Using Funds to Accelerate Global Growth
A new funding round means that TravelPerk secured $294 million in total business funding raised to date. Before this round, the startup company raised $60 million in 2019, as well as $44 million and $21 million in Series C and B, respectively.
The startup business’s strategy allows users to compare, rent, and invoice vehicles, flights, hotels, and apartments from a group of providers like Kayak, Skyscanner, Booking, Airbnb, Expedia but also provides companies with features to manage and report trips.
“It's easy to be true to your values when things are good. What's hard is sticking to them when the going gets tough. We're really proud to have been able to hold on to our values throughout the pandemic. We didn't conduct layoffs. We kept on building on and investing in our product. Our investors recognized everything that we did, and believe in us to lead the future of business travel,” said Avi Meir, CEO of TravelPerk.
The trip booking business also provides 24/7 traveler support, open API for custom integrations, as well as flexible booking options. The startup company didn’t secure funds last year as business investors steered clear of the industry that took a heavy hit from the COVID-19 pandemic.
However, several weeks ago, TravelPerk said the demand started to recover somewhere in Fall 2020 and the closing of its latest round suggests that investors are showing interest in the travel sector.
The company will use the funds to facilitate its business growth globally even though the COVID-19 pandemic persists in certain parts of Europe and the US, the company’s two largest markets.
“Led by our customer-turned-investor Greyhound Capital, this represents a milestone for us as we continue to accelerate our global growth,” added Meir.
The trip booking startup is preparing for what it believes will be a significantly more “moveable feast” of interest in business travel in the future. TravelPerk also did not waste time even with all the travel restrictions last year.
In October 2020, the startup business rolled out an API in a bid to provide the broader travel sector with access to up-to-date info about COVID-19 restrictions. The startup company also managed to double its user base last year, with more than 3,000 businesses now using its platform, and has avoided making layoffs.
Business trip booking platform TravelPerk raised $160 million in a Series D round from Greyhound Capital, and its other existing investors, as it looks to capitalize on the expected surge in demand for travel. The startup company has raised a total funding of $294 million to date.