TravelPerk raises $160 million
Travel management platform TravelPerk announced it has raised $160 million in Series D equity and debt funding. The round was led by Greyhound Capital, with participation from existing investors, and brings the total investment raised to date to $294 million.
The TravelPerk platform hosts the “world’s largest bookable travel inventory,” allowing travelers to compare, book and invoice trains, cars, flights, hotels and apartments from a range of providers including Kayak, Skyscanner, Expedia, Booking.com, and Airbnb. In 2019, the company announced FlexiPerk, a product that gives business travelers the flexibility to cancel and get an 80% refund on any booking – hotel, trains, Airbnb, cars, and flights at any time, for any reason. Initially, the company offered a 90% refund.
“There will always be a need for business travel. But the events of the last year have fundamentally changed businesses’ expectations and preferences. Over the last 12 months, we’ve been constantly innovating to address the changing needs for travelers navigating the complex travel environment during COVID, and kept growing as a company during one of the worst crises the industry has ever seen – doubling our travel budget under management in this period. We are very confident in the return of business travel this year, and this investment will allow us to accelerate our ambitious growth plan in crucial markets like the US and Europe and deliver on travelers’ changing priorities as safety, sustainability and greater flexibility become essential requirements for all travel.” – Avi Meir, CEO and cofounder of TravelPerk.
“There is no doubt that from 2021 onwards the average business trip will look very different to how it did in 2019. We are confident that business travel will recover and thrive in the years ahead. We also believe that people will, more than ever before, need a platform like TravelPerk that has deep inventory, excellent ‘seven-star’ customer service, provides a great traveler experience and integrates with the broader tech-stack. We believe that this is a huge long-term opportunity, and as customers ourselves, we see first-hand the tremendous value that TravelPerk provides across organizations, from finance to admin and the travelers themselves. The fact the company is beating growth expectations already for this year further supports our belief that TravelPerk is a true market leader, and we are delighted to be supporting the next stage of the company’s growth with this investment.” – Pogos Saiadian, investor at Greyhound Capital.