Travelperk has closed an additional $104m investment led by SoftBank Vision Fund 2 with significant participation from existing investors.
The round is an extension of the Series D-1 raised in January 2022, led by General Catalyst.
Stephen Thorne, Investment Director for SoftBank Investment Advisers, will join the TravelPerk Board of Directors.
Travelperk said the cash will be used to “increase investment into its platform, enhancing the customer experience through new inventory capabilities and launching new business travel services, as well as expanding product automation through AI”.
Last year, the company grew revenue by over 70% year-over-year, while gross profit increased by more than 90% year-over-year and annualised booking volumes approached $2 billion.
Avi Meir, CEO and Co-Founder, said: “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.”
Stephen Thorne, Investment Director for SoftBank Investment Advisers, added: “Within the enormous global business travel market, SMBs 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.”