Barcelona-based business travel management platform TravelPerk has successfully secured $200 million, achieving a significant valuation of $2.7 billion, nearly doubling its previous valuation of $1.4 billion from last year’s funding round.
In conjunction with this funding, TravelPerk has acquired the Swiss startup Yokoy, integrating comprehensive expense management into its services.
As the travel and tourism sector is approaching pre-pandemic levels, the surge has benefitted startups that provide a diverse range of services, from tour packages to innovative trip-planning tools, luggage storage, and vacation rentals.
This upward trend is also evident in the corporate sector, with the World Travel and Tourism Council (WTTC) projecting that business travel is set to reach a historic $1.5 trillion in 2024, representing a 6.2% increase compared to the pre-pandemic height in 2019. This growing demand is positively influencing the corporate travel startup arena, attracting investors.
This development reflects broader trends within the technology sector. For instance, TripActions ventured into expense management in 2020 due to the pandemic, which suspended the travel plans of many companies. In contrast, Ramp expanded its offerings in 2022 by incorporating travel management alongside its expense solution.
Expanding into expense management is a strategic move, as it provides stability against future challenges that may affect the travel industry. Indeed, all businesses need to manage expenses, regardless of their stance on corporate travel.
Following the recent acquisition, Yokoy’s leadership team, including CEO Philippe Sahli and CTO Devis Lussi, will integrate their services within TravelPerk.
The excitement about this collaboration was expressed, noting that the partnership with Yokoy has already yielded significant success. There is enthusiasm for advancing this relationship, especially in regard to the shared vision for AI’s transformative influence on travel and expense management. The innovations emerging from Yokoy’s AI laboratories in Zurich are particularly noteworthy.
The Series E funding round for TravelPerk was spearheaded by the European venture capital firm Atomico, along with contributions from EQT Growth, Noteus Partners, Kinnevik, General Catalyst, and several other existing investors.
