TravelPerk has raised $200 million in a Series E funding round. This latest investment takes the company’s valuation to $2.7 billion, reflecting investor confidence in TravelPerk’s innovative approach to business travel management. The company also announced the strategic acquisition of Yokoy, with the aim of integrating expense management seamlessly into its platform.

About TravelPerk

Established by Avi Meir, Javier Suarez, and Ron Levin in 2015, TravelPerk has swiftly evolved to be the most emerging challenger in business travel. Its entire platform can offer simplified solutions in making and managing corporate travel arrangements that also features live travel updates, flexible bookings, and a series of reports to its business customers. 

Read also: Vertice Secures $50M to Enhance AI-Powered SaaS Spend Management Platform

Headquartered in Barcelona, TravelPerk has expanded its presence with offices in London, Berlin, Chicago, Boston, and Miami, serving clients across Europe and the United States. WIKIPEDIA
About the Series E Financing Round

The $200 million Series E financing round was led by European venture capital firm Atomico, alongside EQT Growth, with significant participation from Noteus Partners and existing investors, including Kinnevik and General Catalyst.

This over-subscribed round almost doubles TravelPerk’s valuation to $2.7 billion. The capital will be used to speed up the company’s expansion in the U.S. market and to invest in product development, especially in the improvement of AI capabilities to provide a leading travel and expense management platform for SMB and mid-market companies in the U.S. and Europe.

Acquisition of Yokoy

As part of the funding announcement, TravelPerk acquired Yokoy, a Swiss-based company that specializes in AI-powered expense, invoice, and card payment processing. 

The acquisition allows TravelPerk to offer its clients an even more integrated and comprehensive travel and expense management solution, thereby expanding its addressable market and increasing its value proposition. Yokoy’s advanced AI technology will play a significant role in streamlining expense management processes for clients, offering them a seamless and efficient experience.

Read also: Mitiga Secures $30M to Enhance Cloud and SaaS Security

Strategic Entry into the US Market

The newly raised funds will bring in much-needed capex to TravelPerk as the company ramped up its expansion into the U.S. market. Beginning with the acquisition of US-based competitor AmTrav in 2024, TravelPerk has been steadily increasing its presence in North America. 

The company will use the new capital raised in furthering its product proposition, AI-driven solutions and scale its operations to service the growing needs of SMB and mid-market companies in the U.S.

Investor Perspectives

Conflicts are expressed confidence by investors. Atomico as well as EQT Growth both had the lead while conducting the round. They claimed that TravelPerk has used innovative business approach as it has business travel management tools. It aims to capture such huge market size in the country, the USA. Kinnevik and other existing investors stated their support stating solid performance for strategic direction

Read also: Passbolt raises $8M to Enhance Open-Source Password Management

Longer term prospects

The infusion of new capital and the strategic acquisition of Yokoy positions TravelPerk for the enhancement of its platform capabilities and further extension of its market presence. By focusing on the integration of advanced AI technologies into its solutions for travel and expense management 

the company provides clients with an experience that is seamless and efficient. As it continues to scale its operations, TravelPerk remains committed to delivering innovative solutions that meet the evolving needs of businesses worldwide.