TravelPerk raises 190 million and consolidates itself as a 'unicorn'

TravelPerk starts the year revalidating its unicorn category. The scaleup has raised 200 million dollars ---190 million euros--- in a round led by venture capital funds Atomico and EQT Growth. The first mega-round of the year has allowed the company to almost double its valuation, reaching up to 2.7 billion dollars ---2.57 billion euros---.

A milestone that reaffirms a trajectory that often goes awry when the 1 billion euro valuation threshold is crossed. No other Barcelona unicorn like Glovo, Wallbox, and Factorial had achieved it until now, and it has even managed to surpass the value of other national champions like Jobandtalent and Cabify.

In the round, a Series E that was oversubscribed, other funds such as Noteus Partners and existing investors such as Kinnevik and General Catalyst participated. Atomico partner Hillary Ball and EQT Growth partner Carolina Brochado will join TravelPerk's board of directors. A year ago, the scaleup closed a 95 million euro round, led by Softbank's venture capital fund.

The funds raised now will be used to further accelerate TravelPerk's growth, with a focus on the US market, which generates the most revenue for it, in addition to being where the company has its registered office, in Delaware, known for its low taxation. The company will also use the funds to improve its travel and expense management platform for SMEs, with more investment in product, technology, and artificial intelligence. "We have never had such a clear focus: expanding into key markets, accelerating growth in the United States, and becoming the number one travel and expense management platform," says TravelPerk CEO and co-founder, Avi Meir.

The revaluation of the Barcelona unicorn is accompanied by figures such as having achieved a positive EBITDA by the end of 2024. The scaleup, which does not make its turnover public, only states that its annualized revenues stand at 200 million dollars ---about 192 million euros--- and that they have registered growth of more than 50% in the last two years. With a workforce of more than 1,200 employees, it has a portfolio of more than 6,000 clients. In addition to its headquarters in 22@, it has seven offices spread across Europe and the United States.

In addition to the round, the company, founded in 2005 in a Raval apartment by three former Booking employees, has acquired Swiss company Yokoy, with whom it had worked since 2020 for clients such as Breitling, On Running, and Medskin. The acquisition was closed through a share exchange with venture capital firm Sequoia Capital, which has become a shareholder in the Barcelona-based company. Last year, it acquired US-based AmTrav, headquartered in Chicago.