Barcelona-based TravelPerk, a platform for managing business travel globally, has raised $200M (nearly €191.75M) in an oversubscribed Series E funding round.
According to TravelPerk CEO and co-founder, Avi Meir, the company’s valuation has doubled to $2.7B (nearly €2.58B) from the last round.
The Series E round was led by Atomico and EQT Growth, with participation from Noteus Partners and existing investors Kinnevik and General Catalyst.
TravelPerk has also announced the acquisition of Yokoy, a Zurich-based company specialising in AI-powered expense, invoice, and card payment processing.
TravelPerk aims to provide localised solutions tailored to customer needs through its acquisition and integrations with strategic expense management partners while preserving customer choice and flexibility.
TravelPerk President and COO, JC Taunay-Bucalo, says, “Until now, customers had to make hard trade-offs—an integrated solution or best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance. Customers don’t have to compromise anymore.”
“Now, they can have the best travel management product built on the world’s largest inventory and the expense management product that works best for their business, combined for the best integrated experience there is.”
Capital utilisation
The funds will support TravelPerk through expansion into the US market, following the 2024 acquisition of AmTrav, and investments in product, technology, and AI to develop travel and expense management platforms for SMB and mid-market companies in the US and Europe.
“We have no plans to slow down, so will use the funding to further accelerate our growth—with continued investment in the US market alongside making significant investments into product, technology and AI,” says Avi Meir, TravelPerk CEO and co-founder.
Why acquire Yokoy?
Yokoy’s name, inspired by the Japanese word “yoko” meaning “side by side,” reflects its mission to create technology that works alongside people.
Yokoy is a spend management platform offering AI-powered expense, invoice, and card payment processing. TravelPerk and Yokoy have collaborated since 2020 to provide travel and expense management tools to customers like Breitling, On Running, and Medskin.
TravelPerk co-founder Meir mentions that the companies bring complementary strengths and share aligned cultures, which he, along with Yokoy co-founders Phil and Devis, value. They share a vision for AI in travel and expense management and are impressed by the technology from Yokoy’s AI labs in Zurich.
Philippe Sahli, co-founder and CEO of Yokoy, says, “Given our successful collaboration to date and the compelling vision for the future of integrated travel and expense management, we are excited to come together as one company and are confident in the unprecedented experience we can together deliver to customers.”
While focusing on building with Yokoy, TravelPerk will continue to prioritise 7-star service. The company plans to maintain and invest in its open partner ecosystem, strengthening key partnerships in the coming year.
Brief about TravelPerk
TravelPerk is a SaaS platform that aims to transform business travel with its all-in-one solution. It claims to provide travellers with freedom and company control, saving time, money, and hassle. The platform aims 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.
In June 2024, TravelPerk secured a credit facility of up to $135M (€125.93M) led by Blackstone Credit & Insurance and Blue Owl Credit.
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