TravelPerk Makes Strategic Moves with Yokoy Acquisition and $200M Series E Funding

In a strategic move to bolster its position in travel and expense management, TravelPerk has raised $200 million in a Series E funding round. The investment almost doubles the company's valuation to $2.7 billion and is led by venture capital firm Atomico, alongside EQT Growth, Noteus Partners, and existing investors such as Kinnevik and General Catalyst. This influx of capital aims to accelerate TravelPerk’s market expansion in the US as well as investments into product development and artificial intelligence. Complementing this financial boost, TravelPerk has acquired Yokoy, a prominent European spend management platform. This acquisition allows TravelPerk to integrate Yokoy’s AI-powered expense, invoice, and card payment capabilities into its comprehensive travel management offerings. Both companies have collaborated since 2020, serving clients like Breitling and On Running. With this acquisition, TravelPerk aims to eliminate trade-offs between integrated solutions and best-in-class functionalities, providing a seamless, localized experience for customers in Europe and the US. TravelPerk's CEO Avi Meir and Yokoy’s CEO Philippe Sahli express optimism towards this partnership, which promises enhanced capabilities through AI innovations. The move reflects broader trends in corporate travel and expense management, where companies seek unified systems to manage costs effectively amidst increasing economic pressures. This latest funding round and acquisition build on TravelPerk’s robust financial performance, marked by significant booking volumes and profitability growth over recent years.