Prime Highlights:
TravelPerk raised $200 million, bringing its valuation to $2.7 billion, doubling from its $1.4 billion valuation in January 2024.
The round included investors such as Atomico, EQT, and Noteus Partners, alongside existing supporters like SoftBank’s Vision Fund and Blackstone.
TravelPerk acquired Swiss spend management platform Yokoy, expanding into financial services and creating a unified travel and expense platform.
Key Background:
Corporate travel platform TravelPerk has raised $200 million in a funding round led by investors including Atomico, EQT, and Noteus Partners, boosting its valuation to $2.7 billion. This marks a significant leap from the company’s $1.4 billion valuation in January 2024, following a previous $104 million funding round. The funding will support the company’s expansion in the U.S., along with continued investment in product development, technology, and artificial intelligence (AI).
In a strategic move to diversify, TravelPerk also announced its acquisition of Yokoy, a Swiss spend management platform. This acquisition expands TravelPerk’s capabilities, allowing the company to integrate travel and expense management services into one unified platform. Yokoy’s investor Sequoia Capital will join TravelPerk’s cap table, joining existing investors such as General Catalyst, Kinnevik, SoftBank’s Vision Fund, and Blackstone.
CEO and co-founder Avi Meir explained that the company’s recent growth story is rooted in its resilience during the COVID-19 pandemic, where it saw a sharp decline in business travel revenue. However, TravelPerk has since rebounded, with revenue now approximately five times higher than pre-pandemic levels. Jean-Christophe Taunay-Bucalo, President and COO of TravelPerk, noted that the platform is benefiting from a growing global corporate travel market, valued at $1.5 trillion in the past year, a 6% increase from pre-pandemic levels.
Despite the impressive growth and a workforce of over 1,500 employees, the company remains focused on long-term customer satisfaction rather than an immediate public offering. Taunay-Bucalo emphasized that TravelPerk’s goal is to create a lasting business with a focus on sustainable growth. TravelPerk also plans to further invest in AI, with the addition of Yokoy’s strong AI team. The company is not concerned with emerging AI “agents” and intends to test new technologies to enhance its services.
