TravelPerk raises $200 million as corporate travel rebounds

In the wake of the COVID-19 pandemic, TravelPerk, a corporate travel platform, has successfully captured the attention of investors by raising $200 million in a recent funding round, which has propelled its valuation to $2.7 billion. This investment round saw major contributions from firms such as Atomico and EQT. Just a year earlier, in January 2024, TravelPerk raised $104 million when its valuation was only $1.4 billion, indicating a significant increase in investor confidence as business travel has begun to recover. The global corporate travel market has seen marked growth, reaching a valuation of $1.5 trillion, up by 6% relative to pre-pandemic levels in 2019. Jean-Christophe Taunay-Bucalo, the president and chief operating officer at TravelPerk, noted that evidence of the company’s rebound post-pandemic was a crucial factor in attracting venture capitalists. TravelPerk's strategy moving forward involves investing the new capital to accelerate their growth, particularly in the U.S. market, which is regarded as ripe for disruption. The company intends to enhance its offerings through advancements in technology and artificial intelligence, which it views as essential to optimizing business travel. This funding comes on the heels of their previous financial rounds, including a $135 million debt financing and the acquisition of AmTrav, a Chicago-based corporate travel booking software firm. The latter acquisition is also seen as a strategic move designed to bolster TravelPerk’s presence in the competitive U.S. market. Executives at TravelPerk emphasize the untapped potential of the corporate travel segment—estimating that around half of the $200 billion market is unmanaged, with professionals often resorting to irregular channels for travel bookings. As they venture into this expanding landscape, the company is not dismissing the potential impact of AI on their sector, pledging to invest in AI capabilities to enhance product offerings. Taunay-Bucalo remarked that they aim for the company to be a long-standing player in this industry, adopting a long-term vision that aligns with both their growth ambitions and market opportunities. TravelPerk's latest funding round highlights an optimistic outlook for corporate travel as it bounces back and brings to light its strong recovery and forward-thinking strategies.