Barcelona’s TravelPerk raises $200m, buys Yokoy

TravelPerk, the Barcelona-based business travel platform, completed a new Series E fundraise of $200 million, and announced the acquisition of Switzerland’s Yokoy, an AI-powered expense, invoice and card payment processing company.

The $200 million investment is led by European venture capital firm Atomico, alongside EQT Growth, with significant participation from Noteus Partners and existing investors including Kinnevik and General Catalyst.

The oversubscribed round nearly doubles TravelPerk’s valuation to $2.7 billion.

“Atomico, EQT Growth, Noteus Partners and Sequoia Capital will join TravelPerk’s world-class investor base alongside existing investors like General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone,” said the Barcelona firm.

TravelPerk said: “The funding will be used to further accelerate growth – with continued expansion into the US market (following the acquisition of AmTrav in 2024) alongside significant investments into product, technology and AI to deliver the leading travel and expense management platform for SMB and mid-market companies in the U.S. and Europe.”

Yokoy was acquired in an all-equity deal, with Sequoia Capital, the prominent American venture capital firm, now joining TravelPerk’s cap table alongside its existing investors.

“As companies face greater economic pressures and more complicated regulatory environments, they are increasingly demanding a fully integrated solution that brings travel and expenses together into one automated platform, to simplify the end-to-end experience, streamline processes, and help them better control costs,” said TravelPerk.

“Through its acquisition of Yokoy, and deep integrations via an open ecosystem of strategic expense management partners, TravelPerk is positioned to provide customers in Europe and the US highly localized solutions, to suit their individual needs, preserving customers freedom of choice and flexibility, which is a key tenet of the TravelPerk value proposition.”

TravelPerk President and Chief Operating Officer JC Taunay-Bucalo said: “Until now, customers had to make hard trade-offs — an integrated solution or best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for finance.

“Customers don’t have to compromise anymore. Now, they can have the best travel management product built on the world’s largest inventory, and the expense management product that works best for their business, combined for the best integrated experience there is.”

TravelPerk and Yokoy have collaborated since 2020, partnering to jointly offer travel and expense management to customers including Breitling, On Running and Medskin.

Philippe Sahli, Co-founder and CEO of Yokoy, said: “Given our successful collaboration to-date, and the compelling vision for the future of integrated travel and expense management, we are excited to come together as one company and are confident in the unprecedented experience we can together deliver to customers.”

Avi Meir, TravelPerk CEO and Co-Founder, said: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform. 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. 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.”

Hillary Ball, Partner at Atomico, who will join TravelPerk’s Board of Directors, said: “Corporate travel and expense management is time-consuming, expensive and burdensome. We’ve long admired how TravelPerk has solved this problem with a product-centric approach, and remained at the forefront of the market through strategic acquisitions, international growth, and innovative product expansions. Yet, with a team as ambitious as TravelPerk, and with the inclusion of Yokoy, there is still so much more on the horizon. Atomico is thrilled to be partnering with Avi and the whole team to fuel the next phase of the company’s vision.”