TravelPerk, a leading corporate travel platform, announced a significant funding round and acquisition, propelling its valuation to $2.7 billion. The company secured $200 million in investment from Atomico, EQT, and Noteus Partners, doubling its market value from earlier this year. The investment will fuel expansion, technology development, and a deeper foray into financial services through the acquisition of Yokoy, a Swiss spend management platform.
Corporate travel platform TravelPerk has raised $200 million in a funding round led by Atomico and EQT, valuing the company at $2.7 billion. This latest investment doubles TravelPerk's market value from January 2024 when it secured $104 million in funding at a $1.4 billion valuation. TravelPerk also announced the acquisition of Yokoy , a Swiss spend management platform, marking a significant expansion into financial services and aiming to create a unified travel and expenses platform.
Noteus Partners also participated in this investment round.TravelPerk plans to utilize the fresh capital to accelerate its growth, expand its presence in the U.S. market, and invest in product development, technology, and artificial intelligence. Jean-Christophe Taunay-Bucalo, president and chief operating officer at TravelPerk, attributed the company's success to its resilience during the Covid-19 pandemic, which forced it to strengthen its foundation and adapt to challenging circumstances. Revenues have rebounded significantly, reaching around five times the pre-pandemic levels, according to Taunay-Bucalo.Hillary Ball, Atomico's growth-focused partner, expressed confidence in TravelPerk's ability to address the complexities of corporate travel, noting the market's resurgence post-pandemic. Ball pointed to the $1.5 trillion global value of corporate travel in 2023, a 6% increase compared to pre-pandemic levels, highlighting the market's enduring growth. In addition to the current funding round, TravelPerk had previously secured $135 million in debt financing and acquired AmTrav, a Chicago-based corporate travel booking software firm, in June to bolster its U.S. market expansion. Carolina Brochado, founder partner and deputy head of EQT's growth fund, emphasized the significant market opportunity for TravelPerk, estimating a $200 billion addressable market between the U.S. and Europe, with a substantial portion remaining unmanaged. Despite achieving considerable scale with over 1,500 employees and a $2.7 billion valuation, Taunay-Bucalo stated that TravelPerk is not currently pursuing an initial public offering (IPO) and remains focused on customer satisfaction and long-term growth. TravelPerk intends to continue investing in AI to enhance its product offerings and leverage the expertise of Yokoy's AI team, including Devis Lussi, Yokoy's chief technology officer who previously worked at CERN. The company embraces a proactive approach to emerging technologies like 'agentic' AI, testing and implementing new solutions based on their effectiveness.
Corporate Travel Travelperk Funding Acquisition Yokoy Artificial Intelligence Growth Market Expansion Technology Investment
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