TravelPerk, a corporate travel booking platform, has received $160 million in Series D funding.
The round, led by Greyhound Capital, also drew support from existing shareholders including Kinnevik, Target Global, Spark Capital, Felix Capital, LocalGlobe, Heartcore, and Amplo.
TravelPerk’s valuation remains undisclosed. The round is a combination of equity and debt funding but it’s not known what the split between the two is.
The Barcelona-based company has now raised $294 million to date. This latest cash injection follows on from a $60 million top-up round in 2019, a $44 million Series C in 2018, and a $21 million Series B earlier that year.
TravelPerk allows employees to compare, book, and invoice trains, flights, cars, and accommodation. It also enables employers to approve and record the trips taken by employees.
The future of business travel
It goes without saying that the travel and hospitality sectors have suffered significant losses as a result of the pandemic.
On a global scale, data suggests that the travel and tourism sector’s contribution to GDP plunged by a staggering 49.1% in 2020.
Although there is cause for optimism as vaccine rollouts continue to gather pace, TravelPerk’s fundraise also comes at a time when many corporate organizations are re-thinking their approach to business travel.
Many are predicting a robust recovery in the leisure travel sector but the future of business travel, which according to PwC can contribute as much as 75% of airlines’ revenue, remains uncertain.
“We all recognize the effect that the COVID-19 pandemic had on the travel industry in 2020. We’re proud to say that this year, in which business travel came to a halt, did not break us. If anything, we emerged bigger, stronger, and better,” reads a blog post on TravelPerk’s website.
The company says it’s spent this time “building resilience and future-proofing” its product to prepare for the realities of the ‘next normal’.
As part of this, TravelPerk also announced a new set of product updates and launches, including FlexiPerk, allowing customers to alter or cancel any aspect of their trip at any time; and TravelSafe API, giving the entire travel sector access to ‘real-time’ information on the latest travel restrictions across the globe.
TravelPerk also introduced GreenPerk, giving customers the chance to offset 100% of their business travel carbon footprint.