TravelPerk, a Spanish business-travel booking platform, could study opportunistic acquisitions, CFO Roy Hefer told Mergermarket.

The Barcelona-based unicorn is not relying on M&A for its growth, although the company would take a look at opportunities on a case-by-case basis, Hefer said. He declined to give any details about which targets could fit with TravelPerk, but added that past deals would set an example.

TravelPerk acquired Click Travel, a UK-based travel company with 2,000 business clients, in July 2021. Previously, the company bought California-based peer Nextravel in January 2021, and Albatros of Spain, an early-stage application programming interface (API) startup that offers information on post-COVID 19 travel restrictions and local guidelines to travel applications, in July 2020.

Meanwhile, the company is not planning further fundraising after closing this week a Series D extension worth USD 104m, Hefer said. The company has raised more than USD 350m in “pure” equity since its foundation, he added.

The company is well capitalized and targets to reach break-even at the end of 2025, the CFO said. It has a score of 29 out of 100, according to Mergermarket‘s Likely to Exit (LTE) predictive algorithm.*

TravelPerk hit more than USD 150m in annualized revenue last year (from over USD 100m in 2022) and had a 60% gross profit over annualized revenue margin, the executive said. The company had an annualized gross merchandise value (GMV) close to USD 2bn last year and is working in a market with a value of USD 1.5 trillion, he added.

SoftBank Vision Fund 2 led the last fundraising while Kinnevik and Felix Capital also provided funds. The company had a pre-money valuation of USD 1.3bn and a post-money valuation of USD 1.4bn, the CFO said. TravelPerk worked with Wilson Sonsini as its legal advisor, he added.

In January 2022, TravelPerk raised an additional USD 115m to the USD 160m it raised in the Series D round carried out in April 2021. The USD 115m round was co-led by General Catalyst and the company’s existing investor Kinnevik, while Greyhound Capital led the USD 160m Series D.

TravelPerk is not planning an IPO, the CFO said. He added that the company is building a “solid” business that will be here for 100 years, adding that it is obsessed about serving its customers.

The company is a travel-booking platform focused on small and medium-sized companies (SMEs) and the middle market, the executive said. The company is investing the proceeds of its latest fundraising in technology and in hiring and scaling its workforce, he added.

*Mergermarket’s LTE predictive analytics assign a score to sponsor-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction.