TravelPerk, a Barcelona-based business travel management platform, has raised a substantial $200 million in funding at a valuation of $2.7 billion, nearly doubling its previous valuation of $1.4 billion. This significant investment comes as the travel and tourism industry begins to recover from the pandemic, with the World Travel and Tourism Council (WTTC) predicting that business travel will reach a record $1.5 trillion in 2024.

In addition to the funding, TravelPerk has also announced its acquisition of Swiss startup Yokoy, a native expenses management platform, to further enhance its corporate travel management capabilities. This strategic move will allow TravelPerk to offer a more comprehensive and unified travel and expense management solution to its clients.

The pandemic has had a profound impact on the travel industry, but it seems that corporate travel is bouncing back stronger than ever. According to TravelPerk's president and COO, Jean-Christophe Taunay-Bucalo, hybrid and remote working models have had a minimal impact on demand for business travel, as companies continue to invest in travel to boost sales and new business efforts. This trend is reflected in the growth of corporate travel startups, with Denver-based Engine raising $140 million at a $2.1 billion valuation in September.

TravelPerk's all-in-one platform provides businesses with a seamless way to book, manage, and report on their domestic and international travel, with integrations extending to functions such as HR and expenses. The acquisition of Yokoy will enable TravelPerk to offer a deeper and more unified travel and expense offering, with expenses baked natively into its core platform.

The deal marks a significant expansion of TravelPerk's capabilities, as it looks to become the number one travel and expense management platform. The company has previously raised around $660 million in equity and debt capital and has now secured an additional $200 million to fuel its global growth plans, including expansion into the U.S. market.

The acquisition of Yokoy is a strategic move to future-proof against potential headwinds in the travel sector. By integrating Yokoy's AI-enabled spend management platform, TravelPerk can offer a more comprehensive solution to its clients, regardless of their position on corporate travel. Yokoy's team, including CEO Philippe Sahli and CTO Devis Lussi, will join TravelPerk to integrate their respective products and drive innovation in the travel and expense management space.

TravelPerk's Series E round was led by European venture capital firm Atomico, with participation from EQT Growth, Noteus Partners, Kinnevik, General Catalyst, and other existing investors. The deal is a testament to the growing demand for corporate travel management solutions and TravelPerk's position as a leader in the industry.

As the travel and tourism industry continues to recover, it will be interesting to see how TravelPerk's expanded capabilities and unified travel and expense management platform will shape the future of corporate travel. With its sights set on becoming the number one travel and expense management platform, TravelPerk is poised to make a significant impact in the industry.