Business travel management platform TravelPerk has secured $104 million in its latest funding round, with Japanese technology investment firm SoftBank joining as an investor in the company.
SoftBank’s Vision Fund 2 led this latest investment, which builds on TravelPerk’s funding round that reached $275 million in January 2022 and brings TravelPerk’s total valuation to $1.4 billion. Softbank Investment Advisers investment director Stephen Thorne is joining TravelPerk’s board of directors as part of the investment, which also included previous investors Kinnevik and Felix Capital.
TravelBank, which focuses on small and midsized clients, plans to use the investment to add new inventory capabilities to its platform, launch new business travel services and expand AI automation. The company reported that its annualized booking volume is nearing $2 billion and that 2023 revenue was up 70 percent year over year.
“This latest investment comes during a time when the winning tech companies are separating from the pack, and it further validates our investors’ commitment to our vision and strategy,” TravelPerk CEO and cofounder Avi Meir said in a statement.
TravelPerk currently reports more than 1,200 employees and plans to increase that workforce as it grows across the U.S. and Europe, Meir added.
