We review the biggest rounds in recent years in companies specialising in TravelTech for Business. In addition, we analyse TravelPerk's investment round, with which it has received a €17M capital injection.
About TravelPerk
Travelperk is a Spanish company that has developed a platform for online travel contracting and management aimed at the corporate market.
Its platform offers companies all the tools they need to plan their next trip without having to leave the site: air/train ticket reservations, hotel reservations, special needs customer service, planning and management tools, etc.
This allows companies to say goodbye to flight comparators and avoid having to consult several pages in search of the best option or write dozens of e-mails until all aspects of a specific trip are closed. This is because in addition to its own services, TravelPerk integrates with third parties, meaning that on the same platform customers can consult the offer of others such as Booking.com, Expedia, Skyscanner, Airbnb, etc.
Founded in 2015 in Barcelona, the company already has more than 1,000 recurring customers and a year-on-year revenue growth of 1.200% in less than two years. Among the best known are other startups such as Typeform, TransferWise, Outfittery, GoCardless and GetYourGuide. As explained by Avi Meir, CEO of TravelPerk, the company's goal is to reach a turnover of €100M in 2018.
To reach this figure, the startup continues to use a freemium model that, for the moment, is giving it good results. While most of its services are completely free, TravelPerk applies a small commission on its agency services, for example when managing groups or accessing hotel rates only for companies.
TravelPerk closes a €17M round
The online travel booking and travel management startup TravelPerk has closed its second investment round, raising a total of €$21M (€17M). This is one of the most important financing rounds in the Spanish digital sector in the first months of the year.
The Series B round was led by funds Target Global (Berlin) and Felix Capital (London), with participation from Spark Capital and Sunstone, which had previously backed the company, along with LocalGlobe. Since its inception TravelPerk has been owned by foreign investors$30M (more than €24M).
Despite the entry of the funds, the co-founding partners, Avi Meir and Javier Suárez, retain the majority of the shares. This capital injection will be used to open branches abroad, such as those planned to open in Berlin, London and Paris between the end of the year and next year.
TravelTech for Business investment analysis
| Valuation Multiples 2017 | |
|---|---|
| Enterprise Value (EV) | 101.510 |
| EV/Ebitda | 16,17 |
| EV/Sales | 2,63 |