TravelPerk, a business travel booking and management platform that gives companies data and insights into all their spend, has raised $160 million in a series D round of funding led by Greyhound Capital.
The raise comes shortly after rival TripActions raised $155 million at a $5 billion valuation. TripActions, however, had pivoted from a pure business travel management platform to offer a broader expenses management toolset — this made sense given the disruption that the global pandemic has caused the global travel industry. TravelPerk, on the other hand, has mostly elected to weather the storm and stick to its core proposition.
Founded out of Barcelona, Spain, in 2015, TravelPerk serves up myriad tools for booking and managing business trips. This includes finding and reserving flights and hotels, centralized invoicing, and — crucially — reporting. This allows admins to track travel spend in real time by project, team, date, location, among other criteria.
“We also offer a carbon footprint report,” TravelPerk’s cofounder and CEO Avi Meir told VentureBeat. “Customers can view their CO2 impact in real-time for all their travel, not just flights, and if they choose to use GreenPerk they can automatically offset the carbon footprint for all of their corporate travel.”
Through its open marketplace, companies can integrate with myriad third-party services including Expensify, Divvy, Slack, Zoom, and OneLogin.
Although TravelPerk hasn’t gone down any major pivot route over the past year as others in the space have, it hasn’t remained still either. It has enabled a new flexible booking tool that guarantees refunds on cancelled trips, while it launched a new risk-management API that gives up-to-date information on Covid-related guidelines and restrictions. But perhaps most interestingly, the company launched an open API that enables its customers and partners to develop customized integrations and applications.
“This open approach is fundamental to our strategy, and a key part of our long-term mission to set new standards for business travel and deliver the best possible experiences to travelers and businesses,” Meir added. “We believe that TravelPerk can become the go-to platform for anyone that wants to build new and exciting travel apps.”
Prior to now, TravelPerk had raised around $133 million, and with another $160 million in the bank, the company is now well-financed to cater to the global business travel fray as it gradually cranks into gear.
“Travel is definitely coming back — we can see that already with the numbers,” Meir said. “In the U.S. for instance, we can see a 70-75% recovery in domestic flights compared to the baseline before Covid. In Europe it’s a little less certain right now, as vaccine rollout isn’t as fast, but you can look to other parts of the world and with some degree of certainty predict what the European recovery will eventually look like.”
Although Meir is confident that travel will recover, it might look a little different in the future — which is why he hinted that the company is working on some new things too.
“Overall, travel will make a full comeback, because the meetings that matter happen in person, but the travel industry will be very different and we’re building the products for that future,” Meir said.
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