Business travel platform TravelPerk has announced an investment of $160 million “to fuel the next phase of its rapid global growth”.

It said that the funding shows investors’ confidence in the recovery of business travel and brings the total investment raised to date by TravelPerk to $294 million.

The latest round of funding was led by Greyhound Capital, with participation from existing investors.

The money will support growth in the US and Europe, as well as new product designed for the changing needs of travellers and small to medium-sized businesses after the Covid-19 crisis.

TravelPerk has avoided any job losses during the pandemic and expects to increase its 500-strong workforce as the travel market recovers in late 2021 and 2022.

Avi Meir (pictured), chief executive and co-founder of TravelPerk, said: “There will always be a need for business travel. But the events of the last year have fundamentally changed businesses’ expectations and preferences.

“Over the last 12 months, we’ve been constantly innovating to address the changing needs for travellers navigating the complex travel environment during Covid, and kept growing as a company during one of the worst crises the industry has ever seen – doubling our travel budget under management in this period.

“We are very confident in the return of business travel this year, and this investment will allow us to accelerate our ambitious growth plan in crucial markets like the US and Europe and deliver on travellers’ changing priorities as safety, sustainability and greater flexibility become essential requirements for all travel.”

The TravelPerk platform enables travellers compare, book and invoice trains, cars, flights, hotels and apartments from a range of providers including Kayak, Skyscanner, Expedia, Booking.com and Airbnb.

Pogos Saiadian, investor at Greyhound Capital, added: “We are confident that business travel will recover and thrive in the years ahead.

“We believe that this is a huge long-term opportunity, and as customers ourselves, we see first-hand the tremendous value that TravelPerk provides across organisations.”