Business travel platform TravelPerk has attracted $200 million in new funding while acquiring an AI-powered expense, invoice, and card payment processing firm.
The investment, led by European venture capital firm Atomico, almost doubles TravelPerk’s valuation to $2.7 billion.
The funding will be used to further accelerate growth with continued expansion into the US following the acquisition of Chicago-based TMC AmTrav last year alongside “significant investments” into product, technology and AI.
The Barcelona-based company confirmed the takeover of Yokoy, a firm it has collaborated with since 2020 to jointly offer travel and expense management to clients such as Breitling, On Running and Medskin.
TravelPerk co-founder and chief executive Avi Meir said: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform.
“Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level.
“We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”
Hillary Ball, partner at Atomico, who will join the TravelPerk board of directors, said: “Corporate travel and expense management is time-consuming, expensive and burdensome.
“We’ve long admired how TravelPerk has solved this problem with a product-centric approach, and remained at the forefront of the market through strategic acquisitions, international growth, and innovative product expansions.
“Yet, with a team as ambitious as TravelPerk, and with the inclusion of Yokoy, there is still so much more on the horizon. Atomico is thrilled to be partnering with Avi and the whole team to fuel the next phase of the company’s vision.”
Carolina Brochado, partner at EQT Growth, who will also join the board, added: “Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry.
“Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”