The fund gives TravelPerk a valuation of $1.4 billion. This was just a fraction of the $1.3 billion valuation the company announced two years ago when it began its Series D round, and that marginal increase was an after-money valuation. So it remained constant. But TravelPerk co-founder and CEO Avi Meir thinks that in a world where both financing and valuations are falling rapidly, a stable valuation is not so bad.
Founded in 2015, TravelPerk is based in Barcelona. It sells an all-in-one platform that enables companies to book, manage and report on all domestic and international travel. Customers can also extend the platform through integrations with expense management systems such as Harcama and HR software such as HiBob.
TravelPerk had raised about $427 million so far. The most recent cash injection served as the fourth instalment of its Series D round, which began in 2021 with a $160 million investment comprised of debt and equity. The following year, the company added another $115 million to the pot with what it now calls Series D-1 investment. This was followed six months ago by a smaller extension of $18.5 million from existing investor Kinnevik in what could be interpreted by outsiders as emergency capital.
Far from spending; we have a significant cash position which will provide flexibility for additional investment opportunities and we were already fully funded to break-even prior to this round. The biggest investment is in our product and technology. Travel is a very complex category that brings together numerous inventory providers, payment methods and world-class customer service functionality. In order to do this well, a significant amount of product and engineering resources are required.Avi Meir