TravelPerk, the leading business travel platform, today announces a
new Series E fundraise of $200m.
The investment is led by European venture capital firm
Atomico, alongside
EQT Growth,
with significant participation from Noteus Partners and existing
investors, including Kinnevik and General Catalyst. The
oversubscribed round nearly
doubles TravelPerk’s valuation
to $2.7 billion.
The funding will be used to further accelerate growth - with
continued expansion into the US market (following the acquisition
of AmTrav in 2024) alongside significant investments into product,
technology and AI to deliver the leading travel and expense
management platform for SMB and mid-market companies in
the U.S. and Europe.
The company also announced today its acquisition of
Yokoy, market-leader in Europe for AI-powered
expense, invoice, and card payment processing.
As companies face greater economic pressures and more
complicated regulatory environments, they are increasingly
demanding a fully integrated solution that brings travel and
expenses together into one automated platform, to simplify the
end-to-end experience, streamline processes, and help them better
control costs.
Through its acquisition of Yokoy, and deep integrations via an
open ecosystem of strategic expense management partners, TravelPerk
is positioned to provide customers in Europe and the US highly
localized solutions, to suit their individual needs, preserving
customers freedom of choice and flexibility, which is a key tenet
of the TravelPerk value proposition.
“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,” commented TravelPerk President and Chief
Operating Officer, JC Taunay-Bucalo, adding:
“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.”
TravelPerk and Yokoy have collaborated since 2020, successfully
partnering to jointly offer travel and expense management to
customers such as Breitling, On Running, and Medskin.
Philippe Sahli, Co-founder and CEO of Yokoy, commented: “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.”
The acquisition of Yokoy and Series E funding came off the back
of another year of growth at TravelPerk. The company has achieved a
unique combination of growth and profitability at scale - with
annualized booking volumes of over $2.5 billion, annualized revenue
of over $200 million, growth of over 50% per annum in the last two
years, and reaching EBITDA break-even at the end of 2024.
Avi Meir, TravelPerk CEO and Co-Founder, commented: "Our focus
has never been stronger as we expand across core markets,
accelerate growth in the US, and now work to become the number one
travel and expense management platform.”
He continued: "Our partnership with Yokoy has already been a
great success, and we are excited to take it to the next level by
welcoming Phil, Devis, and the rest of the team to TravelPerk. We
share a common vision for the role of AI reshaping the future of
travel and expense management, and the innovation coming out of
Yokoy’s AI labs in Zurich is seriously impressive.”
Hillary Ball, Partner at Atomico, who will join TravelPerk’s
Board of Directors, commented: “Corporate travel and expense
management is time-consuming, expensive and burdensome. We’ve long
admired how TravelPerk has solved this problem with a
product-centric approach, and remained at the forefront of the
market through strategic acquisitions, international growth, and
innovative product expansions. Yet, with a team as ambitious as
TravelPerk, and with the inclusion of Yokoy, there is still so much
more on the horizon. Atomico is thrilled to be partnering with Avi
and the whole team to fuel the next phase of the company’s
vision.”
Carolina Brochado, Partner at EQT Growth, who will also join the
Board, commented: "Having followed the TravelPerk team for years,
we’ve been consistently impressed by their focus, tenacity, and
ambition in disrupting the industry. Their proprietary use of AI is
among the best we’ve seen, enabling faster, smarter service for
their customers. With the Yokoy acquisition, their product evolves
into a true end-to-end T&E solution, further powered by
AI."
Notes to Editors
Yokoy was acquired in an all-equity deal, with Sequoia Capital,
the prominent American venture capital firm, now joining
TravelPerk’s cap table alongside its existing investors.
About TravelPerk
TravelPerk is a hyper-growth SaaS business travel platform and a
pioneer in the future of travel for work. Its all-in-one platform
gives travelers the freedom they want whilst providing companies
with the control they need. The result saves time, money, and
hassle for everyone.
TravelPerk has industry-leading travel inventory alongside
powerful management features, 24/7 customer support,
state-of-the-art technology, and consumer-grade design, which
enable companies and organizations worldwide like Red Bull,
GetYourGuide, and Aesop, to get the most out of their travel.
Visit www.travelperk.com for more information.
About Yokoy
Yokoy is the Intelligent Spend Management Platform, founded in
Switzerland in 2019 with the aim of streamlining and simplifying
how businesses process expenses, invoices, and card payments.
Powered by its proprietary AI, Yokoy is trusted by more than 700
customers around the world to automate their finance processes and
accelerate the move towards zero-touch spend management. Yokoy was
named #1 fastest-growing B2B Fintech brand in Europe by Sifted in
2024.
Visit yokoy.io for more information.
Media contact:
Press office - press@travelperk.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/140d9efb-db58-4b1e-a378-85f51317ddcf
