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TravelPerk CEO and co-founder Avi Meir.

TravelPerk

Barcelona-based startup TravelPerk, which helps automate corporate travel and expenses, has raised $104 million in fresh funding from Japanese tech investing giant SoftBank and a flood of other names, to invest in artificial intelligence development and new products.

The company said Tuesday that it raised the cash in a new equity round led by SoftBank Vision Fund 2 and backed by existing investors Kinnevik and Felix Capital. TravelPerk said it plans to use the money to invest in continued company growth and product expansion.

TravelPerk primarily uses AI technologies like machine learning and neural networks in the back end to help automate a lot of the manual tasks involved in corporate travel — for example, connecting users with the best prices for flights and accommodation.

“Traditionally, if you look at legacy players, like American Express or Expedia, or holiday travel sites, most of the work is done manually by travel agents,” Avi Meir, CEO and co-founder of TravelPerk, told CNBC.

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“This is one of the reasons why you don’t really see huge success at scale with travel, because technology was not used, and technology is how you scale today.”

SoftBank invested $70 million in TravelPerk’s latest round, which the company said was an extension of its “D-1” funding round. The fundraising round shows SoftBank is placing a major bet on a company driving disruption in corporate travel through new technologies, such as AI — which has seen significant buzz since the November 2022 launch of OpenAI’s ChatGPT.

The latest fundraising round lifts TravelPerk’s valuation to $1.4 billion, a touch above the $1.3 billion at which TravelPerk was assessed during its previous cash raise a year ago.

An “upround,” where a private startup pulls in funds at a higher share price, became a rare event over the last year or two amid sky-high interest rates.

Investing in AI that’s not for ‘show’

Meir poured cold water on some of the buzz around AI, saying that a lot of the experimentation he sees with generative AI tools like ChatGPT seems like more of a “show” than a practical adoption of AI for improving cumbersome problems in travel business. 

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He said TravelPerk is running on a far leaner operating model than incumbents in the legacy travel agency market. Whereas many travel agents operate on low single digits gross margins, Meir says that TravelPerk’s profit margin stood at 60% last year.

“What we did in 2023 is, with the use of AI, basically automated a lot of these kinds of back office manual processes,” Meir told CNBC. “It’s less sexy than having a chat bot, but it’s worth it,” said Meir.

2023 a year of ‘hyper growth’

TravelPerk also intends to use the fresh cash to fuel an acceleration of its gross profit, which grew 90% in full-year 2023 through automation and AI. TravelPerk made annualized revenues of $100 million in 2023, according to its co-founder and CEO Avi Meir. 

TravelPerk had a tough time over the Covid-19 pandemic, when travel of all kinds, not just corporate trips, ground to a halt to stem the spread of the virus. 

The company has since benefited from a resurgence in international travel, as vaccine rollouts enabled public health authorities to lift travel restrictions around the globe.

“Not only are we out of the pandemic, we’re back to hyper growth. 2023 was our best year ever. We grew revenue more than 70% year-over-year, on a pretty large base,” Meir told CNBC.

TravelPerk competes with American Express, BCD Travel, SAP Concur and Navan in the corporate travel management space.

Will IPO when ‘ready’

Post-Covid-19, Meir says, TravelPerk’s growth has been on a tear. He sees the firm reaching profitability on a monthly basis by the end of 2024 and quarterly profitability by the end of 2025.

TravelPerk has continued hiring, rather than laying off staff, as several other travel tech firms have done. The company brought on 50% of its staff in the last two years, according to its CEO.

Meir said that TravelPerk has no immediate plans to go public, as his intention is to build a company that will be around in 100 years. However, an initial public offering is something the company would be “ready” to do if and when it approaches that event, he added.

TravelPerk hired a new chief financial officer, Roy Hefer, last year, who has experience in taking companies public and was part of two tech IPOs in the U.S.

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Apple’s China iPhone sales grows for the first time in two years

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Apple's China iPhone sales grows for the first time in two years

People stand in front of an Apple store in Beijing, China, on April 9, 2025.

Tingshu Wang | Reuters

Apple iPhone sales in China rose in the second quarter of the year for the first time in two years, Counterpoint Research said, as the tech giant looks to turnaround its business in one of its most critical markets.

Sales of iPhones in China jumped 8% year-on-year in the three months to the end of June, according to Counterpoint Research. It’s the first time Apple has recorded growth in China since the second quarter of 2023.

Apple’s performance was boosted by promotions in May as Chinese e-commerce firms discounted Apple’s iPhone 16 models, its latest devices, Counterpoint said. The tech giant also increased trade-in prices for some iPhone.

“Apple’s adjustment of iPhone prices in May was well timed and well received, coming a week ahead of the 618 shopping festival,” Ethan Qi, associate director at Counterpoint said in a press release. The 618 shopping festival happens in China every June and e-commerce retailers offer heavy discounts.

Apple’s return to growth in China will be welcomed by investors who have seen the company’s stock fall around 15% this year as it faces a number of headwinds.

