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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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Amazon delays first Kuiper internet satellite launch due to bad weather

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Amazon delays first Kuiper internet satellite launch due to bad weather

United Launch Alliance Atlas V rocket carrying the first two demonstration satellites for Amazon’s Project Kuiper broadband internet constellation stands ready for launch on pad 41 at Cape Canaveral Space Force Station on October 5, 2023 in Cape Canaveral, Florida, United States.

Paul Hennessey | Anadolu Agency | Getty Images

Amazon delayed the launch of its Kuiper internet satellites due to poor weather conditions on Wednesday night.

A United Launch Alliance rocket carrying 27 Kuiper satellites was set to lift off from a launchpad in Cape Canaveral, Florida, but ULA said it couldn’t continue countdown operations as “stubborn cumulus clouds” and heavy winds pushed the launch outside its planned window, according to a livestream.

“Weather is observed and forecast NO GO for liftoff within the remaining launch window at Cape Canaveral this evening,” ULA said. The company said it will provide a new launch date at a later point.

Six years ago Amazon unveiled its plans to build a constellation of internet satellites in low Earth orbit, a region of space that’s within 1,200 miles of Earth’s surface. The company aims to sell high-speed, low-latency internet to consumers, corporations and governments, offering connections through square-shaped terminals. Commercial service is expected to come online later this year.

Amazon is racing to compete with SpaceX’s Starlink, the dominant player in the market, with 8,000 satellites already up in the air. SpaceX CEO Elon Musk now has a central role in the White House as one of President Donald Trump’s top advisors, overseeing the Department of Government Efficiency, or DOGE. Since Musk took on the role, Starlink’s footprint has increased within the federal government.

The clock is ticking for Amazon to meet a deadline set by the Federal Communications Commission, which requires the company to have half of its total constellation, or 1,618 satellites, up in the air by July 2026.

Once it completes its first launch, Amazon expects to ramp up its production, processing and deployment rates. It’s begun prepping satellites for its next mission, which will also hitch a ride on one of ULA’s Atlas V rockets.

WATCH: Amazon launches Project Kuiper

Amazon launches Project Kuiper prototypes to low orbit as tech giant enters satellite internet race

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Google reverses policy telling workers not to discuss DOJ antitrust case

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Google reverses policy telling workers not to discuss DOJ antitrust case

Alphabet CEO Sundar Pichai meets with Polish Prime Minister Donald Tusk in Warsaw, Poland, on February 13, 2025.

Klaudia Radecka | Nurphoto | Getty Images

Google has reversed a policy forbidding employees from discussing its antitrust woes following a settlement with workers. 

The company sent a notice to U.S. employees last week saying it rescinded “the rule requesting that workers refrain from commenting internally or externally about the on-going antitrust lawsuit filed against Google by the U.S. Department of Justice,” according to correspondence viewed by CNBC.

Google settled with the Alphabet Workers Union, which represents company employees and contractors, according to the U.S. National Labor Relations Board, or NLRB. The settlement and policy reversal mark a major victory for Google staffers, who have seen increased censorship on subjects such as politics, litigation and defense contracts by the search giant since 2019. 

The U.S. Department of Justice filed an antitrust lawsuit against Google in 2020, alleging that the company has kept its share of the general search market by creating strong barriers to entry and a feedback loop that sustained its dominance.

Google said it “will not announce or maintain overbroad rules or policies that restrict your right to comment, internally or externally, about whether and/or how the on-going antitrust lawsuit filed against Google by the U.S. Department of Justice may impact your terms and conditions of employment,” according to last week’s notice. 

The policy change was first reported by The New York Times

The reversal comes as Google and the DOJ prepare to return to the courtroom for their scheduled remedies trial on April 21. The DOJ has said it is considering structural remedies, including breaking up Google’s Chrome web browser, which it argues gives Google an unfair advantage in the search market.

A U.S. District Court judge ruled in August that Google illegally held a monopoly in the search market. Google said it would appeal the decision. The DOJ doubled down on its calls for a breakup in a March filing.

Following the August ruling, Kent Walker, Google’s president of global affairs, sent a companywide email directing employees to “refrain from commenting on this case, both internally and externally.”

Shortly after, the Alphabet Workers Union filed an unfair labor practice charge against Google with the NLRB. The union alleged that Walker’s message was an “overly broad directive” and said that a breakup could impact workers’ roles. The NLRB in March ruled that Google must allow workers to speak on such topics.

Google’s settlement states that the National Labor Relations Act gives employees the right to form, join or assist a union. It notes that Google is not rescinding its prior clarification that states employees may not speak on behalf of Google on this matter without approval from the company. The settlement also adds that Google will not interfere with, restrain or coerce workers in the exercise of their rights.

Despite the settlement, spokesperson Courtenay Mencini said Google did not agree with the NLRB’s ruling. 

“To avoid lengthy litigation, we agreed to remind employees that they have the right to talk about their employment, as they’ve always been free to and regularly do,” Mencini said in a statement to CNBC.

The settlement by Google comes at a “crucial moment” ahead of the remedies trial, the Alphabet Worker’s Union said Monday. 

“We think the potential remedies from this trial could have impact on our wages, working conditions and terms of employment,” said Stephen McMurtry, communications chair of the Alphabet Workers Union-CWA, told CNBC.

WATCH: Google’s cloud strategy amid tariff turmoil

Google's cloud strategy amid tariff turmoil

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Apple has best day since 1998 on Trump’s 90-day tariff pause

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Apple has best day since 1998 on Trump's 90-day tariff pause

Apple CEO Tim Cook inspects the new iPhone 16 during an Apple special event at Apple headquarters on September 09, 2024 in Cupertino, California. 

Justin Sullivan | Getty Images

Apple shares skyrocketed 15% on Wednesday after President Donald Trump announced a 90-day pause on his administration’s “reciprocal tariffs,” which would have affected the company’s production locations in Vietnam, India, and Thailand.

The rally added over $400 billion to Apple’s market cap, which now stands just under $3 trillion. It was Apple’s best day since January 1998, when late founder Steve Jobs was the interim CEO and three years before the company unveiled the first iPod. At the time, Apple’s market cap was close to $3 billion.

Apple has been the most prominent name to get whacked by Trump’s tariffs. Before Wednesday, it was on its worst four-day trading stretch since 2000. Investors worried about Apple’s outlook because the company still makes the majority of its revenue from selling physical devices, which need to be imported into the U.S.

Most of Apple’s iPhones and other hardware products are still made in China, which was not exempted from tariffs on Wednesday. In fact, Trump increased tariffs on China to 125% on Wednesday, up from 54%.

China issued an 84% tariff on U.S. goods this week, raising the possibility that Apple could get caught up in a trade war and lose ground in China, its third-largest market by sales.

Apple has worked to diversify its supply chain to lessen reliance on China in recent years.

On Wednesday, tariffs on Vietnam were reduced from 46% to 10%, and tariffs on India were cut 26% to 10%, which raises the possibility that Apple will be able to serve a large percentage of its U.S. customers from factories outside of China with lower tariffs.

Stocks skyrocketed across the board on Wednesday after Trump announced the tariff pause. The Nasdaq Composite climbed over 12%, its second-best day ever.

Apple hasn’t commented publicly on Trump’s tariffs, but CEO Tim Cook will likely address the topic on an earnings call on May 1.

WATCH: Apple falls more than 20% in four days

Apple falls more than 20% in 4 days as China tariffs loom

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