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TravelPerk raises $104M led by SoftBank

Jan 23, 2024
Animated illustration of a paper airplane made out of a hundred-dollar bill flying and landing softly.

Illustration: Brendan Lynch/Axios

SoftBank Vision Fund 2 led a $104 million funding in corporate spend and travel company TravelPerk, the company announced Tuesday.

Why it matters: After a frosty slowdown, SoftBank executives last summer said the firm would carefully "shift to offense mode" amid the ongoing AI frenzy. TravelPerk's plan appears to fit into that equation.

Details: The company plans to use the capital to, among other things, expand "product automation through AI."

  • The round, joined by insiders Kinnevik and Felix Capital, values TravelPerk at $1.4 billion — slightly above the $1.3 billion it was valued at in 2022.

Context: SoftBank slowed its venture bets in 2022 and early 2023 as its portfolio began flashing red.

  • But it signaled plans to cautiously (and more selectively) resume investing activity as one of its largest AI bets — chip designer Arm — helped the Vision Fund post a $1.1 billion investment gain in the second quarter of 2023. The gain was its first in five consecutive quarters.

By the numbers: Last year's SoftBank's deals included leading a $100 million round in Oxford Quantum Circuits; co-leading a $165 million "party round" in CRM Surgical; leading a $280 million round for AI location mapping company Mapbox; and co-leading a $150 million deal in Noah Medical.

Yes, but: The firm was conspicuously absent from a $92 million round in neobank, Zopa.

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