The fairly young startup Travelperk, founded last year, have closed an A-round of 7 million led by Spark capital.
“The problems associated with business travel management are both longstanding and universal,” says Alex Finkelstein, Spark Capital General Partner.
The Barcelona-based company lets you book, budget and manage your business travel, all in one platform. Travelperks service it’s free to use and it will stay that way, according to the company. Their business model is based on taking affiliate commissions from the providers in their service.
Before the A-round, the startup got a $1.5 million seed led by Saul and Robin Klein, which used to be partners at Index Ventures.
Aiming at growing companies
More than half of their existing team
have worked for years in the travel sector, in companies like Booking, Skyscanner and El Al Airlines.
Also the founders used to work in travel, namely Booking.com.
Travelperk is founded by Avi Meir, Ron Levin and Javier Suarez.
At the moment they have around 20 customers:
“The natural target for us is fast growing companies, Series B to C funded companies in Europe. These kind of companies we’ve discovered have different problems than the one we were trying to solve,” Meir tells TechCrunch.
Trillion dollar market
According to the company, they’re operating in a global market worth $1.25 trillion.
“For too long business customers have been saddled with sky high fees, and inflexible and inefficient products,” says CEO Meir.
With the new investment the company plans to triple their team in Barcelona, further develop their technology and expand globally.
Other investors in Travelperk include Sunstone Capital and LocalGlobe.
It’s also worth mentioning that Spark Capital’s Alex Finkelstein is joining TravelPerk’s board.