Barcelona-based startup TravelPerk has secured $44m (£33.29m) in Series C funding that will enable it to launch in the UK.
Swedish investment company Kinnevik, Israeli-Russian venture capitalist Yuri Milner and DST Global’s Tom Stafford led the investment into the European SaaS travel platform, which will use the cash to expand into new markets.
Following rapid team growth, TravelPerk is opening its first office in the UK, in London, and is set to build bases in Berlin, Amsterdam and Paris.
This new injection of funding has also equipped TravelPerk to accelerate its growth, augment its technology and offer integrated travel and expenses management on the platform.
TravelPerk aims to streamline the process of trip management – from booking to accounts, for its clients, including Uber, Transferwise and Farfetch.
The platform allows travellers to compare, book and invoice cars, trains, flights and hotels from a wide range of major providers including Booking.com, Expedia and Airbnb.
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Since being founded in 2015 by CEO Avi Meir and CPO Javier Suarez, TravelPerk claims to have increased revenues by 700% growth year on year, and has now raised nearly $75m in total funding. Avi Meir said: “TravelPerk is breaking new ground to propel business travel into the 21st century, disrupting a mammoth and outdated $1.3 trillion market – ensuring distance is never a barrier to future growth.”
Commenting on the news, he continued: “We are proud to have the backing of investors with a unique track record of supporting other market disruptors that have transformed entire industries.”
Chris Bischoff, Senior Investment Director at Kinnevik, said the company is excited to invest in TravelPerk: “This company fits perfectly into our investment thesis of using technology to offer customers more and much better choice. Booking corporate travel is unnecessarily time-consuming, expensive and burdensome compared to leisure travel. Avi and team have capitalised on this opportunity to build the leading European challenger by focusing on a product-led solution, and we look forward to supporting their future growth.”
Existing investors Felix Capital, Target Global, Spark Capital, LocalGlobe, Suntone and Amplo also contributed to this round.