Three months after Europe-based travel management provider TravelPerk expanded its U.S. presence in a big way by acquiring NexTravel, the company has landed a $160 million investment round to fuel further growth as corporate travel activity begins to resume post-Covid-19.
Led by Greyhound Capital, the Series D round follows a $104 million Series C infusion TravelPerk closed in 2019 and brings the company's total investment funding to $294 million.
The newly secured financing—a mix of equity and debt—will be put toward accelerating TravelPerk's expansion in the U.S. and Europe in particular. Within that context, the funding is earmarked for product development, "rapidly" growing its current 500-member team and pursuing additional acquisitions, according to the company.
While Barcelona-based TravelPerk had a presence in the U.S. prior to its January purchase of Southern California-headquartered NexTravel, the acquisition was TravelPerk's most significant foray in the market, bringing 700 new U.S.-based client companies into its fold.
Along with expanding its U.S. market presence, TravelPerk also has focused on development over the past year, with an emphasis on functionalities the company expect to be in high demand in the post-pandemic travel landscape, including traveler safety, environmental sustainability and value-added tax reclamation. With the new funding in hand, TravelPerk is doubling down on further development in those areas, the company said.
From an industrywide perspective, the financing is the latest sign that investors are growing more optimistic about the return of corporate travel, following TripActions' $155 million funding in January and Frosch's February sale of an undisclosed minority stake to private equity firm EagleTree Capital.