Spain’s TravelPerk acquires US-based AmTrav; secures €125.9M for expansion

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Barcelona-based TravelPerk, a platform for managing business travel globally, has announced the acquisition of AmTrav, a Chicago-based travel booking company. This will help TravelPerk’s commitment to expanding its presence in the US market.

What does AmTray offer?

AmTrav was founded in 1989 by two friends, Craig Fichtelberg and Jeff Klee, in their University of Michigan dorm room. 

The company claims to have been leading in the business travel industry for three decades. It specialises in a tech-driven platform designed for modern small and mid-market businesses (SMBs).

Speaking on the acquisition, Jeff Klee, CEO of AmTrav, says, “I’ve admired TravelPerk for a long time and the more I’ve gotten to know Avi and his team, the more I’ve seen what kindred spirits our companies are. AmTrav’s customers will benefit from TravelPerk’s global reach, scale and culture of innovation.”

“Together, we’ll continue the mission to use new technology and the right amount of human touch to make life better for businesses and their travellers. Craig and I couldn’t be more excited to join this immensely talented team.”

Aim of the acquisition?

Both TravelPerk and AmTrav aim to leverage their proprietary technology, AI capabilities, and resources to accelerate their growth in the US market. The GBTA reported that this market was valued at $329B in business travel spending in 2023.

The acquisition of AmTrav by TravelPerk is expected to double TravelPerk’s revenue in the US, building on a 65 per cent year-over-year growth in 2023. 

This move expands TravelPerk’s presence with offices now in Boston, Chicago, Los Angeles, and Miami. AmTrav will retain its brand and entire team, as part of the integration.

Avi Meir, CEO and co-founder of TravelPerk, says, “I’m thrilled to welcome Jeff, Craig and AmTrav to the TravelPerk team, as they bring a shared dedication to innovation and providing solutions that customers love.”

“Their decades-long track record of success in the US will supercharge our growth in the US and around the world.”

And with the financial backing of world-class investors in Blackstone and Blue Owl, in addition to SoftBank earlier this year, we’re exceptionally well positioned to continue to invest in industry-leading technology and our global growth.”

A new €125.9M credit facility

In addition to its recent $104M Series D1 Extension funding round in January 2024, TravelPerk has secured a new credit facility of up to $135M (approximately €125.93M) led by Blackstone Credit & Insurance and Blue Owl Credit.

This capital will support TravelPerk’s plans for organic growth and strategic acquisitions, to solidify its position as the leading SaaS Business Travel Platform for SMB and Mid-Tier companies.

Brief about TravelPerk

TravelPerk is a SaaS platform that aims to transform business travel with its all-in-one solution. It claims to offer travellers freedom and company control, saving time, money, and hassle, aiming to streamline business travel management globally.

The company serves organisations like Betterment, Adyen, Wise, and Red Bull, and is backed by investors like SoftBank Investment Advisers, General Catalyst, Kinnevik, Greyhound Capital, Felix Capital, Target Global, LocalGlobe, Spark Capital, and Heartcore.

Stephen Thorne, Investment Director of SoftBank Investment Advisers, says, “In adopting an AI-led approach to expand product automation, TravelPerk’s business model is well positioned to scale pan-regionally.”

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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