TravelPerk, the business travel platform, announces a new Series E fundraise of $200m.
The investment round is reportedly led by European venture capital firm Atomico, alongside EQT Growth, with participation from Noteus Partners and existing investors, including Kinnevik and General Catalyst.
The round “nearly doubles” TravelPerk’s valuation to $2.7 billion.
The funding will be used to accelerate growth – with expansion into the US market (following the acquisition of AmTrav in 2024) alongside investments into product, tech and AI to “deliver the travel and expense management platform for SMB and mid-market companies in the U.S. and Europe.”
The firm announced its acquisition of Yokoy, a key European player for AI-powered expense, invoice, and card payment processing.
As firms face economic pressures and more complicated regulatory environments, they are increasingly demanding “a fully integrated solution that brings travel and expenses together into one automated platform, to simplify the end-to-end experience, streamline processes, and help them better control costs.”
Through its acquisition of Yokoy, and deep integrations via an open ecosystem of strategic expense management partners, TravelPerk is positioned to provide customers in Europe and the US localized solutions, to “suit their individual needs, preserving customers freedom of choice and flexibility, which is a key tenet of the TravelPerk value proposition.”
TravelPerk and Yokoy have collaborated since 2020, partnering to offer travel and expense management to customers such “as Breitling, On Running, and Medskin.”
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 together deliver to customers.”
The acquisition of Yokoy and Series E funding came off the back of “another year of growth at TravelPerk.”
The company has reportedly achieved a combination of growth and profitability at scale – with annualized booking volumes of “over $2.5 billion, annualized revenue of over $200 million, growth of over 50% per annum in the last two years, and reaching EBITDA break-even at the end of 2024.”
Avi Meir, TravelPerk CEO and Co-Founder, commented:
“Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform.”
He continued:
“We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”
Carolina Brochado, Partner at EQT Growth, who will also join the Board, commented:
“Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”
Yokoy was acquired in an all-equity deal, with Sequoia Capital, the American venture capital firm, now “joining TravelPerk’s cap table alongside its existing investors.”