Corporate travel startup TravelPerk has raised an additional $60 milling in Series C funding, bringing the total value of the round to $104 million.
The extension comes from existing investors Kinnevik, Partners of DST Global, Target Global, Felix Capital, Sunstone and LocalGlobe.
Barcelona-based TravelPerk says the funding follows an “exceptional period of growth,” adding that it has increased revenue in 2019 by 300%.
The funds will go towards product development to provide flexibility to business travelers as well as spend control to companies.
TravelPerk says it will announce “major product additions … that will bring a new level of disruption to the pricing structure of an industry that is still dominated by outdated solutions” in the coming weeks and months.
In October of last year, the company announced a Series C round of $44 million.
The funds came just seven months after a Series B round of $21 million.
TravelPerk has now raised almost $134 million in total.
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Further milestones for 2019 so far include a 250% increase in headcount and new offices in London and Berlin.
Avi Meir, co-founder and CEO of TravelPerk, says:
“We believe that travel is the biggest unsolved problem in business today. As a $1.3 trillion global market, it's staggering that businesses have been stuck for so long with a status quo defined by limited inventory, inflexible booking experiences and lousy customer support.
“We have big ambitions for the next phase of our product development, which will see us quickly bring new offerings to market that don’t just see business travel catch up with consumer travel, but actually surpass it.”