TravelPerk will have former Booking.com CEO Gillian Tans and General Catalyst's Joel Cutler on its board following another large investment round.
The $115 million Series D comes just nine months after a $160 million investment (also a Series D) in April 2021 bringing the company's total funding to $409 million.
Cutler's General Catalyst led the new investment, with existing backer Kinnevik participating.
Tans, who was chief operating officer at Booking.com from 2002 until 2016, CEO until 2019 and chairwoman until December last year, made a personal investment in TravelPerk's new Series D.
JC Taunay-Bucalo, chief commercial officer, TravelPerk, says: "We wanted to add two things to the board, more industry experience and, especially now as we encounter another phase of scale, it was really interesting for us to have people who have seen operations at a much larger scale. Booking, on top of being a successful company financially is also a fantastic operation and all the problems we have today, in contracting hotels and managing hotels and managing customer support at a giant scale, are things Gillian has seen before."
The funds are earmarked for further developments around sustainable travel as well as expanding existing products for its client base of small to medium-sized businesses.
TravelPerk CEO Avi Meir says: "As time goes by, it is clear that there won’t be a replacement for the human touch. We are seeing data on our platform and we are feeling it ourselves.
"While some technologies are focused on virtual interactions, TravelPerk is building the technology that will help us get together in real life."
In November, it launched TravelPerk Events, a meetings planning, booking and management tool for in-person company meetings.
Last year was a busy one for the Spain-based company, acquiring Click Travel in July and travel sustainability consultancy Susterra in September, both for undisclosed sums.
Taunay-Bucalo said further acquisitions were likely but nothing was on the horizon currently adding that the funding round is "to go further with what we have already started."
"You can see in our history with acquisitions there are two types of acquisition we are interested in, either extending our footprint, our marketshare or acquiring technology that helps us widen our product."
While many travel companies are exploring fintech solutions, TravelPerk's strategy is to partner with existing card and expense management experts.
Taunay-Bucalo said: "We see expense management as fintech related as a very complex market because it is very segmented by geography and by needs. We think that if we wanted to do it ourselves it would be a one size fits all and it would probably not work."