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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.

It also led a $100 million deal in cybersecurity company Cybereason at a more than 90% discount to its last round of funding.

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

TravelPerk raises $104M led by SoftBank

The company's AI plans fit with SoftBank's "shift to offense mode."

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SoftBank Vision Fund 2 led a $104 million funding in corporate spend and travel company TravelPerk, the company <a class="gtmContentClick" data-vars-link-text="announced Tuesday" data-vars-click-url="https://www.businesswire.com/news/home/20240122614068/en/TravelPerk-Secures-over-100m-in-Funding-Led-by-SoftBank-Vision-Fund-2-to-Expand-Hyper-Growth-Business-Travel-Platform" data-vars-content-id="31692cb0-02c2-47b9-9aa7-62cc71d81346" data-vars-headline="TravelPerk raises $104M led by SoftBank" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20240122614068/en/TravelPerk-Secures-over-100m-in-Funding-Led-by-SoftBank-Vision-Fund-2-to-Expand-Hyper-Growth-Business-Travel-Platform" target="_blank">announced Tuesday</a>.Why it matters: After a frosty slowdown, SoftBank executives last summer <a class="gtmContentClick" data-vars-link-text="said" data-vars-click-url="https://english.kyodonews.net/news/2023/05/d6ac0f5da2ff-update2-softbank-eyes-generative-ai-investments-despite-mounting-losses.html" data-vars-content-id="31692cb0-02c2-47b9-9aa7-62cc71d81346" data-vars-headline="TravelPerk raises $104M led by SoftBank" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://english.kyodonews.net/news/2023/05/d6ac0f5da2ff-update2-softbank-eyes-generative-ai-investments-despite-mounting-losses.html" target="_blank">said</a> the firm would carefully &quot;shift to offense mode&quot; amid the ongoing <a class="gtmContentClick" data-vars-link-text="AI" data-vars-click-url="https://www.axios.com/2023/06/21/softbank-ai-offensive" data-vars-content-id="31692cb0-02c2-47b9-9aa7-62cc71d81346" data-vars-headline="TravelPerk raises $104M led by SoftBank" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/06/21/softbank-ai-offensive" target="_self">AI</a> frenzy. TravelPerk&#x27;s plan appears to fit into that equation.

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TravelPerk raises $104M led by SoftBank

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