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Investing.com -- Kinnevik AB, a Swedish investment company, has announced its participation in a $37 million investment as part of TravelPerk's recent $200 million funding round. The company's stock surged nearly 8% on Tuesday, in response to the news.
The round, led by Atomico with participation from EQT (ST:EQTAB) Growth, General Catalyst, and existing investors like Kinnevik, aims to propel TravelPerk’s growth, particularly in the US market, and to enhance its technology and AI capabilities.
TravelPerk, a SaaS business travel platform, is expanding its services by acquiring Yokoy, a leading expense management solution. This acquisition is a strategic move to create an integrated travel and expense management platform, primarily targeting SMB and mid-market companies in the US and Europe.
Akhil Chainwala, Senior Investment Director at Kinnevik and Board member of TravelPerk, expressed confidence in the company, citing its consistent performance and a cultural emphasis on autonomy. Kinnevik, which made its first investment in TravelPerk in October 2018, remains the largest shareholder after the funding round and acquisition.
TravelPerk has demonstrated significant growth, boasting annualized booking volumes exceeding $2.5 billion, annualized revenue over $200 million, and a growth rate of more than 50 percent per annum in the last two years. The company also anticipates reaching EBITDA break-even by the end of 2024.
The recent funding round values TravelPerk at $2.7 billion post-money, which is approximately 40 percent higher than the valuation contributing to Kinnevik’s net asset value as of September 30, 2024. Prior to these developments, Kinnevik also acquired $7.5 million in secondary shares during the fourth quarter of 2024.
The impact of the funding round and the acquisition on Kinnevik’s net asset value will be evaluated and subsequently announced with the financial results for the fourth quarter and full-year 2024 on February 4, 2025.
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