Barcelona-based business travel management platform TravelPerk has raised $200 million at a valuation of $2.7 billion, nearly doubling its previous valuation of $1.4 billion from last year’s funding round.

As part of this announcement, TravelPerk has also acquired Swiss startup Yokoy to integrate native expense management into its platform.

With the travel and tourism sector returning to near pre-pandemic levels, startups offering innovative travel solutions—such as trip-planning tools, vacation rental platforms, and corporate travel management—are experiencing significant growth. The World Travel and Tourism Council (WTTC) projects that business travel will reach a record $1.5 trillion in 2024, a 6.2% increase compared to the 2019 pre-pandemic peak. This surge in demand has also spurred investor interest in corporate travel startups, as seen in September when Denver-based Engine raised $140 million at a $2.1 billion valuation to focus on hotel bookings, flights, car rentals, and meeting spaces.

TravelPerk offers businesses an all-in-one solution for booking, managing, and reporting domestic and international travel. Integrations support HR and expense management functions. 

Corporate travel remains essential for attending conferences and securing new business opportunities despite shifts toward remote and hybrid work. TravelPerk’s president and COO, Jean-Christophe Taunay-Bucalo, highlighted their recent Value of Business Travel report, which confirms that companies are continuing to prioritize travel to drive sales and foster growth.

“Hybrid and remote working models have had a minimal impact on demand for business travel — those travelling for work will continue to do so because it’s part of their job,” Taunay-Bucalo said. “Whether it’s for a sales meeting or to install a wind turbine, there are many situations where workers need to be on the ground and in person.”

A more distributed workforce has led companies to invest more in offsite events, driving an increased need for travel. TravelPerk views this decentralization as an ideal opportunity to expand the reach of its technology to a broader audience.

“Decentralized travel systems empower employees to manage their bookings, and while in the past that meant a lack of control over expenses and compliance, tools built into our platform give control and visibility back to the business by providing oversight without burdening travel managers with logistical complexities,” Taunay-Bucalo said.

Founded in 2015, TravelPerk has secured approximately $660 million in equity and debt financing. With an additional $200 million now raised, the company is intensifying its global expansion efforts, particularly in the U.S. market. Last year, it acquired Chicago-based competitor Amtrav, supported by $135 million in debt financing.

TravelPerk is also venturing into adjacent verticals as part of its growth strategy. Among its existing integrations is Yokoy, an AI-powered spend management platform backed by Sequoia Capital. As part of its Series E funding announcement on Monday, TravelPerkrevealed it is acquiring Yokoy outright in a “nine-figure” deal. Although the exact amount remains undisclosed, this aligns with Yokoy’s fundraising history of around $107 million since its launch in 2019.

This acquisition will enable TravelPerk to deliver a “deeper and more unified travel and expense offering,”. By incorporating expense management directly into its platform, TravelPerk aims to reduce reliance on third-party integrations and provide users with a seamless experience.

“Our focus has never been stronger as we expand across core markets, accelerate growth in the U.S., and now work to become the number one travel and expense management platform,” TravelPerk co-founder and CEO Avi Meir said in a statement.

This trend echoes across the tech space. For instance, TripActions added expense management in 2020 during the pandemic, while Ramp introduced travel management to its expense platform in 2022.

Expanding into expense management is a strategic move for TravelPerk, as it provides resilience against challenges in the travel sector. Unlike corporate travel, expense management is a universal need for businesses.

Following the acquisition, Yokoy’s CEO Philippe Sahli and CTO Devis Lussi will join TravelPerk to integrate their platforms.

“Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to TravelPerk,” Meir said. “We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”

TravelPerk’s Series E round was led by European venture capital firm Atomico. EQT Growth, Noteus Partners, Kinnevik, and General Catalyst, among other existing investors, participated.

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