Barcelona-based Travelperk has raised over $100 million for growth, product expansion, and AI-driven automation

Business Investments · Tech & Digital Transformation

24 Jan 2024

TravelPerk's current valuation is an impressive $1.4 billion, which reaffirms its status as a unicorn - a classification earned in its last round of funding.

TravelPerk, the fast-growing business travel management platform headquartered in Barcelona, recently announced a successful round of funding, securing more than $100 million to fuel expansion, support product development, and drive AI-driven automation. The investment was led by SoftBank Vision Fund 2, with significant contributions from established backers, including Kinnevik and Felix Capital.

This capital injection will enable TravelPerk to continue its growth trajectory, product development, and overall expansion. A notable aspect of this strategic move is the projection of more than 90% gross profit growth by the end of FY2023, achieved through a focused integration of automation and Artificial Intelligence (AI) technologies.

TravelPerk's current valuation is an impressive $1,400 million, reinforcing its unicorn status, a classification it earned in its previous funding round. This achievement underscores the company's resilience and potential in the competitive business travel sector.

We'll continue to grow our workforce as we scale our presence across the US and Europe

“We'll continue to grow our workforce as we scale our presence across the US and Europe”

Avi Meir, CEO and Co-Founder of TravelPerk

Avi Meir, CEO and Co-Founder of TravelPerk commented: "We have a clear focus: building the number 1 SaaS business travel platform for SMB and Mid-Tier companies in Europe and the US. I'm delighted that SoftBank has backed that vision and that our existing investors continue to support our responsible and thoughtful approach to long-term growth. This latest investment comes at a time when the winning tech companies are separating from the pack, and it further validates our investors' commitment to our vision and strategy". "We are also incredibly grateful to our team of more than 1200 employees who enabled us to achieve such rapid growth and success together. We'll continue to grow our workforce as we scale our presence across the US and Europe".

Barcelona and Catalonia's thriving startup ecosystem

Beyond the success of TravelPerk, the broader startup landscape in Barcelona and Catalonia has seen significant progress. In 2022, Barcelona was home to more than 2,000 startups, a 6.3% increase from the previous year. This growth trend goes beyond just numbers, as Catalonia's startup community has nearly doubled since the first analysis in 2016. A remarkable 59% of Catalan startups have been created in the last five years, showcasing the region's dynamic business scene.

On the global stage, Barcelona has consolidated its position as the second preferred location for startups in the EU, and the 5th best ecosystem in the EU in which to set up a startup behind only Paris, Berlin, Stockholm, and Amsterdam. This recognition underscores the region's attractiveness and supportive environment for fostering innovative businesses.

For those interested in a broader view of Catalonia's thriving startup scene, the Barcelona & Catalonia Startup Hub is an invaluable resource, providing insights into the 2,100 startups based in the region. This collective growth story reinforces Barcelona and Catalonia's position as Southern Europe's leading hub for business ventures.

Source: Travelperk | Catalonia Trade & Investment

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