Business travel management platform Travelperk has attracted $104 million in additional funding.
The investment values the company at $1.4 billion and comes as it reported that business travel for UK-based companies, both domestic and international, was up by 75% in 2023 over the previous year.
The latest capital injection will enable TravelPerk to increase investment into its platform and launch new business travel services, as well as expanding product automation through AI.
The funding, led by SoftBank Vision Fund 2 and supported by existing investors including Kinnevik and Felix Capital, comes as the company revealed that 2023 revenue grew by more than 70% year-on-year, with gross profit up by more than 90% and annualised booking volumes approaching $2 billion.
Stephen Thorne, investment director for SoftBank Investment Advisers, will join the TravelPerk board of directors.
He said: “Within the enormous global business travel market, SMBs [small and medium-sized businesses] have remained a largely underserved segment.
“TravelPerk continues to innovate, integrating AI across the product stack to deliver a world-class experience for customers and travellers.
“We are excited to partner with TravelPerk and support the next stage of growth.”
TravelPerk co-founder and chief executive Avi Meir (pictured) said: “We have a clear focus: building the number one SaaS [software as a service] business travel platform for SMB and mid-tier companies in Europe and the US.
“I’m delighted that SoftBank has backed that vision, and that our existing investors continue to support our responsible and thoughtful approach to long-term growth.
“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.
“We are also incredibly grateful to our team of more than 1,200 employees who together enable us to achieve such rapid growth and success.
“We’ll continue to grow our workforce as we scale our presence across the US and Europe.”