TravelPerk announced that it has secured over $104 million in new funding led by SoftBank Vision Fund 2, to expand its business travel management platform – taking the company to a total value of $1.4 billion.

With this funding infusion, according to the announcement, TravelPerk will increase investment into the platform, enhancing the customer experience through new inventory capabilities and launching new business travel services, as well as expanding product automation through AI. In 2023, the company grew revenues by over 70% year-over-year, gross profit increased by more than 90% year-over-year, and annualized booking volumes approached $2 billion.

Avi Meir, CEO, said the company’s clear focus is “building the number 1 SaaS business travel platform for SMB [small and medium-sized businesses) and mid-tier companies in Europe and the US.” He said the investment “comes during a time when the winning tech companies are separating from the pack, and it further validates our investors’ commitment to our vision and strategy.”

Stephen Thorne, investment director for SoftBank Investment Advisers, said that within the enormous global business travel market, SMBs have remained a largely underserved segment. TravelPerk, he said, “continues to innovate, integrating AI across the product stack to deliver a world-class experience for customers and travelers.”