Barcelona-based business travel booking and trip management provider TravelPerk has landed a $44 million investment, funding the company said it will use to accelerate growth and expand into new markets.
The Series C funding round continues a pattern of strong investment growth for TravelPerk, following its $21 million Series B round in April 2018 and a $7.5 million Series A round in 2015.
This time around, participants include tech investors Kinnevik, Yuri Milner and Tom Stafford, along with existing investors Felix Capital, Target Global, Spark Capital, LocalGlobe, Sunstone and Amplo, TravelPerk said.
Launched in 2015 as a savings incentive tool for business travelers, the company soon pivoted to reducing out-of-policy bookings for corporate clients via an online booking and travel management platform. That mission has paid dividends, as TravelPerk increased revenue by an average of 700% over the past year, growing its client base to more than 1,000 companies and tripling the size of its team, according to the company.
TravelPerk will use the new funding to fuel further growth, including offices in the U.K., Amsterdam, Berlin and Paris, the company said. It also plans to enlarge its client base by working with more small enterprises, and to enhance its platform, including integration of expense and travel management capabilities.
Source: Business Travel News