I couldn’t be extra excited to be writing these phrases at the moment. Again in April 2021, we introduced that TravelPerk had raised $160 million in our Collection D funding spherical. Immediately, I’m thrilled to share that we have now efficiently added one other $115 million to that unique sum at a valuation of $1.3 billion.
I’m additionally very proud to announce that Gillian Tans and Joel Cutler are investing on this spherical and becoming a member of our board. Gillian was till very not too long ago the chairwoman and CEO of Reserving.com, and Joel is the OG of journey investing, having invested early in Airbnb, Kayak, and ITA Software program.
Our product is our folks
I at all times say that my product is my group. Reaching unicorn standing is each a dream and a serious milestone for all entrepreneurs, and we have now achieved this because of the insurgent spirit, willpower, and drive of our folks. They’re the true unicorns right here.
It’s due to them that we bought to the place we’re at the moment. 2021 was an unimaginable yr at TravelPerk. The coronavirus disaster introduced our complete business to a literal standstill, and we took that as a possibility to replicate each on our personal enterprise and on what our business would want sooner or later.
We made it by way of that point with out conducting any layoffs. We constructed merchandise that may make enterprise journey higher, safer, and extra sustainable. We acquired 4 corporations. We raised $275 million and have become a unicorn in a yr the place, sadly, many journey companies needed to shut their doorways. It’s because of our aggressive and courageous strategy our buyers proceed to put their belief in us.
A brand new mission for a brand new world
What used to drive us was a willpower to make enterprise journey work higher for everybody. And whereas that also lies on the coronary heart of what we do, we’re taking one big leap ahead.
The previous two years have represented an unprecedented problem for us all. In what felt just like the blink of an eye fixed, we went from a bustling, thriving, energetic world characterised by togetherness to a whole cease. We went from seeing each other in particular person each day if we needed to, to being socially remoted. This isolation taught us one thing vital, although. It illuminated the trail to our future. And that future is outlined by the easy incontrovertible fact that human connection issues.
We consider within the worth of face-to-face interactions, and it’s develop into our mission to facilitate in-person conferences in probably the most sustainable approach potential. Human beings are social creatures. It’s in our very nature, and it’s fairly primary biology. The bursts of creativity, vitality, and compassion that we share after we get collectively in particular person merely can’t get replaced by digital mediums. No, Zuck, the metaverse isn’t a superb alternative for actual human interplay.
That’s why we all know that human connection in actual life is right here to remain. The journey itself isn’t the top aim. It’s simply the vessel that brings folks collectively to have these distinctive moments and experiences. And that’s what we’re striving to empower.
We’re investing closely in inexperienced journey tech by constructing on our present product and buying corporations like Susterra. We need to take our sustainability experience to the subsequent stage, and guarantee that when folks do meet head to head, they don’t achieve this on the expense of our planet. It’s time for companies to begin main by instance and taking motion to behave responsibly for the sake of the environment. We will’t sit round and look forward to politicians to enact change—we have now to be the drivers of that change. That’s why at TravelPerk, we empower corporations to do proper by the planet and assist them offset their carbon footprint by investing in VERRA-accredited initiatives which are held to the best requirements of the UN Sustainable Improvement Targets. This isn’t some offset credit score rip-off, through the use of TravelPerk you’re instantly decreasing carbon emissions.
So, with out additional ado, our new mission for the approaching years is to attach folks in actual life in an pleasant and sustainable approach.
Our all-star buyers and Board of Administrators
I’d like to present a shout-out to a number of the most up-to-date additions to our Board of Administrators. Becoming a member of us now are Gillian Tans, the previous Chairwoman and CEO of Reserving.com, and Joel Cutler from Normal Catalyst, an early investor in Airbnb, Kayak, and ITA Software program, who additionally co-led this spherical. Their belief in our imaginative and prescient actually reinforces our place as leaders on this new world the place enterprise journey is turning into one thing very totally different from the way it regarded within the Nineties. We’re extremely grateful that these journey business giants at the moment are part of group TravelPerk.
This funding spherical was co-led by Normal Catalyst and by our present investor Kinnevik.
I’ve been working within the journey business for a few years, and TravelPerk is the one firm that by no means ceases to shock me. It has solidified its management place over the past two years in difficult occasions for the journey business, rising stronger than ever. They’re progressive and have been in a position to anticipate and tackle their clients’ altering wants by way of main acquisitions, new market entries, and product designs. I’m honored to be becoming a member of as an investor and the Board of Administrators at TravelPerk and to assist the corporate attain a world management place.
Gillian Tans, ex Chairwoman and CEO of Reserving.com
Hybrid and distant working is undoubtedly right here to remain, however a Zoom name won’t ever be capable to replicate the advantages of in-person, face-to-face interplay. We’ve got little question that enterprise journey will proceed to develop and thrive within the years forward, with TravelPerk because the clear chief within the area, and we’re thrilled to be taking part on this funding spherical.
Joel Cutler, Managing Director at Normal Catalyst
Avi’s management all through the pandemic has been exemplary. Particularly, his empathy and respect for workers have allowed the corporate to retain and entice one of the best expertise. This has allowed TravelPerk to make use of the Covid disaster to additional construct its best-in-class product and win new purchasers. Consequently, the corporate’s efficiency far exceeded pre-pandemic ranges as journey started to step by step normalize in 2021, and purchasers sought options to handle journey complexity. We sit up for partnering with our buddies at Normal Catalyst on this subsequent thrilling chapter.
Georgi Ganev, CEO at Kinnevik
What’s subsequent for TravelPerk?
We’re so excited to be beginning 2022 off on such a optimistic observe. We’ve bought huge plans for the longer term at TravelPerk, and we’ll be utilizing this funding to additional enhance sustainable journey and broaden our product providing to satisfy the brand new wants of SMBs in an more and more hybrid and distant world. Right here’s a fast peak at what we’ve bought within the works:
Doubling down on greentech.
Sustainable journey and inexperienced journey tech are going to be a serious focus for us going ahead. Anticipate extra huge information on that entrance quickly!
Rising our open market.
We at the moment are the main SMB platform for all issues journey and bills! Our open market grew 5x in 2021, and we entered into partnerships with some superb corporations like Divvy, Emburse, and Rydoo. And we don’t plan on stopping there!
Bringing distant and distributed groups collectively.
We’re empowering distant and distributed groups to run essential in-real-life conferences, kickoffs, and offsites. Our first product, TravelPerk Occasions, is now reside and has already been used to create over 250 occasions to deliver collectively 1200 folks in actual life since its launch in November. The longer term is head to head—and whereas many corporations are constructing applied sciences centered on private interactions, we choose to deal with utilizing expertise to assist us get collectively in actual life.
Dominate human connections for SMBs globally.
We are going to hold investing in facilitating human connections for SMBs worldwide. We’re going to continue to grow in our largest market, the US, in addition to Europe so we will proceed reinventing the best way that SMBs handle journey to return collectively in an pleasant and sustainable approach.