This funding will be used to drive the continued growth and product expansion of TravelPerk, as well as accelerating gross profit through automation and artificial intelligence (AI), the company said in a Tuesday (Jan. 23) press release.
With the aim of becoming the leading software-as-a-service (SaaS) business travel platform for small and medium-sized businesses (SMBs) and mid-tier companies in Europe and the United States, TravelPerk’s annualized booking volume now approaches $2 billion, and the company is valued at $1.4 billion, according to the release.
“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,” Avi Meir, CEO and co-founder of TravelPerk, said in the release.
Meir added that TravelPerk will continue to expand its workforce, which currently numbers 1,200, as it grows its presence in the U.S. and Europe, per the release.
TravelPerk’s all-in-one platform offers travelers the freedom they desire while providing companies with the control they need, according to the release. The platform features extensive travel inventory, robust management features, round-the-clock customer support and consumer-grade design.
“TravelPerk continues to innovate, integrating AI across the product stack to deliver a world-class experience for customers and travelers,” Thorne said. “We are excited to partner with TravelPerk and support the next stage of growth.”
In another recent development, spend management solution Spendesk said in November that it integrated with TravelPerk, enabling businesses to book their business travel through TravelPerk and manage their travel expenses with Spendesk.
Companies that do so can expect automated receipt collection, better budget control and enhanced financial analytics, the company said at the time.
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