Summarize this content to 2000 words in 6 paragraphs
TravelPerk said Tuesday that it has raised $200 million. It’s the first major venture capital deal in travel tech announced this year and the largest for an expense management platform since 2023.
The oversubscribed series E round raises the company’s valuation to $2.7 billion. TravelPerk last raised $104 million at a $1.4 billion valuation in January 2024. The company has now raised a total of over $700 million.
Barcelona-based TravelPerk is a corporate travel agency focused on small and mid-tier companies in the U.S. and Europe. Client companies and their employees can book and manage travel and expenses through a tech platform. Clients include Red Bull, GetYourGuide, and Aesop.
TravelPerk’s $200 million deal likely is a preview of what to expect in 2025. There were multiple large raises in 2024 — including hundreds of millions of dollars for business travel platforms — and the signs point to that continuing.
TravelPerk said that the funding will go toward continued expansion in the U.S. The company acquired Chicago-based AmTrav in 2024, which added 1,000 new clients to its portfolio and made the U.S. its top region for revenue.
The funding will also go toward strengthening its tech and products. Avi Meir, CEO and co-founder of TravelPerk, said in early 2024 that the company had not planned on raising more capital but changed course to integrate the latest advancements in AI.
Atomico and EQT Growth co-led the round, with participation from new investors Noteus Partners and Sequoia Capital, as well as previous investors General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone. Hillary Ball of Atomico and Carolina Brochado of EQT Growth are both joining TravelPerk’s board of directors.
TravelPerk said it has exceeded $2.5 billion in bookings annually and has grown revenue over 50% each of the last two years to over $200 million. The company also said it reached breakeven in EBITDA at the end of 2024.
TravelPerk Acquires Yokoy
TravelPerk also said it acquired Yokoy, a Switzerland-based expense management startup founded in 2019. It was an all-equity deal, and the purchase price was not disclosed.
Meir noted Yokoy’s AI work in a statement about the deal: “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.”
TravelPerk said it has partnered with Yokoy since 2020, offering joint services to clients including Breitling, On Running, and Medskin.
Yokoy grew revenue 281.88% over three years, according to a 2024 report from the publication Sifted. Yokoy has raised over $100 million, most recently a series B round of $80 million in March 2022. The company has more than 700 clients.
