s Vision Fund 2. Existing investors Kinnevik and Felix Capital also participated in the round. This funding brings TravelPerk’s valuation to $1.4 billion, slightly higher than its previous valuation of $1.3 billion from two years ago.
A Flat Valuation in a Turbulent Funding Climate
In a time when startup funding and valuations have decreased, a flat valuation is considered a positive outcome. Avi Meir, co-founder and CEO of TravelPerk, sees this valuation as healthy and realistic. He believes that in today’s climate, where many startups are struggling, TravelPerk’s flat valuation is a testament to its stability and growth potential.
TravelPerk’s Advantage in a Post-Pandemic World
With the travel industry slowly recovering from the impact of the pandemic, companies like TravelPerk are well-positioned to benefit from the increasing demand for travel-related services. Last year, travel tech startups raised a significant amount of funding, and this trend seems to be continuing in 2024. Companies like Tumodo have recently announced successful funding rounds.
All-in-One Travel Management Solution
TravelPerk, founded in 2015, offers a comprehensive platform for companies to book, manage, and report all their domestic and international travel. The platform can also be extended through integrations with expense management systems like Spendesk and HR software solutions such as HiBob.
The Journey of TravelPerk’s Funding
Before this funding round, TravelPerk had already raised around $427 million. This latest investment is an extension of its ongoing Series D round, started in 2021. The previous funding rounds included a combination of debt and equity investments. TravelPerk’s product and technology have been the major beneficiaries of these funds, enabling them to build a robust travel management platform.
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The SoftBank Effect
SoftBank’s investment in TravelPerk is significant, considering its reputation and influence in the venture capital world. SoftBank’s Vision Fund, with partners like Microsoft, Apple, and Foxconn, has made numerous investments across various technology sectors. Despite losses last year, their investment in TravelPerk indicates a potential resurgence in funding activities. Stephen Thorne, a SoftBank investor, cited TravelPerk’s impressive execution throughout the pandemic and its commitment to sustainable growth as factors influencing their decision to invest in the company.
What’s on the Horizon for TravelPerk?
As for TravelPerk’s future plans, the possibilities are wide open. CEO Avi Meir, who sold his previous company, Hotel Ninjas, to Priceline, is focused on building a company meant to last for decades. While an IPO is not currently the company’s objective, TravelPerk remains confident in its readiness should they make that decision.
Q&A
Q: What makes TravelPerk’s valuation significant in the current funding climate? A: TravelPerk’s flat valuation is considered healthy and robust amidst a decline in startup funding and valuations.
Q: What advantages does TravelPerk have in the post-pandemic world? A: With the travel industry recovering, TravelPerk is well-positioned to benefit from the increasing demand for travel-related services.
Q: How does TravelPerk differentiate itself from competitors? A: TravelPerk offers an all-in-one platform for companies to book, manage, and report travel, along with integrations with other business management systems.
Q: Why did SoftBank invest in TravelPerk? A: SoftBank recognized TravelPerk’s impressive execution during the pandemic and its commitment to sustainable growth as key factors for investment.
Q: Does TravelPerk have plans for an IPO? A: While an IPO is not currently the objective, TravelPerk is confident in its readiness should they decide to go public.
References
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*Note: The original image was retrieved from ENBLE.
