Barcelona-based TravelPerk raises €192 million to accelerate growth and continue US expansion

Barcelona-based business travel platform TravelPerk has announced a new Series E funding round of €192 million. The round was 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 round nearly doubles TravelPerk's valuation to €2.59 billion.

“Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and work to become the number one travel and expense management platform”

Avi Meir, TravelPerk's CEO and Co-Founder

Share quote:

• X
• LinkedIn
• Facebook
• Whatsapp

In 2022, TravelPerk became a unicorn, a privately held tech startup valued at $1 billion or more during its funding rounds without being publicly traded. This milestone highlights the company's remarkable growth and innovation. TravelPerk uses its funding to accelerate growth, expand into the US market, and make significant investments in product, technology, and AI. These efforts aim to deliver the leading travel and expense management platform for SMB and mid-market companies in the US and Europe.

Avi Meir, TravelPerk's CEO and Co-Founder, commented: "Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and work to become the number one travel and expense management platform."

TravelPerk also announced the acquisition of Yokoy, a European leader in AI-powered expense, invoice, and card payment processing.
Through the acquisition of Yokoy and deep integrations through an open ecosystem of strategic expense management partners, TravelPerk can provide customers in Europe and the US with highly localized solutions to meet their unique needs. This preserves customer choice and flexibility, 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 Jean-Christophe 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."

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 deliver to customers."

The acquisition of Yokoy and Series E funding followed 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 €2.40 billion, annualized revenue of over €192 million, growth of over 50% per annum in the last two years, and reaching EBITDA break-even at the end of 2024.

Barcelona-Catalonia, Europe's thriving hub for startups

Barcelona-Catalonia is one of the top startup ecosystems in Europe, with 2,100 startups and a thriving hub for innovation and entrepreneurship. Ranked the 2nd best place to start a startup in Europe and the 5th best startup hub in the EU, it's no surprise that top international companies are setting up global tech hubs here.

The region's skilled talent, booming startup economy and exceptional quality of life are key factors attracting companies. As the fifth most digitized region in Europe, ahead of the UK, Germany, and Estonia, Barcelona-Catalonia is a natural fit for the tech industry.

Seven unicorns, including TravelPerk, were founded here, making Barcelona-Catalonia an ideal place for startups to thrive and grow.

About TravelPerk

TravelPerk is a 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 while providing companies with the necessary control.

TravelPerk has an 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.

Source: TravelPerk