TravelPerk collects $21m for its Series B

TravelPerk, a business travel booking and management platform, has collected $21m in a Series B funding round.

The round was led by Berlin-based Target Global and London-based Felix Capital. Existing backers Spark Capital and Sunstone also took part in the round, while first time backer Amplo also made a contribution.

Founded in 2015, TravelPerk is a free-to-use platform that helps businesses to manage their work-related travel. Clients can use the solution to search for flights and hotels, book and pay for these services, manage itineraries, receive instant invoices, control travel preferences and loyalty programs, automate travel policy, and access their travel data.

TravelPerk has grown its revenue YoY at a rate of 1,200 per cent and has over 1,000 customers, according to the company. Some of the company clients include Typeform, TransferWise, Outfittery, GetYourGuide, GoCardless, Hotjar, and CityJet, among others.

The new capital round will be used to hire software engineers, product owners, sales reps and customer support to its team, as it looks to double its team to 200 people. TravelPerk is also looking to expand globally, with 3-5 new offices by 2019.

Target Global general partner Shmuel Chafets said, ?TravelPerk is very well positioned to be a market leader in the business travel space with a product that makes business travel as seamless and easy as personal travel, thereby winning a highly fragmented trillion-dollar market – a key investment thesis of Target Global.p>

Including the new investment round, TravelPerk has raised a total of $30m.

Copyright ? 2018 FinTech Global

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