The travel management company TravelPerk announced it has raised $160 million in a funding round from Greyhound Capital. The investment is a mix of equity and debt funding. This raise will help small and medium-sized companies book flights and manage their expenses through its online platform.
No valuation is being disclosed but CEO and co-founder Avi Meir said the deal was agreed on favorable terms for the company and its investors. In an interview on Thursday Meir said, “The reality is travel is coming back, It’s not a belief anymore, it’s actually visible in the numbers”.
In the context of pandemic impact on the flights in the US Meir added, “Most flights are not 100% full yet but we’re talking about an industry that was 10-15% exactly one year ago. Going from 10-15% of baseline to 75% shows the trend is definitely up.”
The closing of a Series D now means the 2015-founded Barcelona based startup has pulled in a total of $294 million towards ‘global SMEs, following $60M in 2019 to $44M Series C in 2018, followed by $21M Series B same year.
TravelPerk says it also invested in a couple new products to help its clients navigate through the pandemic. Looking at the situation, it’s hard to imagine the return for business travel. Still, the firm and its investors are hoping to bet that work trips will rebound in time.
There was no announcement for funding for TravelPerk last year, as investors took a break from the pandemic struck sector. But this year the company is interested to pick up, after the fall of 2020.