Perk

Business overview

Perk is a business travel and spend management platform that provides its corporate customers with full visibility and control over costs through a centralized software platform. While employees can seamlessly book travel via an intuitive interface, the platform’s core value lies in the control layer. Through deep integration with company systems, Perk enables organizations to govern and optimize spend through policy enforcement, duty-of-care monitoring, centralized invoicing, fraud prevention, and more.

Revenue is generated through commissions paid by airlines, hotels, and other travel providers, and through subscription fees paid by corporations. Perk also charges for premium services such as flexible cancellation and advanced travel policy compliance tools.

Kinnevik's view

Perk operates in a large, still largely underserved market, underscoring the opportunity ahead. Corporate travel and expense is typically the second-largest controllable cost for businesses after payroll, yet most companies onboarding Perk today do so without any existing solution in place.

Over our eight years as investors, the team has consistently demonstrated their ability to efficiently acquire and retain corporate customers, resulting in attractive unit economics. At the same time, Perk has leveraged AI to materially expand gross margins from around 40 percent in 2022 to well above 70 percent today, effectively reshaping expectations for the financial profile of a travel management business. The company has helped redefine corporate travel by introducing a consumer-grade experience to a space long reliant on legacy infrastructure. As the market continues to evolve toward agentic booking experiences, Perk remains clear-eyed about the need to adapt to new forms of booking.

We believe the company is well positioned to continue setting the industry standard, while providing customers with full control, highquality customer support, and operational reliability. These are mission-critical capabilities that are not easily replaced.

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