We got an exclusive look at the pitch deck business travel startup TravelPerk used to raise $160 million
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- Barcelona-based travel software startup TravelPerk has raised fresh funding.
- The company has raised $160 million in debt and equity in a round led by Greyhound Capital.
- The company offers a platform for businesses to manage their corporate travel.
Barcelona-based travel software startup TravelPerk has raised $160 million in fresh funding.
The funding comprises of equity and debt financing and was led by Greyhound Capital, with participation from existing investors.
TravelPerk is trying to disrupt the estimated $1 trillion-plus market for corporate-travel booking, which can be clunky and soulless through legacy systems. Founded in 2015, the startup provides travel and expense management services for businesses by automating spending limits and travel policies.
“We were not going to raise, it was more likely to have been later this year or early next year,” TravelPerk CEO Avi Meir said. “We could see that the numbers for US domestic travel are at pre-COVID levels. Investors saw this in our numbers and they wanted to ride this wave and preempt the recovery.”
TravelPerk has now raised $294 million to date. Asked if the round made the company a unicorn with a valuation above $1 billion, Meir declined to comment.
Despite COVID-19 decimating the travel industry for much of the past year, TravelPerk claims to have grown regardless and didn’t lay off any staff during the pandemic. This fresh funding will go towards more than doubling the company’s current 500 employees. “Our focus is on travelling safely and flexibly and on sustainability,” Meir added. “These are the two trends that are driving our platform.”
The company’s TravelSafe API delivers COVID-19 data in real time. An associated product, FlexiPerk, manages last-minute bookings and refunds. TravelPerk acquired risk management startup Albatross in 2020, and US-based competitor NexTravel in January 2021 as it expanded its US presence. “We’re looking at further acquisitions,” Meir added. “Our plan is to double down on US and UK in next 12 months.”
According to the Global Business Travel Association, cited by TravelPerk, 50% of business travel happens outside company policy, often because existing platforms are outdated, can’t offer the choice or prices of consumer equivalents, and require travel managers to endure multiple sites, emails, and calls to manage a single trip.
Check out TravelPerk’s pitch deck below: