When you think of the word Series, a lot of thoughts come to mind. Perhaps you think of a series of stocks that are purchased by a company in order to raise money or that a company has a new venture. In fact, the word Series can refer to many different types of deals, including the raising of a seed investment and the purchase of a startup company by an established company. This article will take a look at one such deal: a $160M Series D from TravelPerk, the business trip booking platform.
Business trip booking platform TravelPerk raises $160M Series D
TravelPerk is a travel management platform that allows employees to book, manage and invoice travel for their business. The platform allows users to compare different hotels, flights, cars and train tickets. It also offers real-time spend tracking.
Business trip booking is a lucrative industry that is worth more than $1 trillion. Despite its popularity, it is a very competitive space. Many VCs are funding hundreds of millions of dollars in corporate travel start-ups.
TravelPerk, based in Barcelona, Spain, is a travel management company. Its founding team includes entrepreneurs with deep market expertise and a disruptive business model. Since its inception in 2015, it has built an all-in-one tool for booking business trips, invoicing, and managing expenses online.
Since the beginning of 2019, TravelPerk has grown fourfold in annualised revenue. The startup has also expanded its offering to take advantage of the full recovery of the business travel market. In July, it acquired an API from Albatross, which provides information on travel restrictions.
TravelPerk has also acquired Click Travel, a UK-based corporate travel company. Click Travel has 150 employees and will gradually be integrated into the TravelPerk product.
In addition to its booking and invoicing tools, the platform offers a sustainability solution called GreenPerk. This allows customers to offset all of their business travel carbon emissions.
TravelPerk’s pre-pandemic raises
TravelPerk is a new business travel booking platform, and it combines exceptional customer support with the largest inventory of travel options in the world. It also has an open API for custom integrations.
The company raised $160 million in a Series D round in April. Greyhound Capital led the funding. In addition to the funding, the company acquired risk management startup Albatross.
With its new funding, TravelPerk plans to double down on product development. This includes developing tools for hybrid working.
TravelPerk is targeting the $1 trillion plus corporate travel market. According to a report by the Global Business Travel Association, the industry will see a full recovery in 2024.
In its pre-pandemic raises, TravelPerk received $160 million in equity and debt financing. The company declined to disclose its valuation. However, it has raised approximately $409 million to date, and it is expected to continue attracting investors.
TravelPerk is funded by a group of well-known online travel industry executives. The firm is also backed by Spark Capital, Trello, Slack and Twitter.
TravelPerk has a strong presence in the U.S. and Europe. The company is particularly active in the SMEs market, which is defined as companies with 50-2,000 employees.
