Global business travel platform TravelPerk recently announced a $104m Series C funding round. The round saw an additional $60 million from existing investors.
TravelPerk will use the investment to accelerate product innovation, aiming to give business travellers freedom and flexibility and give companies control over their travel expenses.
In the coming weeks and months TravelPerk will continue its European expansion. The company also has plans to announce major product additions, disrupting the pricing structure of the travel industry, an industry filled with outdated solutions that often make business travel expensive and painful.
Since it was founded in 2015, TravelPerk has raised nearly $134 million in funding. So far in 2019 the business has seen an impressive 300% revenue increase on the platform and a 250% headcount increase since the start of the year. In line with this growth, the company is now opening new offices in London and Berlin.
TravelPerk focuses its business in Europe, a huge market for business travel, worth more than $250bn annually.
TravelPerk has enhanced its inventory and experience with several recent strategic partnerships; with Lufthansa, Trainline, Spendesk, and Expensify. The platform is has also seen a major acceleration in customer acquisition as the company is now the business travel provider of choice for many businesses including Transferwise, Adyen, Glovo, and Farfetch.
Avi Meir, CEO and Co-founder of TravelPerk, said: “At TravelPerk, we believe that travel is the biggest unsolved problem in business today. As a $1.3tn global market, it’s staggering that businesses have been stuck for so long with a status quo defined by limited inventory, inflexible booking experiences, and lousy customer support.
“That’s why our approach is all about innovations that will genuinely make life easier for the traveler, and we’re proud to have the continued backing of our fantastic investors in support of this strategy. We have big ambitions for the next phase of our product development, which will see us quickly bring new offerings to market that don’t just see business travel catch up with consumer travel, but actually surpass it.”
