TravelPerk has successfully raised $28 million over two funding rounds, achieving a valuation of over $1 billion. The platform is designed to simplify and optimize business travel management, offering features like travel policy setup, automated approvals, and extensive travel inventory.
Keep reading to explore the intricacies of TravelPerk's fundraising journey and the investors backing this innovative platform.
What Is TravelPerk?
TravelPerk, founded in 2015, is a company dedicated to simplifying corporate travel management. With offices in Chicago, London, and Barcelona, the platform offers an all-in-one solution for booking and managing business travel.
The company was co-founded by Avi Meir, Javier Suarez, and Ron Levin. TravelPerk has grown rapidly, now employing over 1,200 people across its various locations.
TravelPerk's mission is to take the pain out of business travel, providing features like automated approvals, extensive travel inventory, and 24/7 support to ensure a seamless experience for users.
How Much Funding Has TravelPerk Raised?
- Seed Round
- Amount Raised: $1.5 million
- Date: Summer 2015
- Lead Investors: Former Index Ventures partners, Saul and Robin Klein
- Motivation Behind the Round: To provide enough runway to achieve interesting results and develop the initial product.
- Series A
- Amount Raised: $7 million
- Date: June 2016
- Lead Investors: Spark Capital, Sunstone Capital, LocalGlobe
- Motivation Behind the Round: To grow the team, focusing on product development and commercial expansion, and to support global ambitions, including expansion to the US and Asia.
- Series B
- Amount Raised: $21 million
- Date: April 2018
- Lead Investors: Target Global, Felix Capital
- Motivation Behind the Round: To scale the business rapidly, expand the team, and open new offices in 4-5 countries within the next year and a half.
TravelPerk has raised a total of $29.5 million and is currently valued at $1 billion.
Key Investors
- Target Global
- Details: Target Global is a Berlin-based venture capital firm that invests in technology companies across Europe and Israel. They focus on supporting companies from early to growth stages.
- Investment Focus Areas: Technology, innovation, digital transformation
- Notable Investments: Delivery Hero, Auto1, WeFox
- Felix Capital
- Details: Felix Capital is a London-based venture capital firm that focuses on digital lifestyle investments. They aim to partner with entrepreneurs to build brands and technology platforms.
- Investment Focus Areas: Digital lifestyle, consumer brands, related technologies
- Notable Investments: Farfetch, Deliveroo, Peloton
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in early and growth-stage companies. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, media, entertainment
- Notable Investments: Twitter, Slack, Oculus
- Sunstone Capital
- Details: Sunstone Capital is a venture capital firm that focuses on early-stage technology companies in Europe. They aim to support innovative startups with high growth potential.
- Investment Focus Areas: Technology, healthcare, consumer internet
- Notable Investments: Prezi, Trustpilot, GetYourGuide
- Amplo
- Details: Amplo is a venture capital firm that invests in companies across various stages and sectors. They aim to support entrepreneurs who are solving important global problems.
- Investment Focus Areas: Diverse sectors, including technology, healthcare, and consumer products
- Notable Investments: Robinhood, Andela, One Concern
What's Next for TravelPerk?
TravelPerk is poised to disrupt the $1.25 trillion corporate travel market, with opportunities to expand its customer base among SMEs and larger enterprises. The company plans to scale operations in Europe, focusing on the UK, Germany, and Spain, and open offices in 4-5 new countries. Enhancing its product offerings with premium tiers and additional perks could further solidify its market position.
Future fundraising opportunities are likely as TravelPerk continues its rapid growth and market penetration. The company may attract further investment to support international expansion and product development. However, challenges such as competition from established corporate travel agencies and new startups, as well as maintaining high-quality customer support, could pose hurdles along the way.
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