TravelPerk said the fresh cash would be used to accelerate growth, fuel expansion in the U.S. market and investment in product, tech and artificial intelligence.
In addition to the funding round, the Barcelona-based startup revealed it acquired Yokoy, a Swiss spend management platform, a deal that will see it expand its reach into financial services and become a more unified travel and expenses platform.
The fresh financing doubles TravelPerk’s market value from January 2024, when it raised $104 million on a $1.4 billion valuation. Noteus Partners also participated in this latest investment round.
TravelPerk, a corporate travel platform, raised $200 million from investors including Atomico and EQT in a funding round valuing the firm at $2.7 billion, the company told CNBC.
Jean-Christophe Taunay-Bucalo, president and chief operating officer at TravelPerk, told CNBC venture capitalists were drawn to the firm’s growth story after it rebounded from times of struggle faced during the Covid-19 pandemic.
TravelPerk saw revenues decline rapidly in 2020 and 2021 as most business travel came to a standstill. Revenue has since grown to around five times the size it was before Covid hit, according to Taunay-Bucalo.