Neuberger Specialty Finance, Blue Owl Capital, Hercules Capital and Liquidity have backed AI-native software platform Perk, with a $300m (£223.03m) private credit facility.
Perk is an AI-native travel and spend management platform, which embeds AI features onto legacy software.
The investment comes as scrutiny of software business models has intensified, with private credit’s exposure to software becoming increasingly scrutinised, and investor concerns about this already hitting the US wealth market.
The private credit facility, led by Neuberger Specialty Finance alongside Blue Owl Capital, Hercules Capital and Liquidity Group, is one of the few credit transactions of this scale completed by a private (venture capital-backed) technology company in the current market, Perk said.
According to Perk, this facility upsizes and replaces Perk’s 2024 $135m credit facility, which involved Blackstone Credit & Insurance and Blue Owl Credit.
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“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.”
Perk said proceeds from the facility are expected be invested in product, technology and AI, and fund Perk’s next phase of global growth, including a US launch of its integrated spend platform.
“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 at Liquidity. “We are excited to support the company through their next phase of growth.”
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