TravelPerk raises $160 million Series D to accelerate global growth
- New $160 million in funding shows investors' confidence in business travel recovery and brings total investment raised to date by TravelPerk to $294 million
- The funding will be used to accelerate TravelPerk's growth in the US and Europe and its mission to be the best global travel platform by fueling investment in product innovations and pursuing additional acquisitions
- The round, led by Greyhound Capital, with participation from existing investors, continues TravelPerk's momentum following its acquisition of US competitor NexTravel in January this year
CHICAGO, LONDON and BARCELONA, Spain, April 29, 2021 /PRNewswire/ -- TravelPerk, the largest and fastest growing global travel management platform, today announced it has raised $160 million in Series D equity and debt funding to fuel the next phase of its rapid global growth. The round was led by Greyhound Capital, with participation from existing investors, and brings the total investment raised to date to $294 million.
The funding will be used to accelerate TravelPerk's mission to create the world's best travel platform, with a particular focus on growth in the US and Europe and on product innovations designed for the changing needs of travelers and small-medium sized businesses post-pandemic. The global impact of COVID-19 means that flexibility, safety and sustainability are more important than ever within business travel and TravelPerk will be focused on enhancing its offerings in these areas, through innovation and acquisitions. TravelPerk is also hiring heavily and, after not making any layoffs during the pandemic, it expects to rapidly grow its 500-person team as the travel market grows through late 2021 and 2022.
"There will always be a need for business travel. But the events of the last year have fundamentally changed businesses' expectations and preferences", said Avi Meir, CEO and co-founder of TravelPerk. "Over the last 12 months, we've been constantly innovating to address the changing needs for travelers navigating the complex travel environment during COVID, and kept growing as a company during one of the worst crises the industry has ever seen - doubling our travel budget under management in this period.