Business travel platform TravelPerk has raised an additional US$60 million as it closes its Series C funding round.
The capital comes from the company’s existing investors and brings its total Series C funding to $104 million.
TravelPerk says it will use the money to further accelerate its product innovation with the goal of giving business travellers flexibility while providing companies with control over their travel spend. As well as continuing its European expansion, the start-up expects to announce product additions in the coming weeks and months that it claims will bring disruption to the pricing structure of the industry.
According to TravelPerk, its decision to focus on Europe market arose from a desire to tackle a challenging and fragmented market.
TravelPerk’s proprietary platform combines technology and the support of agents to enable travellers to shop, compare, book and manage their business trips, from trains, cars and flights to hotels and apartments, sourcing content from various outlets such as Kayak, Skyscanner, Expedia, Booking.com and Airbnb.
Earlier this year, the company announced a platform integration with Lufthansa that enables clients to shop and book the airline group’s NDC content, as well as the addition of Trainline rail bookings to its tool.
TravelPerk counts Transferwise, GetYourGuide, Adyen, Glovo, Bowers & Wilkins and Farfetch among its growing client base.
CEO and co-founder Avi Meir (pictured) said: “At TravelPerk, we believe that travel is the biggest unsolved problem in business today. As a $1.3 trillion global market, it’s staggering that businesses have been stuck for so long with a status quo defined by limited inventory, inflexible booking experiences and lousy customer support. That’s why our approach is all about innovations that will genuinely make life easier for the traveller and we’re proud to have the continued backing of our fantastic investors in support of this strategy. We have big ambitions for the next phase of our product development, which will see us quickly bring new offerings to market that don’t just see business travel catch up with consumer travel, but actually surpass it.”
The Series C extension was raised from existing investors, including Kinnevik, Partners of DST Global, Target Global, Felix Capital, Sunstone and LocalGlobe.