Travel benefits, a European travel management company, raised $ 115 million in a new round of funding, bringing the startup’s value to $ 1.3 billion.
According to a blog post published on Tuesday January 11 by the Barcelona and London-based company, TravelPerk will use the funding to expand its offering focused on small and medium-sized businesses as business travel picks up. The company has raised $ 409 million to date.
TravelPerk CEO Avi Meir said in an interview with Bloomberg that revenues have surpassed pre-COVID levels as pandemic restrictions loosen, with small businesses returning to travel faster than larger companies, which must face more complexities.
“We are definitely out of the pandemic,” Meir said.
Because TravelPerk did not lay off its employees – despite declining sales during the lockdown – the company says it was able to respond quickly to growing demand because it did not need to rehire its sales team. .
In fact, the business grew during the pandemic, acquiring Click Travel, a UK-based service specializing in domestic business travel.
Read more: TravelPerk in Spain seizes Click Travel in UK
The deal positions TravelPerk as the world’s largest SME-focused travel management platform as well as the UK’s leading business travel platform. Click Travel manages the business trips of more than 2,000 SME customers.
TravelPerk plans to use the new funding to expand its sustainable travel solutions and help its sales teams organize in-person meetings, while also working to venture into new markets, including the United States and Europe.
See also: Business travel likely won’t see 2019 levels again until 2024 – if ever
During the pandemic, global spending on business travel rose from $ 1.4 trillion in 2019 to $ 661 billion in 2020, as offices emptied and many employees began working from home.
According to the Global Business Travel Association (GBTA), the travel industry is expected to improve in 2022, with a full rebound expected in 2024.