Business trip booking platform TravelPerk is announcing a $160M Series D.
The round, which is a mix of equity and debt funding, is led by London-based growth equity firm Greyhound Capital. Existing investors also participated (specifically: DST, Kinnevik, Target Global, Felix Capital, Spark Capital, Heartcore, LocalGlobe and Amplo).
No valuation is being disclosed, nor is the split between equity and debt. So it’s a bit more of a convoluted ‘vote of confidence’ vs TravelPerk’s pre-pandemic raises as you’d expect given the locked down year we’ve all had.
The Series D means the 2015-founded Barcelona-based startup has pulled in a total of $294M to-date for its user-friendly retooling of business trip booking geared toward ‘global SMEs’, following a top-up of $60M to its 2018 $44M Series C which itself fast-followed a $21M Series B that same year.
TravelPerk’s approach is akin to a consumerization play for the (non-enterprise end of) business trip booking, combining what it bills as “the world’s largest bookable travel inventory” letting users compare, book and invoice trains, cars, flights, hotels and apartments from a range of providers including Kayak, Skyscanner, Expedia, Booking.com, and Airbnb with tools for businesses to manage and report trips.
There’s the obligatory freemium tier for the smallest teams. It also offers 24/7 traveler support, a flexible booking option and an open API for custom integrations.
There was no funding announcement for TravelPerk in 2020, as investors took a break from the pandemic-struck sector. But earlier this year it told TechCrunch it had been starting to see interest picking up again, as of fall 2020. The closing of a Series D now albeit debt and equity suggests VCs are getting over the worst of their travel wobbles.
Another sign on that front is the $155M Series E raise for U.S.-based TripActions, which closed in January on a $5BN valuation, as U.S. corporate travel lifted off from 2020’s lows.
TravelPerk’s PR talks bullishly about momentum and using the funds to accelerate ‘global growth’, even as the coronavirus continues to hit parts of Europe and the U.S. its two main markets despite what are relatively advanced vaccination rollouts especially the USvs other parts of the world.