Perk has secured a USD $300 million private credit facility led by Neuberger Specialty Finance.
The facility also includes Blue Owl Capital, Hercules Capital and Liquidity. It replaces Perk's 2024 credit line on terms the company described as materially improved.
Formerly known as TravelPerk, Perk said the transaction is among the few private credit deals of this size completed by a venture-backed technology company in the current market. The funding will support investment in product, technology and artificial intelligence, while strengthening the balance sheet.
The financing follows a period of rapid growth for the travel and spend management group. Perk said it crossed USD $300 million in annualised revenue, grew revenue by 48% last year, and lifted gross margins from 40% to the mid-70s over three years.
Its business is built around a single platform that combines corporate travel booking, expense management, invoice processing, and events. The company recently launched an integrated travel and spend product, which it described as AI-native, and is preparing to launch its integrated spend offering in the US.
Credit market
The deal comes as private credit providers have grown more selective about software and AI businesses, particularly as public-market investors scrutinise whether newer AI claims are translating into durable revenue and profit. Against that backdrop, lenders have shown a greater appetite for businesses with established customer traction and a clearer path to earnings.
More than 12,000 companies use Perk's platform, according to the company, including On Running, Breitling and Fabletics. Founded in 2015, the business targets the administrative burden associated with travel booking, expenses, and back-office processing.
The latest financing suggests lenders remain willing to underwrite sizeable facilities for private technology companies that can demonstrate both growth and margin improvement without immediately turning to equity markets. That matters as some late-stage companies seek alternatives to fresh venture rounds or delay stock market listings.
Roy Hefer, Chief Financial Officer at Perk, commented on the company's use of AI and its financial profile.
"AI is a huge tailwind for Perk and its deployment throughout our product has enabled us to drive gross margins from 40% to mid-70s in 3 years, whilst maintaining the highest levels of customer experience. Alongside our investment in the product, the continued roll-out of AI throughout the company will enable us to scale faster and more effectively. We are thrilled to have this group of top-tier lenders who understand the scale of the opportunity ahead and are enthusiastically backing this next phase of growth," Hefer said.
Neuberger Specialty Finance led the lender group on the transaction.
"We are excited to lead this credit facility for Perk, an exceptional company and a clear AI-native leader in a massive market," said Laura Johnson, Managing Director at Neuberger Specialty Finance.
"Its strong unit economics, high-quality management team, and demonstrated track record of execution position the company exceptionally well to capitalize on the significant opportunity to transform how companies manage travel and spend," Johnson said.
Blue Owl Capital, an existing backer of the company, said the new facility extends an established relationship.
"We are delighted to partner with Perk again to provide capital to support the next phase of growth," said Kurt Tenenbaum, Senior Managing Director at Blue Owl Capital.
"The company has built a remarkably durable business model, with best-in-class AI capabilities and strong growth that is rare at this scale. Having seen this firsthand over the last two years, we are proud to continue supporting the team as they accelerate their global expansion," Tenenbaum said.
Liquidity also cited the company's financial profile in backing the facility.
"Perk has built one of the most compelling AI-native software platforms, combining exceptional growth with strong unit economics and a clear path to long-term profitability," said Ron Daniel, Co-Founder and Chief Executive Officer at Liquidity.
"We are excited to support the company through their next phase of growth," Daniel said.