U.S. President Donald Trump has threatened Apple with tariffs and urged CEO Tim Cook to manufacture iPhones in America, a move experts have said would be near-impossible. China has also been a headache for Apple since Huawei, whose smartphone business was crippled by U.S. sanctions, made a comeback in late 2023 with the release of a new phone containing a more advanced chip that many had thought would be difficult for China to produce.

Since then, Huawei has aggressively launched devices in China and has even begun dipping its toe back into international markets. The Chinese tech giant has found success eating away at some of Apple’s market share in China.

Huawei’s sales rose 12% year-on-year in the second-quarter, according to Counterpoint. The firm was the biggest player in China by market share in the second quarter, followed by Vivo and then Apple in third place.

“Huawei is still riding high on core user loyalty as they replace their old phones for new Huawei releases,” Counterpoint Senior Analyst Ivan Lam said.

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Like Google, China’s biggest search player Baidu is beefing up its product with AI to fight rivals

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Like Google, China's biggest search player Baidu is beefing up its product with AI to fight rivals

Pictured here is the Ernie bot mobile interface, with the Baidu search engine home page in the background.

Future Publishing | Future Publishing | Getty Images

Chinese tech giant Baidu has bolstered its core search platform with artificial intelligence in the biggest overhaul of the product in 10 years.

Analysts told CNBC the move was a bid to keep ahead of fast-moving rivals like DeepSeek, rather than traditional search players.

“There has been some small pressure on the search business but the focus on AI and Ernie Bot is a key move ahead,” Dan Ives, global head of tech research at Wedbush Securities, told CNBC by email. Ernie Bot is Baidu’s AI chatbot.

“Baidu is not waiting around to watch the paint dry, full steam ahead on AI,” he added.

Baidu AI overhaul

Baidu is China’s biggest search engine, but — as is also being seen by Google — the search market is being disrupted.

Users are flocking instead to AI services such as ChatGPT or DeepSeek, which shocked the world this year with its advanced model it claimed was created at a fraction of the cost of rivals.

But Kai Wang, Asia equity market strategist at Morningstar, also noted that short video platforms such as Douyin and Kuaishou are also getting into AI search and piling pressure on Baidu.

To counter this, Baidu made some major changes to its core search product:

  • Users can now enter more than a thousand characters in the search box, versus 28 previously;
  • Questions can be asked in a more direct and conversational manner, mirroring how people now use chatbots;
  • Users can ask questions through voice but also prompt the seach engine with pictures and files;
  • Baidu has integrated its AI chatbot features, which enable users to generate photos, text and videos, into the product.

“This is more aligned with how people use ChatGPT and DeepSeek in terms of how they look for answers,” Wang said.

Outside of China, Google has also been looking to enhance its core search product with AI, highlighting how search has been under pressure from the burgeoning technology.

Baidu on the offense

Baidu was one of China’s first movers when it came to AI, releasing its first models and ChatGPT-style product Ernie Bot to the public in 2023. Since then, it has aggressively launched updated AI models.

However, the Beijing-headquartered company has also faced intense competition from fellow tech giants like Alibaba and Tencent, as well as upstarts such as DeepSeek.

These companies have also been launching new models and infusing AI into their products and Baidu’s stock has fallen behind as a result. Baidu shares have risen around 2.5% this year, versus a 30.5% surge for Alibaba and a 20% rise for Tencent.

“This is a defensive and offensive move … Baidu needs to be aggressive and perception-wise show they are not the little brother to Tencent on the AI front,” Wedbush Securities’ Ives added.

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AI voice startup ElevenLabs pushes global expansion as it gears up for an IPO

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AI voice startup ElevenLabs pushes global expansion as it gears up for an IPO

Founded in 2022, ElevenLabs is an AI voice generation startup based in London. It competes with the likes of Speechmatics and Hume AI.

Sopa Images | Lightrocket | Getty Images

LONDON — ElevenLabs, a London-based startup that specializes in generating synthetic voices through artificial intelligence, has revealed plans to be IPO-ready within five years.

The company told CNBC it is targeting major global expansion as it prepares for an initial public offering.

“We expect to build more hubs in Europe, Asia and South America, and just keep scaling,” Mati Staniszewski, ElevenLabs’ CEO and co-founder, told CNBC in an interview at the firm’s London office.

He identified Paris, Singapore, Brazil and Mexico as potential new locations. London is currently ElevenLabs’ biggest office, followed by New York, Warsaw, San Francisco, Japan, India and Bangalore.

Staniszewski said the eventual aim is to get the company ready for an IPO in the next five years.

“From a commercial standpoint, we would like to be ready for an IPO in that time,” he said. “If the market is right, we would like to create a public company … that’s going to be here for the next generation.”

Undecided on location

Fundraising plans

ElevenLabs was valued at $3.3 billion following a recent $180 million funding round. The company is backed by the likes of Andreessen Horowitz, Sequoia Capital and ICONIQ Growth, as well as corporate names like Salesforce and Deutsche Telekom.

Staniszewski said his startup was open to raising more money from VCs, but it would depend on whether it sees a valid business need, like scaling further in other markets. “The way we try to raise is very much like, if there’s a bet we want to take, to accelerate that bet [we will] take the money,” he said.

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