TravelPerka European travel management company, raised $115 million in a new funding round, bringing the startup’s valuation to $1.3 billion.
According to a Tuesday, January 11 blog post from 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 resumes. The company has raised $409 million to date.
TravelPerk CEO Avi Meir said in a Bloomberg interview that revenue has surged above pre-COVID levels as pandemic restrictions ease, with small businesses returning to travel faster than large corporations, who have to deal with more complexities.
“We’re definitely out of the pandemic,” Meir said.
Because TravelPerk did not lay off its employees – despite sales falling during the lockdown – the company says it was able to respond quickly to growing demand, as it did not need to rehire its sales team.
In fact, the company has grown during the pandemic, acquiring Click Travel, a UK-based service that specializes in domestic business travel.
Read more: Spain’s TravelPerk takes over UK’s Click Travel
The deal positioned TravelPerk as the world’s largest SME-focused travel management platform, as well as the UK’s leading business travel platform. Click Travel manages business travel for over 2,000 SME customers.
TravelPerk plans to use the new funding to expand its sustainable travel solutions and help its sales teams run in-person meetings, while working to venture into new markets, including the United States and Europe.
See also: Business travel unlikely to return to 2019 levels through 2024 – if ever
During the pandemic, global spending on business travel soared 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.